Business Loan Step-by-Step Process

Pre qualification

Begin the process by completing a prequalification application online, or with one of our business loan experts. This step helps us understand your financial situation and determine how much you may be eligible to borrow.

Documentation Gathering

Gather and submit the necessary financial documents, income statements, ownership documents, bank statements, and tax returns. This documentation is crucial for your business loan application.

Loan Application

Our team will assist you in completing a formal loan application. We'll help you select the right loan program and guide you through the application process.

Loan Processing

Once your application is submitted, our experienced business loan experts will review and verify your documents, income statements, credit history, and application details. This step ensures your application is accurate and complete.

Underwriting

Your application will be sent to our underwriting team for a thorough evaluation. They will assess the risk associated with your loan and make a final decision on its approval.

Funding

Congratulations! Upon approval, we'll coordinate the funding process, where you'll sign the necessary documents and finalize the business loan.

Recommended badge Approved badge Trusted Brand badge Customer Satisfaction badge

Start your Prequalification Application Now

Apply Now
Securing an SBA(7) Loan

 

Welcome to OneFin Capital's online portal for SBA loans, your direct pathway to a smoother application process. Through our website, we've simplified and expedited the steps required to secure an SBA loan for your small business. Navigating the complexities of loan applications can be challenging, but with OneFin, you're in capable hands. Our user-friendly platform is designed to guide you seamlessly through the application, ensuring that each step is clear, concise, and hassle-free. Let us demystify the SBA loan application journey for you, making it a straightforward and efficient process towards realizing your business goals. Experience the ease of SBA loan applications through OneFin, where your business success is our priority.

Complete the loan application on our website. Prepare to provide detailed information about your business, financials, and the purpose of the loan. For help please review the application step-by-step process described below:

 

 

Welcome to OneFin Capital's online portal for SBA loans, your direct pathway to a smoother application process. Through our website, we've simplified and expedited the steps required to secure an SBA loan for your small business. Navigating the complexities of loan applications can be challenging, but with OneFin, you're in capable hands. Our user-friendly platform is designed to guide you seamlessly through the application, ensuring that each step is clear, concise, and hassle-free. Let us demystify the SBA loan application journey for you, making it a straightforward and efficient process towards realizing your business goals. Experience the ease of SBA loan applications through OneFin, where your business success is our priority.

 

Complete the loan application on our website. Prepare to provide detailed information about your business, financials, and the purpose of the loan. For help please review the application step-by-step process described below.

Visit our website using the link below to create a new user:

            https://www.onefinloans.com/default/applications/register?app_type=business

 

Once the user is created, login to start the loan application.

The first screen that is displayed once logged in is the dashboard, to proceed please click on the start a new loan application:

 

Click on Business Loan when prompted:

Step 1: Providing General Information

1. Legal Business Name:

Enter the official and registered name of your business as recognized by government authorities. Ensure accuracy and consistency with legal documents.

2. DBA (Doing Business As):

If your business operates under a name different from its legal name, enter the DBA name. This is crucial if you conduct business using a trade name.

3. General Nature of Business:

Briefly describe the primary activities and focus of your business. Clearly state what products or services your business provides.

4. State Tax ID:

Provide the unique tax identification number assigned to your business by the state government. This number is used for state tax-related purposes.

5. Federal Tax ID (EIN - Employer Identification Number)

Enter the Employer Identification Number (EIN) issued by the Internal Revenue Service (IRS). This is vital for tax reporting, hiring employees, and opening business bank accounts.

6. Contact Number:

Share a reliable phone number where OneFin Capital can reach out to you for further discussions regarding your SBA loan application.


Step 2: Providing Contact Information

In this step, you'll need to furnish the contact information for your business location, enabling OneFin Capital to communicate with you effectively.

Street Address:

   Enter the complete street address of your business location, including the street number, building name, and any other specific details necessary for precise identification.

City:

   Specify the city where your business is located. Ensure the accuracy of this information for effective communication.

State:

   Indicate the state in which your business is registered and operates. It's important to accurately select the correct state for regulatory purposes.

