When your business is on the rise—or maybe just trying to weather a tough season—there’s that moment when you realize, “We need more capital.”
Whether you’re looking to scale up, restock inventory, or just get through a cash crunch, applying for more funding can stir equal parts excitement and dread. The trick? Show lenders you’re not just another risk. You’re ready, responsible, and raring to go.
Here’s how to make your application shine and actually get the support your business deserves.
Get Your Financial House in Order
If you’re applying for a Merchant Cash Advance or another form of additional funding, lenders want to see the whole picture—good and bad. Gather your latest income statements, balance sheets, and cash flow records. Don’t try to hide the bumps in the road; instead, be ready to explain them. Keeping clean, up-to-date records not only speeds up the process but also tells lenders you run a tight ship.
Pro tip: Separate your business and personal finances if you haven’t already. Most lenders prefer (or require) clear lines between what your business earns and spends, and what you do in your personal life.
Build a Story Around Your Data
Numbers matter, but the “why” behind them is what matters most. Craft a story about why you need more funding right now. Are you opening a second location? Hiring staff to keep up with orders? Expanding your reach with a big marketing push? Share the vision and show how the funding will help you hit your goals.
Your business plan is key here. Even if you’ve had success so far, update it to reflect your new goals, expected expenses, and any fresh challenges. Lenders love when applicants have a finger on the pulse of their next steps.
Check and Polish Your Credit
Before lenders trust you with more money, they’ll peek at your credit history. Your business credit score tells a story about reliability and risk. Review both your business and personal credit reports in advance, and fix any errors you spot. Pay off overdue bills if you’re able—it can bump your score (and your odds).
Be Transparent, Not Overconfident
Lenders see right through fluffy promises. Instead, give honest, realistic projections—supported by actual trends in your business, not just wishful thinking. Include supporting documents like signed contracts, customer testimonials, or order commitments. Think of it as putting together a highlight reel, but with proof, not just hype.
Pay Attention to Details
Every lender wants different documentation. Double-check requirements before you apply. Missing a form or skipping over a crucial question can delay your approval, or worse, get you denied for something trivial.
Deadline reminders, a simple spreadsheet of application requirements, or even a checklist on your wall can be lifesavers.
Get a Second Set of Eyes
Ask a trusted advisor, mentor, or accountant to review your application before you hit submit. Fresh eyes catch simple mistakes, unclear logic, or missing attachments that could hold things up.
Getting additional funding might feel daunting, but a thorough, thoughtful application tells lenders you’re prepared. It’s not just about asking for money—it’s about showing you’re ready to use it wisely, for a business that deserves to thrive.