FAQ | My Biz Funding — Business Funding Questions Answered

Question 1

What funding products do you offer?

Accepted Answer

We offer two products: Working Capital Loans ($10K–$2M) for established businesses, and Gig Entrepreneur Funding (up to $50K) designed for independent contractors, 1099 workers, and freelancers.

Question 2

How much can I borrow?

Accepted Answer

Working Capital Loans range from $10,000 to $2,000,000. Gig Entrepreneur Funding goes up to $50,000. The amount you qualify for is based primarily on your average monthly revenue and deposits.

Question 3

What are the loan terms?

Accepted Answer

Terms range from 6 to 24 months depending on the product and your business profile. We work with you to find a repayment structure that fits your cash flow.

Question 4

Is this a loan or a merchant cash advance?

Accepted Answer

We offer both traditional business loans and alternative funding products depending on your situation. During the application review, a funding specialist will walk you through the best option for your business.

Question 5

What credit score do I need?

Accepted Answer

We accept owner personal FICO scores of 550 and above. Credit score is just one factor — we place more weight on your monthly revenue and business deposits.

Question 6

How long does my business need to be operating?

Accepted Answer

For Working Capital Loans, we typically look for at least 6 months in business. Gig Entrepreneur Funding may be available to newer operations — a specialist will review your situation.

Question 7

Do I need collateral?

Accepted Answer

Most of our funding products are unsecured, meaning no collateral is required. Approval is based on your business revenue and overall financial profile.

Question 8

Can I qualify if I'm a 1099 contractor or freelancer?

Accepted Answer

Yes. Our Gig Entrepreneur Funding product is specifically designed for independent contractors, gig workers, and 1099 earners who may not qualify for traditional bank loans.

Question 9

How does the application process work?

Accepted Answer

It's simple: submit one application, and we match you with offers from our network of top lending partners. You review the offers and choose the one that works best for you — no obligation.

Question 10

Will applying affect my credit score?

Accepted Answer

No. Checking your options does not require a hard credit pull. A hard inquiry only occurs if you choose to move forward with a specific offer.

Question 11

How fast can I get funded?

Accepted Answer

Once approved and all documents are in order, funds can be deposited in as little as 1–3 business days.

Question 12

What documents will I need?

Accepted Answer

Typically you'll need recent bank statements (3–6 months), a government-issued ID, and basic business information. A funding specialist will let you know exactly what's needed for your application.

Question 13

Are there any upfront fees?

Accepted Answer

No upfront fees to apply or check your options. Any applicable fees are disclosed clearly before you accept an offer — there are no surprises.

Question 14

How are repayments structured?

Accepted Answer

Repayments are structured to avoid large monthly payments. Terms of 6–24 months are available, and your specialist will help match the repayment schedule to your revenue cycle.

Question 15

Can I pay off early?

Accepted Answer

Early payoff options vary by lender and product. Your funding specialist will clarify prepayment terms before you commit to any offer.

Common Questions, Straight Answers

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