Zip Code:

   Provide the zip code corresponding to your business location. This helps in pinpointing your precise geographic area.


Step 3: Providing Business Details

In this step, you'll need to share specific business-related information to further process your SBA loan application with OneFin Capital.

Dun & Bradstreet Number:

   If applicable, provide the unique Dun & Bradstreet (D&B) number assigned to your business. D&B numbers are used to track and analyze credit history and business data.

Number of Employees:

   State the current total number of employees working in your business. Include full-time, part-time, and any contracted or seasonal employees.

Business Inception Date:

   Specify the date when your business was officially established and began operations. This marks the starting point of your business history.

 


Step 4: Providing Loan Request Details

In this step, you'll need to provide essential details about the loan you're requesting from OneFin Capital, specifically focusing on Small Business Administration (SBA) loans.

Tax Liens:

   Answer whether your business has any outstanding tax liens. Clearly indicate any existing tax obligations or disputes with tax authorities.

 

Loan Amount Requested:

Specify the total amount of funding you are requesting from OneFin Capital for your business. This should align with your financial needs and business requirements.

Minimum Amount Needed:

Indicate the minimum loan amount that would adequately meet your business's immediate financial requirements. This should reflect the lowest amount you consider necessary for your operations.

Loan Type:

 Select "Small Business Administration" as the loan type to indicate that you are seeking a loan supported by the SBA.

Do you plan to purchase equipment?

   - If "Yes," please provide the following details:

·       Vendor Name

·       Vendor Phone Number

·       Contact Name at Vendor

   - If "No," click "Next" to continue.


Step 5: Providing Applicant Information

In this step, you'll need to provide detailed information about the applicant for the SBA loan, typically the business owner or a representative.

Full Name:

   Enter the complete legal name of the applicant as per official identification documents.

Job Title:

   Specify the job title or position held by the applicant within the business.

Cell Phone Number:

   Provide a reliable cell phone number where OneFin Capital can contact the applicant.

Email Address:

   Enter the email address of the applicant for communication and updates regarding the loan application.

Social Security Number (SSN):

   Enter the applicant's Social Security Number for identification and verification purposes.

Birthdate:

   Specify the applicant's date of birth for age verification.

Credit Score (Optional):

   Provide the applicant's credit score. This information can aid in assessing loan eligibility.

Street Address:

   Provide the applicant's complete street address, including the house or building number and street name.

Unit (Optional):

   If applicable, specify the unit or apartment number.

City:

    Indicate the city of residence for the applicant.

State:

    Specify the state in which the applicant resides.

 

Zip Code:

    Provide the zip code corresponding to the applicant's residence.

Ownership Percentage:

    Specify the percentage of ownership the applicant holds in the business.

Yearly Income:

    Provide the applicant's yearly income for accurate financial assessment.

Total Household Assets:

    Indicate the total value of assets owned by the applicant's household.

Total Household Liabilities:

    Specify the total financial liabilities or debts of the applicant's household.

Multiple applicants can be added to the same SBA loan application, to add more applicants, click on the add another applicant.


Step 6: Providing Business Financial Information

In this step, you'll need to share crucial financial details regarding your business, focusing on revenues and banking information.

2021 Revenue:

   Specify the total revenue generated by the business in the year 2021.

2023 Revenue:

   Indicate the total revenue generated by the business in the year 2022.

2024 YTD Revenue:

   Provide the year-to-date (YTD) revenue for the year 2024 up to the current date.

Bank Name:

   Enter the name of the bank where the business holds its primary account.

Bank Phone Number:

   Provide the phone number for the bank where the business account is held.

Account Number:

   Specify the account number associated with the business account.

Account Type:

   Indicate the type of account (e.g., business checking, savings) the business holds.

Average Monthly Deposits:

   Provide the average monthly deposits made into the business account.

Current Balance:

    Specify the current balance in the business account.

Contact Name:

    Provide the name of the contact person at the bank associated with the business account.

Date Opened:

    Specify the date when the business account was opened with the bank.

