What to Expect with Equipment Financing: From Application to Funding

I spent some time this week breaking down a common question from business owners: “How long does equipment financing take, and what do I need to get approved?”

   The answer depends on your loan size, how strong your business credit is, and whether underwriting needs more documentation along the way. But if you’ve got a big purchase coming up, here’s what the timeline typically looks like—and what docs you’ll need at each stage.

🕒 Turnaround Time: Step-by-Step

Let’s walk through a general timeline:

• Application Submitted – This usually takes less than an hour, especially if you already have your basic documents on hand.

• Underwriting Review – