How business loans work — application to funded in 24 hours
A clear, transparent process for U.S. and Canadian small business loans — built around your cash flow, not bank red tape.
Last reviewed: by the Simply Approved Business Loans editorial team.
- 01
Apply online in 5 minutes
Complete a 1-page online business loan application. Free to apply with no upfront fees. The credit-inquiry type (soft or hard) is disclosed before you sign anything.
- 02
Send business bank statements
Securely upload 3 months of business bank statements (4 months in New York and California, 6 months for Canadian businesses). We use bank-statement underwriting — not just credit scores.
- 03
Get approved the same day
An underwriter reviews your file and issues a written offer with rate, term, payment frequency, and remittance schedule. Most clean files clear underwriting within hours.
- 04
Funded in 24 hours
Sign digitally and funds are wired to your business checking account — typically within 24 hours of countersignature for U.S. files, 2–5 business days for Canadian files.
USA approval requirements
Standard US underwriting requirements:
- • Minimum 6 months in business
- • Minimum 500 personal credit score (FICO)
- • 3 months business bank statements (4 months in NY & CA)
- • $35,000+ monthly business deposits
- • EIN + SSN
Canada approval requirements
Standard Canadian underwriting requirements:
- • Minimum 6 months in business
- • Minimum 500 personal credit score (FICO)
- • 6 months business bank statements
- • $35,000+ CAD monthly business deposits
- • CRA Business Number + SSN
Lead-gen pre-check
Check if you qualify in 30 seconds
Free pre-qualification. No credit pull. No signup required.
Free pre-check
Eligibility checker
No credit pull. No data stored. Instant answer.
Underwriting disclaimer: The eligibility checker is a self-reported pre-qualification tool. It does not constitute an offer of credit or a guarantee of approval. Every funded file goes through full underwriting — including bank statement analysis, business verification, and a credit inquiry whose type (soft or hard) is disclosed before you sign. Final terms, rates, and amounts depend on underwriting and the specific lender or program.
Apply now — funded in 24 hours
Free to apply. No upfront fees. Real underwriters review every file.
Frequently asked questions
How long does a business loan take from application to funding?
Same-day approvals and 24-hour funding are standard for clean US files. Canadian files take 2–5 business days. The full timeline depends on document completeness, file complexity, and underwriter capacity.
What documents do I need?
A 1-page application, 3 months of business bank statements (4 in NY/CA, 6 in Canada), a voided check or banking info, and government ID. SBA, term loans, and equipment financing may also require tax returns, financial statements, or invoices.
Do you require collateral?
Most revenue-based products (MCA, working capital, lines of credit under $250K) require only a personal guarantee — no physical collateral. Equipment financing is secured by the equipment. SBA loans may require additional collateral.
How is my offer priced?
Pricing depends on time in business, average monthly deposits, deposit consistency, industry risk, credit profile, and the program selected. We disclose rate, term, and total cost on every written offer before you sign.
Topics this page covers
- how do business loans work
- how to get a small business loan
- how fast can I get a business loan
- how does a merchant cash advance work
- how does bank statement underwriting work
- business loan approval process
- how long does business loan underwriting take
- documents needed for a business loan
Get funded in as little as 24 hours
$5,000 to $25,000,000. Free pre-qualification. No upfront fees. Same-day decisions for clean files.