The process really depends on which of two main routes you take: bank or Lendio.
If you go with a traditional bank, you’ll need to assemble a mountain of documents (such as personal and business tax returns, personal financial statements, business licenses and registrations, articles of incorporation, and commercial leases). Armed with this truckload of paperwork, you’ll then head from bank to bank, seeking the right small business loan for your unique needs.
Just know that banks reject about 75% of loan applications. And the kicker to this story is that it usually costs money to apply for a bank loan and the application process takes an average of 29 hours.
Lendio, on the other hand, makes it much easier to get approved for a small business loan. First off, you won’t need nearly as much paperwork to apply. Second, our online application connects you with loan options more than 75 lenders. Third, the majority of applications submitted through our website are approved. And Fourth, the application process is totally free - you only pay when your loan gets funded.
Once your application is complete, one of our funding managers will contact you to discuss all your loan options. Feel free to ask lots of questions and take as much time as you need in order to find the loan that's a perfect match. When your choice is made, your funding manager will help you finish up the details and finalize the loan with your lender. It’s as simple as that.