How to Prepare for Your Funding Specialist Call

The call with a funding specialist is where an application becomes a plan. It is also where owners most often leave value on the table, either because they did not have a number handy, or because they felt rushed and skipped the questions they cared about. Neither is the specialist's fault. A busy owner is simply pulled back to the shop floor before the call has finished.

A little preparation changes that. When you can state what you need, how you will repay it and what you are comparing against, the specialist can narrow the field quickly and you can leave with real clarity. This guide walks through what to settle before the call, what to have in front of you and the questions worth asking.

Decide what the money is for

The more specific the purpose, the better the match. Buying a $28,000 piece of equipment that you will use for years is a different need from covering a seasonal gap in March, and they point toward different products. Equipment financing, a line of credit, a term loan and a merchant cash advance each handle cash flow differently.

Write the purpose in one sentence and the amount you think you need in another. If you are unsure, name a range and what drives it. Then ask yourself what the money should produce, because an owner who can articulate the return is easier to match with the right structure.

Know your numbers

You do not need to memorize your books, but a handful of figures should be on the tip of your tongue. Funding partners tend to review the same basics, and having them ready shortens the call.

If you are not sure of a figure, say so and give a range. An honest estimate is more useful to a specialist than a confident guess that your bank statements will contradict. Rounding is fine; the statements will fill in the rest.

• Average monthly deposits over the last three to six months, and whether they are seasonal.
• Time in business and your legal business name and entity type.
• Existing funding obligations, including balances and daily or weekly payments.
• Your largest monthly fixed costs: rent, payroll, loan payments, insurance.
• Any liens, judgments or recent bankruptcies, stated honestly.

Have documents within reach

Typical requests include recent business bank statements, a voided check or account details, a government ID and sometimes a tax return or a processing statement. Requirements vary by funding partner and by amount, but gathering these ahead of time keeps the process moving.

If you take card payments, your merchant statements show your processing volume and fees. Fidelity Funding's card-processing partner, PayPilot by MCCPS, can also review a statement and quote pricing, which is worth asking about on the call if you suspect you are overpaying.

Questions to ask the specialist

Treat the call as an interview. A good specialist welcomes direct questions and answers them plainly. Some that are worth asking:

1. Which funding partners will review my file, and what product does each offer?
2. What is the total payback or total cost on each offer, not just the rate?
3. How are payments collected, how often, and what happens in a slow week?
4. Are there origination fees, early payoff terms or a personal guarantee?
5. What happens next, and how long until I see funds if I accept?

Say the hard parts out loud

If there is a blemish in your file, such as a tax lien, a prior default, an overdraft stretch or an existing advance, mention it. Specialists have heard all of it, and an honest picture lets them route you toward partners who will actually review the file. Surprises discovered in underwriting cost you days.

The same goes for your timeline. If you need funds by Friday, say so. If you are only exploring, say that too. Fidelity Funding's process is built around a short application and a soft credit pull for the initial review, so there is no pressure to commit while you are learning what the market may offer.

It also helps to decide your walk-away point. Before the call, think about the largest daily or weekly payment you could carry in your slowest month, and the total payback beyond which the funding would not be worth it. Having those limits in mind keeps a persuasive conversation from steering you past them.

After the call

Write down the offers discussed, including the amount, total payback, payment schedule and fees. Do not accept something you cannot explain back in your own words. If a figure was stated verbally, ask for it in writing, and read any agreement in full before signing. For a legal or tax question, loop in your attorney or CPA.

Finally, test the payment against reality. Take the weekly or daily payment, divide your typical weekly deposits by it, and ask whether the business can absorb it in its slowest month. Approval, pricing and timing vary by funding partner and underwriting, so none of this is a guarantee, but a prepared owner reaches a better decision faster.

This article is for general information only and isn’t financial, legal or tax advice. Funding approval, amounts and terms are set by funding partners and depend on underwriting.