Step 1: Check Your Qualification
Before applying anywhere, confirm you meet baseline qualification:
- New York-registered operating business (LLC, Corp, sole prop with EIN)
- Six months minimum in business
- $10,000+ monthly revenue (verifiable in bank statements)
- FICO 500+ (lower scores reviewed case-by-case)
- No active open bankruptcy
If you meet these, you almost certainly qualify for some form of working capital funding. If you don't yet meet them, work on the gap before applying.
Step 2: Decide What Product Fits
Match the product to the use case:
- Need money fast for any operational use → Working capital / MCA
- Buying specific equipment → Equipment financing
- Ongoing unpredictable cash needs → Line of credit
- Largest amount, lowest rate, time to wait → SBA 7(a)
- Bad credit or inconsistent revenue → Revenue-based financing
- Real estate purchase → Commercial real estate loan (different product entirely)
Step 3: Gather Documentation
For working capital / MCA / revenue-based: - Three months of business bank statements (PDF download from your bank) - Driver's license - Voided check or bank verification - 5-minute application
For SBA: - 2-3 years of business and personal tax returns - Year-to-date P&L and balance sheet - Business debt schedule - Business plan or executive summary - Personal financial statement - Collateral documentation
Step 4: Apply to ONE Direct Lender (Not Stacked)
Apply to one lender at a time. Stacking applications across 10 lenders simultaneously hurts your approval odds because each application creates a soft inquiry that other underwriters can see, and submitting too many in a short window flags you as desperate.
If the first direct lender declines or offers terms you can't accept, then move to the next. This sequential approach also keeps your bank statement health intact — every funded program shows up in subsequent reviews.
Step 5: Review Total Cost Before Signing
Insist on total dollar cost, not just factor rate or weekly payment. Calculate: total amount you will repay minus amount funded equals total cost of capital.
Reject any lender who refuses to disclose total dollar cost. Reject any lender who collects upfront fees before approval. Reject any lender who pressures you to sign same-day without time to review.
Step 6: Use Funds Productively, Repay on Schedule, Refinance
Deploy the funded capital toward use cases with measurable ROI — inventory that turns, equipment that increases capacity, marketing that drives bookings. Avoid using working capital to repay older expensive working capital (debt spiral).
After 6-12 months of clean repayment, you typically qualify for renewal at better terms. Use the renewal to refinance into a larger lower-cost program.