Some things to first consider:
There are many different types of financing options available to business owners today. Unfortunately there are options out there that are heavily marketed and do not fit the business well. In addition, there are options that would make a good fit, but, require extensive criteria to qualify.
First filter out by your use. For example, working capital and equipment financing are broad categories. Would you need for financing be met with a lump sum payment or through cyclical access to capital?
Each loan type typically requires a different underwriting process. As a rule of thumb, apply for financing a few weeks before you really need it. Unfortunately, this does not always work out. To break down by tiers, the most favorable terms typically require 2-4 weeks for thorough analysis. For immediate funding, 2-4 days is all that is needed, however, expect to pay a higher premium for this turnaround.
Lastly, understanding your credit score/history is important no matter what some lenders tell you. Fortunately, credit scores are a tertiary focus for us, however, they still play a role.
Term Loan: 10-20%
Line of Credit: 12-25%
Merchant Cash Advance: 25%+
48 Hours to 4 Weeks depending on sought after financing type. SBA is the longest with MCA being the shortest.
Monthly, Weekly, Daily
*A Brooklyn, NY based small business owner with two authentic Italian restaurants