FAQ
Questions, answered plainly.
Eighteen of the questions business owners ask us most, grouped by where they come up. If yours isn't here, the desk will answer it directly.
01
Applying
What do I need to apply?
One short application and your three most recent business bank statements. That's the entire ask for most files. You don't need a business plan, financial projections, or collateral for the majority of products we place — larger requests and acquisitions are the exception and will ask for tax returns and financials.
Will applying affect my credit score?
No. The application uses a soft inquiry, which doesn't affect your score. A hard inquiry only happens if you accept an offer from a lender that requires one, and you'll know before that point — it's never a surprise.
How long does the application take?
About ten minutes if your bank statements are handy. The longest part is usually locating the statements, not filling in the form.
Am I committed to anything by applying?
No. There's no obligation to accept any offer, no fee for offers you decline, and no cost to see what your business qualifies for. If the honest answer turns out to be "wait two quarters," that's the answer you'll get.
02
Costs & Fees
What does Steedmont charge?
Nothing out of pocket. We're compensated by the funding provider when a deal funds. There are no application fees, no upfront fees, and no fee for advice or for offers you turn down. If you never fund, you never owe us anything.
How is the cost of funding expressed?
It depends on the product. Revenue-based working capital is usually quoted as a factor — a multiple applied to the amount advanced — while term loans and equipment financing are quoted with an interest rate and a term. Every offer we present states the amount funded, the total you'll repay, the payment, the schedule, and the fees on one page.
What fees might the lender charge?
Depending on the lender and product, you may see an origination or underwriting fee, an ACH or processing fee, or a wire fee. These are disclosed in the offer before you sign, and they're one of the columns you'll be comparing when we put offers side by side.
Can I pay off early and save money?
Sometimes. Some lenders offer an early-payoff discount; others set a fixed total payback that doesn't shrink if you pay ahead. This varies enough that it's worth asking about before you choose an offer rather than after.
03
Qualifying
What are the minimum qualifications?
Lower than most people expect. Our startup-friendly programs work with as little as three months in business and $5,000 or more in monthly revenue, plus a business bank account that the revenue actually runs through. Established businesses with stronger revenue unlock larger funding and better pricing.
Can I qualify with bad credit?
Often, yes. For revenue-based working capital and startup funding, deposit consistency matters more than your score, and thin or bruised credit is workable. Lines of credit and term loans lean harder on credit, so a bruised profile narrows those options rather than the whole list.
Do you fund startups?
Yes — it's one of the things we do that larger funders won't. Three months of deposits in a business account and roughly $5,000 a month coming in is enough to see real options. Pre-revenue businesses are the exception: these programs are underwritten on deposits, and there's nothing to read yet before revenue starts.
Do I need collateral or a personal guarantee?
Most working capital and lines of credit are unsecured, though a general lien on business assets is common. Equipment financing is secured by the equipment itself. A personal guarantee from the owners is common across all of these — whatever is pledged will be stated in the offer before you sign.
04
Funding Speed
How fast can I actually get funded?
Decisions come in as fast as 24 hours. Working capital can fund the same day an offer is accepted; lines of credit typically take one to three business days; term loans and equipment financing usually take two to seven. Speed depends on the lender, the product, and how quickly your documents come back.
What slows a file down?
Missing or partial bank statements, deposits that can't be explained, existing advances that weren't disclosed up front, and slow responses to the lender's verification call. Nearly every delay we see traces back to one of those four.
When do I actually get the money?
After you accept an offer, sign electronically, and complete a short verification call, funds are wired directly to your business bank account. For equipment financing, the lender usually pays the vendor or seller directly instead.
05
After Funding
How does repayment work?
By ACH from your business bank account, on the schedule in your agreement — daily or weekly remittances for working capital, weekly or monthly installments for term loans and equipment financing, and revolving payments on a line of credit as you draw and repay.
What happens if I hit a rough month?
Contact your advisor and the lender early rather than letting a payment fail. Some lenders will reconcile a fixed remittance against actual deposits or restructure; others have less flexibility. Knowing which kind you signed with is part of choosing the right offer in the first place.
Can I get more funding later, or renew?
Many businesses come back. Renewals, increases, and additional positions depend on your payment history, your current balance, and how your revenue has moved since. Your advisor can tell you when it makes sense and, just as importantly, when it doesn't.
Still have a question?
A funding advisor will answer it directly — before you apply, not after.
See what your business qualifies for.
Ten minutes to apply, no obligation to accept, and no impact on your credit score.