Multiple bank accounts can be added to the same SBA loan application, to add more bank accounts, click on the add another applicant.

 

Do you know if you have a D&B business credit file?

   - If "Yes," please provide your D&B Paydex score.

   - If "No," click "Next" to continue.

Do you have any existing "cash advances" and/or bank statement loans?

   - If "Yes," please indicate with whom you have these existing financial arrangements.

   - If "No," click "Next" to continue.

Do you have any existing credit lines?

   - If "Yes," please provide the current balance of your existing credit lines and specify with which institutions.

   - If "No," click "Next" to continue.

Average Monthly Credit Card Volume (Visa/Mastercard):

   - This refers to the average total value of credit card transactions (Visa/Mastercard) your business processes in a month.

Number of Different Accounts:

   - Indicate the count of separate merchant credit card accounts your business has with different payment processors or financial institutions.

Credit Card Processor Information:

   - Provide details about the company or financial institution that processes your credit card transactions, including their name and any relevant account information.

Credit Card Processor Contact Number:

   - Supply the contact phone number for your credit card processor for inquiries or assistance regarding credit card transactions.

Terminal Type:

   - Specify the type of credit card terminal used for processing transactions, such as physical terminal, mobile swiper, virtual terminal, etc.

Percentage of Manual Processing:

   - Indicate the portion or percentage of credit card transactions that are manually processed without using an electronic card reader (e.g., keying in card details).

Percentage of Phone/Mail Processing:

   - Specify the percentage of credit card transactions handled via phone or mail orders, where the card details are provided but not physically swiped.

Percentage of Orders:

   - Provide the percentage of credit card transactions that come from customers placing orders, whether in-store, online, or via other channels.

Percentage Using the Internet:

   - Indicate the percentage of credit card transactions that occur through online sales or transactions on the internet.

Percentage of Using Card Swiping:

    - Specify the percentage of credit card transactions where the physical card is swiped using a card reader.

 

-       If “no” click next to continue

 

Do you have any UCC filing?

   - If "Yes," please provide the following details:

     - What was the UCC filing on?

     - UCC Filing Amount:

 

Explanation: Uniform Commercial Code (UCC) Filings

A Uniform Commercial Code (UCC) filing is a legal notice filed to inform the public and interested parties about a lender's security interest in a borrower's personal property or assets. The UCC is a standardized set of laws governing commercial transactions in the United States.

When a business or individual borrows money and uses specific assets (e.g., equipment, inventory, accounts receivable) as collateral, the lender files a UCC-1 financing statement with the appropriate state authority. This filing publicly establishes the lender's claim or security interest in those assets.

Key points about UCC filings:

Collateral Identification:

   The UCC-1 filing identifies the collateral against which the lender has a security interest. This can include various business assets, except real estate, which is typically covered by real property laws.

Public Notice:

   UCC filings are public records, accessible to anyone. This transparency allows potential creditors or interested parties to be aware of existing claims on specific assets.

Creditors and Priority:

   In the event of default or bankruptcy, the UCC filing helps determine the priority of claims by various creditors on the same assets. The first filing usually holds the highest priority.

Release and Termination:

   Once the loan is repaid, the lender typically files a UCC-3 termination statement to release the security interest on the specified collateral.

   - If "No," click "Next" to continue.


Step 7: Providing Business Real Estate Information

Landlord Name:

   - Enter the full name of the landlord or the entity that owns the property your business is currently renting. This is the individual or organization responsible for managing the rented premises.

Landlord Phone Number:

   - Provide the contact phone number for the landlord. This allows the lender to establish communication with the landlord for any necessary verifications or discussions related to the lease.

Years Remaining on the Lease (Rounded to Years):

   - Indicate the number of years remaining on your business's lease agreement. Round off any partial years to the nearest whole year. This information helps evaluate the long-term commitment and stability in your current location.

If “No” click next to continue


Step 8: Providing Business Receivables and Purchases

Lender Name:

   - If you've received purchase order financing in the past, indicate the name of the lending institution or financial entity that provided the funding against your purchase orders.

