The business compares any offer and makes the final call.
Skywater passes requests on; funding partners review them and make any offer; the business decides. Below: each stage and who handles it, credit score questions to ask, what a physician office may be asked for, a law office's documents sorted by source, and the partner's side of the review.
Business loan underwriting process, stage by stage, for an Oklahoma County, OK sit-down restaurant's dish machine request
Underwriting is the name for the review a funding partner runs before deciding on an offer. For a sit-down restaurant financing a new dish machine and a reach-in cooler, the review covers the business that will carry the payments, and the equipment quote may be part of the file; the dish machine's plumbing hookup is property work outside this site.
| Stage | Who handles it | What the business sees |
|---|---|---|
| Request | The business, by phone or the form | Questions about the cost, the amount and the business |
| Hand-off | Skywater Business Funding | The request passed to third-party funding partners |
| Review | Funding partner | Requests for statements or records; credit may be checked |
| Any offer | Funding partner | Amount, rate or cost, term and conditions in writing |
| Decision | The business | Accept, ask questions, or walk away |
| Funding | Funding partner | Agreement signed; money sent per its terms |
For an equipment request, a partner may also ask how long the business expects to use the items and what it already pays on other equipment. Loans, finance agreements and both lease types are set out together on the equipment financing page.
Business credit scores and an Edmond, OK payroll request: what to ask the funding partner
A request to cover payroll while receivables come in may be reviewed against the owner's personal credit, a business credit score, or both, depending on the partner. This site has no online tool for checking a score, and Skywater Business Funding does not supply one.
- Which credit report or score did the review use?
- Was the check a soft inquiry or a hard inquiry?
- Did the score change the amount or the cost of the offer?
- If the request was declined, which report should the owner look at?
- Can the owner see what the report showed?
Asking these before accepting an offer helps the owner know what shaped it.
Small business loan requirements for an Oklahoma County, OK physician office waiting on claims
A physician office whose insurance claims pay weeks after the visit may have strong billings and thin months in the bank account at the same time. Partners set their own requirements; the items below are what a request may be asked to show.
- How long the practice has operated
- Annual revenue, and how much of it arrives as claim payments
- Recent business bank statements that show the claim deposits landing
- The owner's credit, which a partner may check
- The purpose of the money, plus the due date on the bill
Of the 945 offices of physicians with paid staff in Oklahoma County, OK in 2023, 666 had fewer than five employees (County Business Patterns, NAICS 6211). A claim aging report can help a partner see when the money is due.
What documents do I need for a small business loan? An Edmond, OK law office's set, sorted by where each comes from
A law office covering case costs before a matter settles can gather most of its file from three places: its bank, its accountant and its own records. Not every partner wants every item on this list.
| Document | Where it comes from | What it shows |
|---|---|---|
| Business bank statements | The firm's bank | Deposits, balances and existing payments |
| Business tax return | The firm's accountant or tax preparer | Revenue and expenses for a full year |
| Formation or registration papers | The firm's own files | The legal entity and its owners |
| Owner identification | Each owner | Who is signing |
| Case-cost ledger or bill | The firm's own records | What the money is for |
| Existing debt list | The firm's own records | Payments already owed each month |
Keeping the names, addresses and tax ID the same across every document saves questions later.
What happens on the partner's side after an Edmond, OK associate-hiring request goes out
A law office hiring an associate has costs that arrive before the new hire bills a single hour: a signing payment, a workstation, bar dues and the first payrolls. Once the request reaches a funding partner, the partner may call with questions, ask for more records, make an offer, or decline.
Any offer comes from the partner in writing and states the amount, the cost, the term and the payment schedule. The office can compare it with other offers, ask what each fee covers, and turn it down.
The funding types a request can ask about, with what each one pays for, are on the business loans overview. Brief answers on credit lines, tax IDs and credit checks sit on the FAQ page.
By Skywater Business Funding ยท Updated
