Step 1: What happens at application?
You share business basics: legal name, ownership, time in business, revenue, existing debt, the amount requested and how you will use it. This lets a funder, or a firm like 1Prime Capital that works with funding partners, judge which products are realistic before asking for a full document package.
Be specific about use of funds. Saying you need to replace availability after a bank reduced your line, or to buy a particular machine, helps match the request to the right product from the start. Vague requests often lead to extra rounds of questions.
Step 2: How long does document collection take?
This step varies the most, because it depends on you. Businesses with closed books, filed returns and a current debt schedule can move in a day or two. Companies waiting on year-end statements or a CPA review can spend weeks here. It is the single biggest factor in the overall timeline.
Use our documents checklist to gather everything before you apply. Send the package complete and clearly labeled, and confirm that tax returns, statements and your debt schedule agree with each other.
| Step | What happens | What speeds it up |
|---|---|---|
| Application | Business basics, amount, use of funds | Clear, specific use of funds |
| Documents | Tax returns, statements, debt schedule | Complete package sent at once |
| Underwriting | Spreading, coverage, credit, collateral | Fast, clear answers to questions |
| Offer | Amount, term, pricing, conditions | Advisers ready to review terms |
| Closing | Signing, lien filing, disbursement | Clearing the closing checklist early |
Step 3: What happens in underwriting and credit review?
The underwriter spreads your financials, calculates debt service coverage, reviews owner and business credit, searches for existing liens, values collateral and writes a recommendation. A credit officer or committee then approves, modifies or declines. Follow-up questions are normal; how quickly you answer affects how quickly this step finishes.
Larger requests may include a call with the underwriter or a site visit. Our underwriting guide explains each part of the review in detail.
Step 4: What should you look for in an offer?
An offer outlines the amount, term, rate or pricing, payment schedule, fees, collateral, guarantees and conditions such as covenants or reporting requirements. Offers usually stay open for a limited period. Compare offers on total cost and structure, not payment size alone, and have your attorney and CPA review terms.
- Is the payment fixed or variable, and how is it calculated?
- What collateral and lien are required?
- Who must guarantee, and is the guarantee limited or unlimited?
- Are there prepayment costs, covenants or reporting deadlines?
Step 5: What happens at closing and funding?
At closing you sign the loan agreement, promissory note, security agreement and guarantees. The funder may file a public lien notice, confirm insurance on collateral and verify final conditions. Funds are then disbursed, either to your business account or, for equipment, often directly to the vendor. Closing is usually the quickest step.
Delays at this stage usually come from last-minute conditions: an insurance certificate, a landlord document, or an existing lien that must be released. Ask for the closing checklist when you accept the offer so you can clear these early.
What slows the process down, and why are SBA loans slower?
The most common delays are incomplete or inconsistent documents, unexplained changes in results, undisclosed debt found in lien searches, slow responses to questions and complex ownership structures. SBA loans are typically slower because program eligibility checks and additional forms are layered on top of the lender's own underwriting.
If timing matters, compare a conventional term loan with SBA loan options before committing to one path. When your file is ready, start your application.
Frequently asked questions
What slows down underwriting the most?
Missing or inconsistent documents cause the most delays, followed by unexplained changes in results and debts that were not listed but appear in lien searches. Sending a complete, reconciled file and explaining anomalies upfront removes most of these issues before they start.
Is a site visit or call with the underwriter normal?
For larger requests, yes. A call or visit helps the underwriter understand operations, management and collateral in ways documents cannot. Treat it as an opportunity to explain your business and plans. Smaller requests are often underwritten from documents alone.
How long do offers usually stay open?
It varies by funder. Many offers remain valid for a limited window, after which updated financials or a new review may be needed. Ask for the expiration date when you receive an offer, and plan attorney and CPA reviews within that window.
Can the process be faster than a few weeks?
Sometimes. Some approvals come within a day or two, depending on documents, especially for smaller or simpler requests with complete files. Larger, secured or more complex requests usually take longer. Speed is mostly determined by preparation, not by pressure.
How is this different from 1Prime Capital's own process?
This page describes how full-doc financing generally works across the industry. Our How It Works page explains how 1Prime Capital reviews your request and compares options from our funding partners before and during these steps.
Start the clock on the right foot
Apply with your documents ready, and we will compare options from our funding partners.
Updated September 14, 2026 · 1Prime Capital Funding Team