How to Get a Business Loan
A complete walk-through of the process — from figuring out what you actually need, to what lenders look at, to comparing a real offer and getting funded. No sales pitch, just the steps.
Most guides to "getting a business loan" start by explaining the different types of financing. This one doesn't — Fundur already has a full breakdown of the six main types and which one fits your situation, and repeating it here wouldn't help you.
What's missing from most guides is the part that comes after you've narrowed things down: what actually happens when you apply, what lenders are checking, how to tell a genuinely good offer from a merely fast one, and what changes once you're approved. That's what this guide walks through — six steps, in the order they actually happen.
What you'll be able to do after reading this
- Estimate a realistic amount to ask for
- Know what lenders check, and why
- Have your documents ready before you apply
- Compare two offers on the numbers that matter
- Know what to expect after you accept
This guide won't tell you which product to choose (the Small Business Loans hub does that), what specific rates cost (Rates & Costs), or the full eligibility checklist by product (Loan Requirements).
Figure out what you actually need
The amount isn't the only thing that matters here — the purpose and urgency matter just as much, because they're what determine which financing structure will actually fit later on. "I need money for the business" is too vague to act on. "I need to cover a specific $18,000 payroll gap for three weeks" is something you can actually plan around.
Two things are worth pinning down before you go further:
What is this specifically for? A one-time equipment purchase, a recurring seasonal gap, and a single large planned investment all call for different structures — you don't need to know which yet, just be able to describe the situation in one sentence.
How much does that actually cost? It's tempting to ask for more than you need "just in case," but a larger request usually means a longer approval process and a bigger payment — sized correctly, it's usually both easier to qualify for and cheaper to carry. Once you have a rough number, a payment calculator can show you roughly what that translates to as a monthly payment.
Understand what lenders evaluate
Every lender weighs these differently, and requirements vary meaningfully by product — there's no single universal bar. But four things come up almost everywhere.
Cash flow and revenue
Can the business comfortably support a new payment on top of what it already pays out? Lenders look at incoming revenue against existing obligations, not just a single "sales" number.
Time in business
A longer operating history is a track record a lender can evaluate. Newer businesses aren't automatically disqualified, but they typically lean more heavily on the owner's personal credit as a substitute signal.
Personal credit
Even for business-only products, your personal credit is often checked — especially for newer businesses that don't yet have an established business credit profile of their own.
Collateral and use of funds
Some products are secured by a specific asset (equipment financing is the clearest example); others are evaluated primarily on the strength of the business itself. What the money is for often shapes which applies.
Typical signals only — exact thresholds vary by lender and borrower, and this isn't a guarantee of approval. Requirements vary by product: SBA loans and term loans generally require more time in business and a stronger credit profile, and SBA eligibility follows its own federal rules, covered separately as those pages go live. See Loan Requirements for the full breakdown by product.
Match the need to the right structure
This is the step most guides spend the most time on — and the one Fundur has already built a dedicated tool for, so we'll keep it brief here. Broadly, financing splits along a few structural lines: does it arrive as a lump sum or as capacity you draw on repeatedly? Is it secured by a specific asset, or evaluated on the business overall? Does it fund fast, or does a longer approval process buy you a lower cost?
Getting the structure right matters more than which lender you eventually choose — the wrong shape of money for the right need is usually the single most expensive mistake in this whole process.
Not sure which structure fits your situation?
Use the situational matcher on the Small Business Loans hub — describe what's going on and it maps you to the right product, or compare two specific types head-to-head.
Gather your documents
Exactly what's required depends on the product and lender, but these four come up for most applications. Having them ready before you apply is the single biggest thing you can do to keep the process moving.
- Recent business bank statementsTypically the last 3–4 months.
- Proof of time in businessFormation documents or a business license.
- A government-issued IDFor the business owner or primary applicant.
- A voided checkRequired for some products, to set up funding and repayment.
Larger or longer-term products — including some SBA loans — may also ask for tax returns, financial statements, or a business plan. See Loan Requirements for the complete list by product.
Apply, then actually compare what comes back
Applying isn't the same as committing. Checking your options is typically a soft inquiry — it won't affect your credit score. A hard credit pull usually only happens once you decide to move forward with a specific offer. That means there's little downside to seeing more than one offer before deciding, and real downside to accepting the first one without comparing it to anything.
When you do compare, two numbers matter more than the headline "rate":
Illustrative example on a $10,000 request. A "1.15 factor rate" sounds smaller than "9.5% APR" — but a factor rate is a flat multiplier, not an annualized cost, so the two aren't directly comparable at face value. Ask every lender for APR and total amount repaid, not just their headline number.
This step is exactly what a financing marketplace is built to shortcut. Instead of contacting several lenders separately and filling out several applications to compare several answers, Fundur checks one application against its lender network so you're comparing real offers side by side rather than shopping product by product.
Figures above are illustrative examples, not offers. Rates and fees vary by lender and business, and your actual terms are determined during underwriting and disclosed in full before you accept.
Understand what happens after you accept
Accepting an offer isn't the same as having the money — there's typically a short underwriting step first, where the lender verifies what you submitted before releasing funds. How long that takes depends entirely on the product.
Speed varies by product and lender; figures above are typical ranges, not guarantees.
Once funds arrive, repayment begins on the schedule laid out in your agreement — the same schedule you should have reviewed line by line before accepting (see Step 5). That's the whole process, start to finish.
Common reasons applications stall or get declined
None of these are automatic dealbreakers — they're the things most worth double-checking first.
- Cash flow doesn't clearly support the paymentEven strong revenue can look risky if outgoing obligations already eat most of it.
- Incomplete or inconsistent documentsNumbers on an application that don't match the bank statements behind them are a common source of delay.
- An unclear use of funds"General business purposes" tells a lender less than a specific, describable need.
- Applying for the wrong structureA strong business can still get declined for the wrong product — see Step 3.
A few more things people ask.
How long does the whole process take, start to finish?+
It depends entirely on the product. Working capital loans and lines of credit can move in about a day; equipment financing and term loans typically take a few days; SBA loans take 30–90 days because of the federal underwriting process.
Can I apply for more than one type of financing at once?+
Yes. Marketplaces like Fundur are built around exactly this — one application checked against multiple products and lenders, instead of applying to each separately.
Does checking my options cost anything, or affect my credit?+
Checking your options through Fundur is a soft inquiry and won't affect your credit score. A hard credit pull typically only happens if you move forward with a specific offer.
Do I need a business plan to apply?+
Usually not for shorter-term products like a working capital loan or line of credit. Larger or longer-term financing, including some SBA loans, may ask for one.
What if I'm turned down?+
A decline from one lender or product isn't the end of the process — it's information. See Common reasons applications stall above, and our guide on why business loans get denied for a deeper look at what's usually fixable.
Keep going with the specific piece you need.
Ready to see what you actually qualify for?
Checking your options takes a few minutes and won't affect your credit score.
Fundur is a financing marketplace, not a lender. We don't make credit decisions or guarantee approval, rates, terms, or funding times.