Wheatwell Finance, a small-business funding broker in Twin Falls, ID, follows four steps: you describe what the money is for, we match the need to a funding type, a lending partner reviews and decides, and you compare any offer on total cost before choosing. Partners set rates and terms; you can always decline.
Who does what
Wheatwell Finance is a broker, not a lender. We help define the request, explain funding types and introduce the request to lending partners. Partners underwrite, decide and set rates and terms. Whether to accept an offer is always your call.
Step 1: Describe the cost and its timing
Call (208) 439-0439, or send the short form with your name, email, phone and business name and we will call you. On that call we ask what the funding needs to cover, when the cost arrives and when the money to repay it is expected. First steps to getting a business loan are mostly about clarity: a specific purpose and a realistic repayment source make every later step easier.
Step 2: We choose a funding structure with you
We explain which of the six funding types fits, and why the others may not: working capital, term loans, lines of credit, inventory financing, equipment financing or a merchant cash advance, which is not a loan. We also say what partners commonly ask to see, so nothing comes as a surprise.
Step 3: Partner underwriting and decision
With your agreement, the request goes to lending partners that offer that type of funding. Each partner runs its own review and makes its own decision. Partners commonly look at:
- business bank statements, often the last three to six months;
- tax returns and financial statements, especially for larger or longer requests;
- owner credit, usually with your authorization;
- existing debts, advances and UCC filings;
- for equipment or inventory, the quote, invoice or stock records.
A partner may ask follow-up questions or decline. We cannot change a partner's decision.
Step 4: You compare the offer and decide
If a partner makes an offer, read the whole contract. Compare offers on these points:
| Figure | What it tells you | Where it appears |
|---|---|---|
| Total of payments or total to be remitted | What the business will hand over in all | Loan contract or advance agreement |
| Amount actually received | The funding after any deductions | Closing statement or funding schedule |
| APR, where one is stated | Annualized cost, useful for comparing loans | Loan disclosures |
| Factor rate | A multiplier, not an annual rate | Advances and some short-term loans |
| Payment amount and frequency | Daily, weekly or monthly strain on cash | Payment schedule |
Turning an offer down is always an option. How to get a business loan for the first time is less about finding a yes than about understanding what a yes costs.
Red flags to watch for
- Anyone promising approval before a partner has reviewed anything.
- Being hurried to sign before you have read every page of the contract.
- Being asked to pay something before any offer is on the table.
- An offer that gives a payment amount but not the total cost.
- A merchant cash advance described as a loan, or a loan described without its schedule.
Spot one of these from anyone, us included, and stop to ask questions before going further. Our disclosures explain what we do and do not do, and the FAQ answers common questions. Free planning help is listed in Magic Valley small business resources.
By Wheatwell Finance · Updated