Compared to an SBA loan that wants tax returns, profit-and-loss statements, and projections, an MCA file is short. Most files close on five documents.
The standard document list
- Three months of business bank statements. The single biggest piece of the underwriting decision. PDF format, downloaded directly from your bank's online portal. Six months for advances over $250K.
- A one-page MCA application. Business name, EIN, owner info, monthly revenue range, requested amount, existing positions disclosed.
- A voided check from your business operating account. Confirms the account that ACH debits will hit. Some funders accept a recent statement page in lieu.
- Government-issued photo ID for the owner. Driver's license is standard. Passport works too.
- A copy of the business formation document. LLC operating agreement, articles of incorporation, or partnership agreement. Confirms the entity exists and you have signing authority.
That's 90% of the files we close. The other 10% have one or two additional asks based on what the underwriter sees in the statements.
What gets requested only sometimes
- Recent merchant processing statements. Asked when the funder wants a percentage holdback against credit-card sales rather than fixed daily ACH.
- Last filed business tax return. Asked on advances over $200K, or when bank statements show inter-account transfers the underwriter wants to verify.
- Most recent commercial lease or property documents. Asked when the underwriter wants to confirm location or occupancy costs.
- Existing-position payoff letters. Asked when you have open MCAs and the new file is a consolidation/payoff. Each existing funder issues a payoff letter showing exact remaining balance and per-day reduction.
- Personal financial statement. Asked on advances over $500K, especially when the personal guarantee is being negotiated.
How to send statements that get a clean look
Three things separate clean submissions from the ones underwriters re-request:
- PDF, not screenshots. Phone screenshots of online banking get rejected. Download the official statement PDF from your bank's portal.
- Every page, no redactions. Underwriters need the full statement, including the header (account number, period dates) and footer (overdraft summary). Redacted account numbers are fine; redacted transactions are not.
- The right account. Send the operating account where revenue lands and bills get paid. Sending a savings account, a payroll account, or a personal account gets the file rejected. If you run multiple business accounts, send the one with the most volume.
What funders never ask for at this stage
- Tax returns (above the threshold listed earlier)
- Profit-and-loss statements
- Cash-flow projections
- Balance sheets
- Customer references
- Credit reports (the funder pulls this themselves)
If a funder is asking for these at the application stage, you're either dealing with a non-MCA product (probably an SBA or term loan) or working with a broker who is sending your file to a non-MCA lender.
The application timeline once docs are in
From document submission to funding decision, the typical timeline is:
- Hour 0: documents received.
- Hours 1-4: underwriter pulls credit, reviews bank statements, runs the five-number screen.
- Hour 4-12: initial offer issued.
- Day 1-2: contract signed, funder verifies bank account, ACH authorization confirmed.
- Day 2-3: funds wired to the business operating account.
Most clean files close inside 48 hours from documents to wire. Files with stips (additional document requests) can stretch to 5-7 days.
Sources & References
- Bank denial and small business credit access figures cited in this piece are derived from the Federal Reserve Small Business Credit Survey. Approval rates for small business credit applications at large banks have ranged from approximately 13%-31% across recent survey years, depending on bank category and reporting period.
- Small business finance landscape and lending program data: SBA Office of Advocacy.
- Merchant cash advance industry standards and disclosure practices: Small Business Finance Association (SBFA).
- Commercial financing disclosure regulations referenced (NY FAIR Act, CA SB 1235/666/362, VA, UT) are summarized from the published statutes; consult counsel for specific compliance application.