The Documents You Need to Apply for Funding

If the word "paperwork" makes you put off applying for funding, the reality is milder than the reputation. For most fast funding, the document list is short, usually just a few months of bank statements and some basic business information. The heavy file of tax returns and financial statements only comes into play for bank and SBA loans. Below is what to have ready for each route.

The short list for fast funding

For products like working capital and most business loans, you can usually apply with just:

• Your last three to six months of business bank statements
• A valid government-issued ID
• An active U.S. business bank account
• Basic business details: how long you've been operating and your monthly revenue

That's it for many applications. The bank statements do most of the work, since they show your revenue and how you manage your account, which is what a revenue-focused funder weighs most.

What you usually don't need

The list of what you can skip is longer than the list of what you need. For most alternative funding, you typically won't need:

• Tax returns (not required for most loans)
• Collateral or pledged assets, since many of these products are unsecured
• A formal business plan
• Audited financial statements

Stripping all that out is a big part of why a decision can come in 4 to 8 hours instead of weeks.

What bank and SBA loans require

If you're going for the lowest-rate, longest-term money, the document load is heavier, because the underwriting is deeper. An SBA loan generally calls for:

• Business and personal tax returns
• Profit & loss statements and a balance sheet
• Two or more years of operating history and $250,000 or more in annual revenue
• Good personal credit, typically 680 or higher

More documents, more time, but in exchange for terms a short-term product can't match. It's a fair trade if you qualify and can wait. (See our full SBA breakdown for the details.)

How to get your documents ready

Whichever route you take, a little prep speeds everything up. Keep your business revenue running through your business account so it shows clearly on your statements. Pull the most recent three to six months and make sure they're complete. And have your ID handy. Clean, current statements are the single biggest thing you can do to make an application move quickly.

Applying through Monera Capital

Our application takes just a few minutes, uses a soft credit pull that won't affect your score, and for most products asks for little more than your recent bank statements. If you're not sure what you'll need for your situation, start an application or look through our funding solutions. A funding advisor will tell you exactly what your file needs.