The phrase “timing is everything” holds true in the world of small business, particularly when it comes to business funding. According to Guidant Financial, portfolio loans take the shortest time to be approved, with an average of 15 days. SBA loans, which take an average of 80 days, take the longest time to be approved. As Guidant Financial shows, it can take a month or three for your business to get funded. As you await approval, here are some things you can do to improve the credit rating of your business: \tGet a D-U-N-S number. This is a nine-digit number allotted by Dun & Bradstreet to identify your business. Available for free on D&B’s website, a D-U-N-S number allows contractors, suppliers, and others you do business with verify that your company exists and is functioning. \tGet trade references. You’ll need at least three references to report your payment history to the credit bureaus. Choose vendors that you’ve had an open relationship with for at least three months, and that you have a high credit limit with. You should not have any late payments in your history with your selected vendors. Think of your new enterprise on a timeline. The first level of business funding is the seed phase, representing the initial capital used for filing patents, product development, business partner enlistment, and market research and surveys. The second level comes with the launch of the venture. At this stage, the business is starting to generate revenue but is not yet turning a profit. The third level comes after the business model has shown itself to be viable. These funds are used to hire more managers and staff, to do further work on the marketing plan, and to cultivate strategic partnerships in the marketplace. The fourth level comes as revenues are increasing, and it involves contacting your preferred commercial bank for a line of credit. Your company will be looking to increase its operations more quickly by the time it enters its fifth level of business funding. It would be trying to raise another round of external investor capital at this point. Capital here is utilized to considerably ramp up current operations to enable the business to become a major player in the industry. Potential Business Funding Options Lendio has partnered with over 70 vendors to provide several potential business funding options. These are: SBA Loan – this option takes 4-10 weeks. You must be in business for at least 12 months, with monthly revenue of $20,000. Business Line of Credit – this is an arrangement you make with a financial institution where you establish a maximum loan balance that you can draw down funds from. You’ll need a credit score of at least 500 in order to qualify, along with monthly revenues of $12,000. Your business should be at least 12 months in operation. You can get funded in 3-7 days. Term Loan – a bank loan with a specified amount that has a specific repayment schedule and a floating interest rate. You also need to be in business for at least 12 months to qualify for this option, with a credit score of 575+, and a monthly revenue of $4,000. This option allows you receive funds in 1-4 weeks. Equipment Loan – a loan agreement where you borrow funds in order to acquire an asset. The only qualification is a credit score of at least 650. This also takes 1-4 weeks. Commercial Real Estate – with this type of business financing, you leverage the equity held in any buildings or other structures owned by your business. You’ll need a credit score of at least 650. This process takes 4-6 weeks. Merchant Cash Advance – With this loan option you borrow funds based on the projected future cash flows of your company. To qualify, your credit score must be at least 500, your monthly revenues at least $4000, and you must be in business at least three months. You’ll receive funds in 3-5 days. Business Credit Card – with this option you get funds in 1-2 weeks. The only qualification is a credit score of at least 680. If you use Lendio’s platform, the process from application to funding is much shorter. That’s because Lendio matches your business with the right lenders to meet your needs. You can shorten the process by being prepared: gather all your financial and merchant statements, and you’ll find that your requests for financing are approved within a very short timeline.