Key Takeaways
- Stage 1: Bankability Score check — free, 5 minutes, tells you if you qualify before applying
- Stage 2: Document gathering — EAD, EIN, 4–6 months of bank statements
- Stage 3: Underwriting review — 24–48 hours from complete submission
- Stage 4: Approval and agreement signing — review, sign, and confirm bank details
- Stage 5: Funding — 1–3 business days after signing
Understanding exactly what happens during the Bankable Funds application process eliminates uncertainty and helps you prepare. From the initial Bankability Score check to funded, here is what you can expect at every stage.
Stage 1: Bankability Score Check (Day 0 — 5 Minutes)
Start at bankablefunds.com/bankability-score/. You'll enter basic business information:
- Business name and type
- Monthly revenue (approximate)
- Time in business
- Immigration status/work authorization type
What happens: The system evaluates your preliminary eligibility against Bankable's basic qualification criteria. You receive an immediate indication of whether you are likely to qualify and for approximately how much.
What it's not: The Bankability Score check is not a formal application, does not involve a credit check, and does not commit you to applying.
Stage 2: Document Gathering (Day 0–2)
If your score indicates eligibility, gather your documentation package. This is the stage that takes the most time — not because it's complicated, but because locating documents takes effort.
Checklist:
- EAD (front and back scan/photo)
- EIN confirmation letter (IRS CP 575, 147C, or any official EIN document)
- 4–6 months of business bank statements (PDF downloads from online banking)
- POS or merchant processing reports (if applicable)
Common delay source: Locating your IRS EIN confirmation letter. If you can't find it, call the IRS Business & Specialty Tax Line at 1-800-829-4933 to request a 147C letter by fax.
Stage 3: Application Submission and Underwriting (Day 2–4)
Submit the online application and upload your documents. After submission:
- Bankable's system sends you an acknowledgment email with a case number
- An underwriter is assigned to your application (typically within 4 business hours)
- Automated bank statement analysis begins immediately
- The underwriter reviews revenue patterns, identifies any questions, and may contact you
If the underwriter contacts you: Respond the same business day. Common questions include: explanation of large irregular deposits, clarification of business type, additional revenue documentation for specific months.
Decision timeline: 48 hours from complete application submission. Applications missing documents restart the 48-hour clock when the missing documents are received.
Stage 4: Approval and Agreement Review (Day 4–6)
If approved, you receive an agreement by email specifying:
- Advance amount approved
- Factor rate (e.g., 1.25 = you repay $1.25 for every $1.00 advanced)
- Repayment percentage (e.g., 8% of weekly revenue)
- Estimated repayment timeline (based on current revenue)
- UCC-1 financing statement notice (standard security filing)
Review the agreement carefully. Ask questions before signing. The agreement is a binding financial commitment — understand every term.
Stage 5: Funding (Day 6–10)
After you sign the agreement and confirm your bank details:
- Wire transfer: 1–3 business days to your account
- ACH transfer: 3–5 business days
You receive a funding confirmation email when the transfer is initiated. Contact your bank if funds don't arrive within the stated timeline — occasionally bank processing delays occur on the receiving side.
What Happens After Funding
After funding, Bankable sets up automatic daily or weekly revenue percentage debits from your business bank account. These typically begin within 5–7 business days after funding. Monitor your bank account to ensure the debits are processing correctly. Access your client portal to track repayment progress.
Frequently Asked Questions
Yes. After submission, you receive a case number. Call (786) 443-5511 or email Bankable's support team with your case number to get a status update. Applications typically move through stages quickly — if you haven't heard within 48 hours of a complete submission, proactively check.
Bankable may approve a different (sometimes lower) amount than requested based on your revenue level. You can accept the offered amount or decline. Bankable cannot increase the approved amount without a new underwriting review based on additional revenue documentation.
Call (786) 443-5511 to complete the application by phone with a Bankable representative. Document submission can be arranged by fax, email, or in-person appointment if you have a local contact.
Common disqualifications: monthly revenue below threshold ($15,000), fewer than 6 months of business history, expired or missing EAD, bank statements that don't match the business name or EIN, evidence of active bankruptcy or business dissolution, or open UCC-1 liens that would prevent Bankable from securing a position.
The standard agreement is in English. Spanish translation is available on request. Bankable recommends having any agreement reviewed by a bilingual advisor if you're not fully comfortable with English financial contract language.
Bankable reviews your bank statements (which you provide) but does not directly contact your bank during underwriting. After approval, Bankable sets up ACH debit authorization through your bank's standard ACH system.
A Uniform Commercial Code-1 (UCC-1) financing statement is a standard commercial lien filing that Bankable records to secure its interest in your business assets during the advance period. It is a standard commercial practice — not a judgment or legal action. The UCC-1 is released (discharged) after you repay the advance. It may appear on credit reports but is normal for business financing.