A request starts with a call or the form, moves to a funding partner’s review and may end in an offer the owner can accept or decline. This page walks each stage, what records help, and which documents go with which funding type.
Business Loan Underwriting, Stage by Stage, for a Brockton, MA Electrical Contractor’s Payroll Request
Illustration only, invented figures: a Brockton, MA electrical contractor asks for $28,415 to carry payroll while a commercial job is billed. The request moves through these stages in this invented case:
- First contact is a phone call or the request form, which takes contact details, time in business, yearly revenue and the sum wanted.
- A short call fills in what the money is for and when the job pays.
- The contractor gathers bank statements and, if asked, the job contract.
- The request then sits with a funding partner, whose review may include a credit check.
- If a partner makes an offer, it spells out the amount, rate, term, fees and how often payments fall due.
- The contractor accepts, asks questions or declines.
In underwriting, the partner judges whether the contractor’s deposits can support the payment being asked about. A partner may look at deposits, existing debt payments and time in business, and each partner decides on its own.
Credit Reports in the Review: What a Plymouth County, MA Owner Can Check Beforehand
Personal credit, the company’s own credit file, or both may be checked by the funding partner during review. Owners can review their own personal credit reports before a request and dispute errors with the bureau that reports them.
- Ask which kind of credit check the funding partner may run, and when.
- Have an explanation ready for any late payment or collection that shows on a report.
- Pay business bills from the business account, so the statements show them.
Qualifying When Customers Pay Slowly: A Plymouth County, MA Landscaper With Commercial Accounts on Net 60
Illustration only, invented figures: a Plymouth County, MA landscaping company has $38,960 in invoices out to commercial property clients on 60-day terms. Its deposits arrive in uneven lumps in this invented case, which a funding partner may notice on the bank statements.
An aging list of open invoices, showing who owes what and how long each has been out, explains the lumps. A funding partner may weigh the invoices that are close to being paid differently from the old ones, and it decides whether the pattern supports an offer.
Small Business Loan Requirements, Laid Out Item by Item
| Item | Why a partner may ask | Where to find it |
|---|---|---|
| Business bank statements | To see deposits and existing payments | Online banking downloads |
| Time in business | To see how long the business has operated | State filing or first tax return |
| Annual revenue | To size a payment the business can carry | Tax return or profit and loss report |
| Owner identification | To confirm who is signing | Driver’s license |
| Purpose of the money | To match the request to a funding type | Quote, invoice or payroll register |
Partners set their own requirements, and some may set minimums for time in business or revenue.
Documents to Gather Before a Brockton, MA Request, Sorted by Funding Type
- Working capital or a line of credit: recent bank statements and a current list of what customers owe.
- Term loan or equipment financing: the dealer or vendor quote and recent bank statements.
- Inventory financing: a stock list plus the purchase order or the supplier’s invoice.
- Merchant cash advance: recent card processor statements alongside the business bank statements.
- Any type: the last business tax return, if a funding partner asks for it.
The funding types page explains each type, and the questions page answers shorter questions. A step-by-step blog example follows one repair shop's parts order from the first note to the first payment date.
By Skyleaf Credit · Updated