CAPITAL · READINESS CHECKLIST
Practice Capital Readiness Checklist: What Lenders Ask For
When a practice applies for financing, the paperwork usually sets the pace. This checklist covers what is typically requested for the three most common products, so you can gather everything before you apply.
Equipment leasing
- Vendor quote or invoice, with line items visible
- A one-page credit application (we provide this)
- Under $250,000, the application alone is often enough for qualified borrowers. Over $250,000, add your last two years of business tax returns and a year-to-date profit and loss statement.
Typical minimum: two or more years in business. Startup programs exist for licensed professionals.
Working capital
This product is a merchant cash advance. It funds faster than a line of credit and costs more, so it fits a narrow set of situations. Factor rate, holdback, and total cost of capital are put in writing before you sign anything.
- Several months of recent business bank statements
- Basic financial documentation
Typical minimums: about $20,000 in monthly revenue and at least six months in business.
Line of credit
- Two years of business and personal tax returns
- Year-to-date profit and loss statement
- Business bank statements
- Clean bookkeeping with a consistent monthly close
Typical minimums: FICO 680 or higher on the primary guarantor, positive net income over the trailing twelve months, and two or more years in business.
Our working capital referrals are not available in California, Utah, Virginia, or Connecticut, and our line of credit referrals are not available in those four states or in Missouri. Equipment leasing and consulting are available nationwide.
Before any application
- Know the amount you need and exactly what it funds.
- Bring your books current through the end of last month.
- Pull your own credit report so nothing surprises you in underwriting.
- For equipment requests, have the vendor quote in hand first.
Not sure where your practice stands?
A 15-minute capital review walks through your documents and which product fits your situation.