Total Amount Received:

   - Specify the total amount your business received through purchase order financing from the mentioned lender. This is the sum of the funding received.

Purchase Order Amount:

   - For each instance of PO financing, indicate the corresponding purchase order amount against which you received funding. This is the amount mentioned in the purchase order that the financing was based upon.

If “No” click next to continue


Step 9: Business Trade References Information

Company Name:

- Enter the name of the company you have a trade relationship with. This can be a supplier, vendor, or any business you regularly transact with.

Account Number:

- If you have an account number with this company, provide it. If not, you can use '000000' if the account number is not applicable.

Phone Number:

- Enter the phone number of the company you have the trade relationship with.

Open Date:

- Provide the date when you established this trade relationship or opened the account with the company.

High Credit Limit:

- Specify the highest credit limit granted to you by this company.

Current Balance:

- Indicate your current outstanding balance or amount owed to this company.

Contact Name:

- Enter the name of a contact person within the company with whom you have a relationship.

 

Multiple trade references can be added, if you have more than one, click add another trade reference

 


Step 10: Miscellaneous Information

In this section, you'll provide additional miscellaneous information related to your financial situation.

Do you owe money in federal taxes?

   - If "Yes," please provide the following details:

     - Amount Owed in Federal Taxes:

   - If "No," click "Next" to continue.

Do you owe money in state taxes?

   - If "Yes," please provide the following details:

     - Amount Owed in State Taxes:

   - If "No," click "Next" to continue.

Have you applied for SBA loans and were turned down previously?

- Indicate whether you have previously applied for an SBA loan and were denied.

Lender Name:

- If you were denied an SBA loan, you can provide the name of the lender who rejected your application.

Reason for Rejection:

- If you were denied an SBA loan, explain the reason provided by the lender for the rejection.

If “No” click next to continue

Information about other lenders:

Are you currently working with another lender?

-If your answer is yes, kindly specify which lender you are currently working with.

- If no, click "Next" to continue

Bankrupcy information:

Are you currently under the protection of he United States bankrupcy laws:

Answer the question then click next:

 

Disclaimer:

By proceeding with this application, you are granting OneFin Capital explicit permission to obtain and review your credit history, financial information, and any other relevant data needed to assess your eligibility for an SBA loan.

This authorization extends to any credit reporting agencies, financial institutions, or other entities that possess pertinent information. Additionally, you hereby agree to permit OneFin Capital to submit the SBA loan application on your behalf, using the details and data you have provided.

This authorization ensures a comprehensive evaluation of your financial standing, allowing us to offer tailored advice and facilitate a smooth SBA loan application process.

Your privacy and data security are of utmost importance to us, and all information collected will be handled with strict confidentiality and in compliance with applicable laws and regulations.


Step 11 Upload documents:

 

To complete your application efficiently, we require the following essential documents to be uploaded securely through our platform:

Driver's License:

A clear, legible copy of your driver's license to verify your identity.

Bank Statements:

Bank statements from the last six months to evaluate your financial history and stability.

Supplemental Documents:

Any additional relevant documents that support your application can be uploaded under this category.

Personal Tax Returns (Past 2 Years):

Complete personal tax returns for the most recent two years to assess your personal financial history and obligations.

Business Tax Documents (Past 2 Years):

Business tax returns for the most recent two years. Please refer to Appendix A for a detailed list of tax documents based on your company type.

Articles of Incorporation or Organization:

Official documents establishing your company's legal structure and registration.

Recent Credit Report:

A copy of your most recent credit report to help evaluate your creditworthiness and financial standing.

 

 

Rest assured, at OneFin Capital, we prioritize the security and confidentiality of your documents. All the information and documents you submit through our platform are treated with the highest level of security.

Our system employs state-of-the-art encryption protocols to ensure that your sensitive data remains confidential and protected against unauthorized access.

Your peace of mind is important to us, and we take all necessary measures to maintain a secure environment, adhering to industry best practices and stringent data protection standards.

You can confidently submit your documentation knowing that it will be handled with the utmost care and safeguarded throughout the entire loan application process.