Question 1

What's the minimum revenue to qualify?

Accepted Answer

Participating funding providers in our network typically require at least $35,000 in monthly business deposits for most working capital products, with lower thresholds (around $15,000/mo) available for some MCA programs. Final requirements vary by lender and product.

Question 2

How long do I need to be in business?

Accepted Answer

Most products require at least 6 months in business. Term loans typically require 12+ months. SBA loans require 2+ years in business. Startup financing options are available for newer businesses with strong personal credit.

Question 3

What credit score do I need?

Accepted Answer

Revenue-based products approve down to 500 FICO. Term loans typically require 600+, and SBA loans require 650+. Participating funding providers underwrite the whole file, not just the score.

Question 4

Do you fund sole proprietorships?

Accepted Answer

No. We require a registered business entity (LLC, Corp, or partnership) with a business bank account at a bank or credit union. Personal bank statements and sole-proprietor accounts cannot be used.

Question 5

Can I use Cash App, Square, Stripe, or Shopify statements?

Accepted Answer

No. Funding requires statements from a business checking account at a bank or credit union. Statements from fintech platforms like Cash App, Square, Stripe, Shopify, or PayPal cannot be used to underwrite.

Question 6

Do open bankruptcies disqualify me?

Accepted Answer

Yes. Open or recent bankruptcies disqualify an application. Past defaults resolved more than 2 years ago can be considered with a paid-in-full or zero-balance letter from the prior lender.

Question 7

How fast can I get funded?

Accepted Answer

Most working capital and merchant cash advance approvals fund within 24 hours of a clean file. Term loans fund in 2 to 7 days. SBA loans take 30 to 60 days.

Question 8

Does applying hurt my credit?

Accepted Answer

Pre-qualification typically does not require a hard credit pull. The exact inquiry type depends on the lender and product, and any hard inquiry is disclosed before you sign. Applying with us is free and creates no obligation.

Question 9

Is there a fee to apply?

Accepted Answer

No. Applying with Simply Approved Business Loans is always free. We're paid by participating funding providers only when a loan funds.

Question 10

What documents do I need to apply?

Accepted Answer

USA: 3 months business bank statements (4 in New York and California), a 1-page application, EIN, and SSN. Canada: 6 months business bank statements, a 1-page application, CRA Business Number, and SIN (or other ID required by the funding provider).

Question 11

How much can I borrow?

Accepted Answer

Funding ranges from $5,000 to $25,000,000 depending on product. Most working capital approvals land between $25,000 and $500,000 based on monthly revenue.

Question 12

What can I use the funds for?

Accepted Answer

Funds can be used for any legitimate business purpose — payroll, inventory, equipment, expansion, marketing, debt refinancing, or working capital.

Question 13

Do you fund Canadian businesses?

Accepted Answer

Yes. Participating funding providers fund Canadian businesses across Ontario, Quebec, BC, Alberta, and other provinces. Canadian funding requires 6 months of bank statements and a CRA Business Number.

Question 14

Can I get a business loan with bad credit?

Accepted Answer

Yes. Participating funding providers in our network commonly consider files with FICO scores as low as 500 when monthly revenue is at least $35,000 and the business has been operating for 6+ months. Approval and terms are determined by the funding provider.

Frequently asked questions

Eligibility

Process

Documents

Funding

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