The application process follows a repeatable path. Step one: confirm eligibility against your target lender’s published minimums. OnDeck lists 1 year in business, $100,000 in annual revenue, and a 625 FICO score [3], while Bank of America requires 2 years and $250,000 [6]. Apply only where you meet the bar.
Step two: gather documents. Most online lenders, including National Funding [2] and Credibly [4], request 3–6 months of business bank statements, a government ID, and basic business details. Step three: submit the application, often a 10–15 minute online form for lenders funding in 1 business day [2]. Step four: review the offer carefully, converting any factor rate to an APR and confirming the total repayment amount.
Step five: verify the contract terms, repayment frequency, and prepayment policy before signing. Step six: receive funds. OnDeck advertises same-day funding [3], and National Funding disburses as fast as one business day [2]. If you are denied, the FTC’s Equal Credit Opportunity Act guarantees your right to a written reason for the decision, which helps you correct the issue before reapplying. As of 2026, online application speed continues to outpace traditional bank timelines, but accuracy in your documentation remains the single biggest factor in fast approval.