As a small business owner, you are no stranger to facing barriers and overcoming obstacles. When it comes to getting the funding you need, the process can seem challenging and discouraging. Between deciding what kind of funding, you need and gathering the correct paperwork, it is difficult to know where to start…

Great news! Depending on the kind of funding and type of lender you deal with, there might be small variations, but most applicants will follow the same procedure regardless of what kind of business you run or what kind of funding you are looking for.

Below is a step-by-step process you should follow when applying for financing.

Determine why you need the funding

Knowing what you need a loan for, will help you and your lender determine what kind of funding will work best for you and your business.

Determine how much funding you need but also how much you can afford

All lenders have minimum and maximum funding amounts for which they fund. Knowing how much funding you need for your business before sending out your application, will make it easier for you to narrow down your loan and your lender options. This way, you can avoid wasting your time from the lenders that you are not qualified from and get straight to the lenders that fir your business criteria.

Taking the time to think about how much money you can truly afford is important. It is never a wise idea to take out a loan for more than you can afford. That would only lead to more interest and other fees being charged for money that you did not need or use. But, applying for a loan for an amount that suits how much you really need shows lenders that you understand your finances and take a reasonable debt and money management strategy, which may boost your chances of approval.


Before lenders review or authorize your small business financing application, they may request your credit score. Some loans, such as traditional lenders and SBA loans, have tougher credit score standards. But, with a greater focus on cash flow and the overall health of your business, alternative lenders, like Thor Capital Group, put less emphasis on your credit score and focus more on the cash flow of the business and can get a quick approval with limited paperwork.


Some lenders are more flexible in their qualification criteria but meeting or exceeding all minimum requirements for the type of financing you are seeking, often gives you the best chance of approval.

There are thousands of lenders out there but knowing who you are applying to and researching what type of funding they provide and what their credit check process is will be very important. Some lenders do a soft pull on your credit which does not stay on your credit report and will fall off after a few weeks. A hard credit inquiry stays on your credit report for 18 months and can bring down your credit score dramatically. With Thor Capital Group for example, we only do soft-pulls, which will not impact your credit score. Remember to apply for financing from 1-2 lenders at a time, because applying with too many lenders all in one shot will be a hard hit to your credit score and will turn off the lenders if they see you applying to many different lenders in your credit report.

What type of paperwork will I need to apply?

To apply for business financing, Thor Capital Group only requires a five minute application and 3 months of your most recent bank statements. Once we receive the information back, your file we be sent to the underwriting department and you will receive an offer within 1-2 hours and get funded in 24-48 hours. We are NOT like banks, where they can 6-8 weeks to hear back and usually come back with a decline. Alternative lenders, on the other hand, will respond much quicker.

Review Your Offer 

Once your application is approved, your lender will give you the details of the offer, detailing the terms and conditions of your loan. Carefully read the offer and ask questions if you have any. Once you sign, you will have the funds you need the same or next day.

It might seem difficult and confusing to apply for small business funding, but the process is easier than you think. With Thor Capital Group, we can make your funding needs possible. If you have any questions regarding the funding process, please call us anytime at 1-888-445-1028 or email us at