Every lender has its own criteria, but nearly all of them want to understand the same five things. Getting these right up front saves time on both sides.
1. Who you are
Lenders confirm that your business exists, is in good standing and that you’re authorized to borrow on its behalf. That’s why NorthMerit checks your legal name against the public business registry before your request goes anywhere.
2. What you need, and why
“$250,000 to buy two compact excavators for a confirmed contract” is a stronger request than “$250,000 for growth”. Be specific about the amount, the purpose and the timeline.
3. Your ability to repay
Revenue, margins and existing debt payments tell a lender whether your cash flow can support the new obligation. Have your most recent financial statements and a sense of monthly revenue ready.
4. What secures the financing
Some financing is secured by an asset, such as equipment, receivables or property. Others rely on cash flow and guarantees. Knowing what you can offer helps match you with the right kind of partner.
5. Your track record
Years in business, industry experience and how you’ve handled credit in the past all count. A newer business can offset a short history with strong contracts, customers or collateral.
Make it easy to say yes
- Use your legal business name, exactly as registered.
- Keep figures consistent across everything you share.
- Mention anything unusual up front. Surprises slow things down.
When you’re ready, start your application. It follows this same order, so the partner who receives it can get straight to the point.
