Slatemont Capital Group, a small-business funding broker in Bismarck, North Dakota, follows four steps: you describe the purpose, we match it to a funding type, a lending partner underwrites and decides, and you compare the terms. The yes, the no and the price all come from the partner. Nothing is signed until you choose to.
Step 1: you tell us the purpose
Ring (701) 380-7903, or fill in the short form: full name, email, phone and business name, plus picks for time in business, revenue range and the amount you need. On the call we ask what the money is for, roughly how much the job costs, and when it is needed. That one conversation rules out most of the options that do not fit.
Step 2: the purpose picks the structure
Payroll gaps point toward working capital or a line of credit. A fit-out points toward a term loan. A machine points toward equipment financing, stock toward inventory financing. A merchant cash advance stays on the list only when the others cannot work, and we explain its full cost before it goes anywhere.
Step 3: a lending partner underwrites
Underwriting means the partner studies the file and settles whether to fund and on what terms. The underwriter is the person or team at the partner who does it. They typically look at:
- Bank statements, revenue and how regular deposits are
- Tax returns and financial statements for larger or longer requests
- Existing debts and UCC filings
- The owner's credit and any guarantee
- The purpose and, for equipment or stock, the asset itself
Approval sits with the partner. Slatemont cannot approve, decline or change a partner's terms.
Step 4: you weigh the offer, or offers
| Quoted as | Found on | How to compare |
|---|---|---|
| APR or interest rate | Loans and credit lines | Ask for total interest and fees over the term |
| Factor | Merchant cash advances | Amount advanced times factor, minus the advance |
| Total cost | Any offer | Everything you will pay, minus what you receive |
Put each offer into the last row before comparing. Stretching the term shrinks the payment but usually swells the total.
Questions to ask before getting a business loan
- What is the total I will pay, and over how many payments?
- Is there a prepayment penalty or an early payoff discount?
- Which assets secure it, and who must sign a guarantee?
- Will a UCC statement be filed, and on what assets?
- What happens if a payment is missed?
Ready to prepare? Our post on writing a business plan for a bank loan helps with larger requests, and the local resource list points to free advisors.
Warning signs from any funder, anywhere
- Being told approval is certain before anyone has seen your records
- Pressure to sign on the same day you receive an offer
- An offer that shows a payment but not a total
Read our broker disclosures for what we do and do not do, and the FAQ for quick answers.
By Slatemont Capital Group · Updated