Equity Ridge Business Loan FAQ

Question 1

How do I get started with Equity Ridge?

Accepted Answer

The easiest way to start is by completing our Funding Blueprint — a short intake form that helps us understand your business, goals, and financing needs. From there, an advisor will reach out within one business day to discuss your options. You can also call us directly or submit a full application if you already know what you need.

Question 2

How long does the application process take?

Accepted Answer

It depends on the loan type. Working capital and equipment loans can close in as little as 5–15 business days. SBA loans typically take 30–60 days. CRE and construction loans generally take 45–90 days depending on appraisal and due diligence timelines. We always work to move as fast as the lender and documentation allow.

Question 3

Does applying affect my credit score?

Accepted Answer

The initial Funding Blueprint and advisor consultation do not require a hard credit pull. When we move forward with a specific lender application, a hard inquiry may be required. We minimize unnecessary pulls by identifying the right lender match before submitting your file.

Question 4

Do I need to apply with multiple lenders myself?

Accepted Answer

No — that's exactly what we do for you. Equity Ridge works with 100+ lenders and submits your file to the most appropriate options based on your profile. You get one point of contact and multiple competitive offers without the hassle of managing multiple applications.

Question 5

What happens after I submit my application?

Accepted Answer

An Equity Ridge advisor reviews your file and contacts you within one business day. We may request additional documents, clarify details, and then package your file for lender submission. You'll receive regular updates throughout the process and a clear explanation of any offers received.

Question 6

What credit score do I need to qualify?

Accepted Answer

It depends on the loan type. SBA loans typically require a 650+ personal credit score. Equipment loans can work with scores as low as 600 in some cases. Working capital loans vary widely — some lenders focus more on revenue than credit. CRE loans generally require 660+. We work with lenders across the credit spectrum and will tell you honestly what's available for your profile.

Question 7

How long does my business need to be operating?

Accepted Answer

Most conventional and SBA lenders require at least 2 years in business. Some working capital and equipment lenders will consider businesses with 6–12 months of operating history if revenue is strong. Startups with less than 6 months of history are very difficult to finance through traditional channels, though equity financing or SBA startup programs may apply in some cases.

Question 8

What revenue does my business need to qualify?

Accepted Answer

There's no universal minimum, but lenders want to see that your business generates enough revenue to comfortably cover the new debt payment. A common benchmark is a Debt Service Coverage Ratio (DSCR) of 1.25x or higher — meaning your net operating income is at least 1.25x your total annual debt payments. We'll calculate this for you during the intake process.

Question 9

Can I qualify if I've had a bankruptcy?

Accepted Answer

It depends on when the bankruptcy was discharged and what type it was. Chapter 7 bankruptcies discharged more than 3 years ago are workable with some lenders. Chapter 13 may be considered sooner if payments have been made consistently. SBA loans generally require 3+ years post-discharge. We'll assess your specific situation and be upfront about what's realistic.

Question 10

Do I need collateral?

Accepted Answer

Not always. Working capital loans and lines of credit are often unsecured or use a general business lien. Equipment loans use the equipment itself as collateral. SBA and CRE loans typically require real estate or business assets as collateral. We'll identify loan structures that match your available collateral and minimize personal exposure where possible.

Question 11

What interest rates can I expect?

Accepted Answer

Rates vary significantly by loan type, credit profile, and market conditions. As a general guide: SBA loans range from 6.5%–10.5%, equipment loans from 5.5%–12%, CRE loans from 5%–9%, working capital from 8%–24%, and lines of credit from 7%–20%. Use our Loan Calculator for estimates, and an advisor can give you actual quotes based on your profile.

Question 12

Are rates fixed or variable?

Accepted Answer

Both options exist depending on the loan type and lender. SBA 7(a) loans are typically variable (Prime + spread). SBA 504 loans have fixed rates on the CDC portion. CRE loans can be fixed for 5, 7, or 10 years with balloon payments. Equipment loans are usually fixed. We'll explain the rate structure of any offer you receive and help you evaluate the risk.

Question 13

What fees should I expect?

Accepted Answer

Common fees include origination fees (0.5%–3% of loan amount), SBA guarantee fees (varies by loan size), appraisal fees for real estate ($2,500–$7,500), and closing costs. We're transparent about all fees upfront. Equity Ridge's broker fee is typically paid by the lender, not the borrower, on most loan types.

Question 14

Can I pay off my loan early?

Accepted Answer

It depends on the loan. Many working capital and equipment loans have no prepayment penalty. SBA 7(a) loans have a prepayment penalty only if the term is 15+ years and you pay off in the first 3 years. CRE loans often have prepayment penalties (defeasance, step-down, or yield maintenance). We'll always highlight prepayment terms before you sign.

Question 15

What documents do I need to apply?

Accepted Answer

The core documents for most loans include: 2–3 years of business tax returns, 2–3 years of personal tax returns, 3–6 months of business bank statements, a current Profit & Loss statement, a current Balance Sheet, and a personal financial statement. Specific loan types may require additional items like equipment quotes, rent rolls, or business plans. Visit our Document Portal for a detailed checklist.

Question 16

How do I securely send documents to Equity Ridge?

Accepted Answer

Use our secure Document Portal at equityridge.com/document-portal. Files are encrypted in transit and at rest using Supabase's enterprise-grade storage. We do not accept sensitive documents via email. The portal supports PDF, Word, Excel, and image files up to 50MB per file.

Question 17

What if my financials aren't perfect?

Accepted Answer

Imperfect financials are common and don't automatically disqualify you. We work with lenders who specialize in businesses with recent losses, seasonal revenue, or unusual expense patterns. The key is context — we help you present your financials with the right narrative so lenders understand the full picture.

Question 18

Do I need a business plan?

Accepted Answer

For SBA loans, a business plan is typically required. For most other loan types, it's helpful but not always mandatory. If your business is established with strong financials, the numbers often speak for themselves. For startups or expansion projects, a clear use-of-funds statement and financial projections are usually sufficient.

Question 19

How quickly will I receive funds after approval?

Accepted Answer

For working capital and equipment loans, funding typically occurs within 1–5 business days of final approval and document signing. SBA loans fund within 5–10 business days of closing. CRE and construction loans fund at closing, which is scheduled after all conditions are met. Your advisor will give you a specific timeline once you're in the approval stage.

Question 20

Can I refinance my loan later?

Accepted Answer

Yes. Many clients refinance after 12–24 months to take advantage of improved credit profiles, lower rates, or to pull equity from appreciated assets. Equity Ridge can help you evaluate refinancing options when the time is right. We'll always be honest about whether refinancing makes financial sense for your situation.

Question 21

What if I need more capital after my loan closes?

Accepted Answer

We maintain long-term relationships with our clients. If you need additional capital — whether a second loan, a line of credit, or a refinance — reach out to your advisor. Many clients return to Equity Ridge multiple times as their businesses grow. Your existing relationship and track record with us can actually help you qualify for better terms on future financing.

Question 22

What happens if I have trouble making payments?

Accepted Answer

Contact your lender immediately — and contact us. Lenders generally prefer to work out a solution rather than default. Options may include deferment, loan modification, or restructuring. We can help you navigate the conversation with your lender. The worst thing you can do is go silent. Early communication almost always leads to better outcomes.

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