Getting a business loan takes more time and preparation than most people expect. Here's more information on what the process actually looks like.
How do I start the process?
Before you fill anything out, it's worth asking whether a loan is the right move for your business right now — not just whether you can get one. If a loan wouldn't clearly increase your productivity, lower your costs, or grow your sales, it's probably not the right time to borrow.
Once you're ready, the process at Craft3 starts with a short online inquiry form. This helps us learn about you, your business, and what you need the financing for. If it looks like a potential fit, a lender will reach out to talk with you about your business plan, how you'd use the funds, and what collateral you have.
What documents do I need, and how do I get organized before applying?
Craft3 typically asks for:
• Two years of business and personal tax returns
• Personal financial statements from anyone who owns 20% or more of the business
• Two years of financial statements (profit and loss and balance sheet), plus year-to-date statements
• A business plan
If your business is less than 24 months old, you'll also need financial projections for the next 24 months. (If your business is established and has a track record of servicing debt, projections usually aren't required.)
Note: you can apply using an Individual Taxpayer Identification Number (ITIN) — you don't need to be a U.S. citizen to apply.
Gathering these documents takes real time, so start early. Missing or outdated paperwork — like a tax return that hasn't been filed yet, or financial statements that haven't been reconciled — is one of the most common reasons an application stalls.
How long does the loan application process take?
Loans up to $250,000 can be funded in as little as 30 days. Larger loans typically take longer. Once you submit a full application, review usually takes 1-2 weeks, though it can run shorter or longer depending on the size and complexity of the request.
That said, the full journey — from your first conversation with Craft3 to a completed application — often takes longer than a single application review. It's not unusual for Craft3 to work with a business owner for six months or more before they're ready to formally apply, especially if that time is spent building a business plan, cleaning up financials, or working with an accountant.
What happens after I submit my inquiry form?
You'll get a confirmation email right away, and Craft3 typically follows up within three business days. If it looks like a good fit, you'll be invited to schedule an intake call — no commitment required. From there, if the intake call indicates that your business is sound, the funding requested will help you succeed, and you have a clear path to repayment, you will be invited to submit a full application. Presuming your application is approved, you'll be notified of the loan terms and any remaining items needed for underwriting, and the process moves toward closing and disbursement.
What if I need money sooner than 45 days from now?
If you need funding faster than that, Craft3 is likely not the right fit for this particular need. Craft3's process takes longer than many lenders because it's built to look past a credit score alone — reviewing your full financial picture, business plan, and story gives Craft3 room to say yes to businesses that a faster, more rigid process would turn away. That same thoroughness is also a safeguard for you: it means the loan terms are matched to what your business can actually support, not just how quickly the money can move.
How is this different from applying for a mortgage?
Getting a business loan is a more involved and lengthier process than taking out a home mortgage. A mortgage is backed by a standardized asset (the home) with well-established valuation methods. A business loan requires a lender to evaluate a business's cash flow, plans, and story — a case-by-case process that simply takes more time and documentation to get right.
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