How to apply
You need to click on the "Apply Now" button to apply for financing. Next, fill in the information about how many funds you need and what you will spend them on. Also, fill in your contact information. Come up with a password for your account on the site. In the following form, fill out the information about your business, such as legal name, business tax ID, annual revenue, and average bank balance. You also need to enter in which year you founded your business. Then fill out your Social Security Number and how many percent of the business you own. The last step is to upload your bank statements. The company will select a financial solution suitable for your needs.
Requirements
Before applying, make sure that you meet eligibility requirements. To apply for financing for your small business, you must have at least one year of business experience. Also, your FICO credit score should be at least 600. You must have a business checking account, and the annual revenue of your business must be at least $100,000.
There are special eligibility requirements for PPP financing. To apply for a First Draw PPP, you must have 500 or fewer employees. For a Second Draw PPP, you must have 300 or fewer employees and proof that you have lost 25% or more revenue. Also, to get a Second Draw PPP, you must have an approved and fully spent First Draw PPP in the past.
You will not be able to apply for financing for a business that operates in Nevada or North and South Dakota. Moreover, your business should not be associated with a money service business, firearms, drugs, adult materials, horoscopes, and casinos.
During the application process, you may be asked for documents such as SSN, Tax ID, and bank statements for the last three months. You must have the details of your bank checking account.
