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Ask the Underwriter: Advice From People Making Business Loan Decisions

Editorial Note: Fundera exists to help you make better business decisions. That’s why we make sure our editorial integrity isn’t influenced by our own business. The opinions, analyses, reviews, or recommendations in this article are those of our editorial team alone.

Applying for a small business loan can be a daunting experience. What are your chances of getting approved? How long will it take you to complete the application? How long until you hear back?

It can often seem like you’re entering uncharted waters, even if you have gone through the process before. Our goal at Fundera is to change this. We want to bring more transparency to the entire small business loan process, from beginning to the end. But, it’s easy to talk about what’s included in an application, or what to do once the money is in the bank. With this eGuide, we want to shed light on one of the more mysterious parts of the entire process: underwriting.

What happens once lenders have your application in hand? Who are the people making the decision about your application? How do they come to that decision?

To give borrowers insight into what goes on behind the scenes, we sat down with two underwriters from our lending partners.

Steve Freshour, Director of Credit at Dealstruck, and Chris Capecelatro, Senior Underwriting Manager at Funding Circle, answer 10 questions below to help you, the borrower, learn more about their decision-making process.

Download this eBook

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Meredith Wood

Meredith Wood

Meredith Wood is the founding editor of the Fundera Ledger and a vice president at Fundera. She launched the Fundera Ledger in 2014 and has specialized in financial advice for small business owners for almost a decade. Meredith is frequently sought out for her expertise in small business lending. She is a monthly columnist for AllBusiness, and her advice has appeared in the SBA, SCORE, Yahoo, Amex OPEN Forum, Fox Business, American Banker, Small Business Trends, MyCorporation, Small Biz Daily, StartupNation, and more. Email: meredith@fundera.com.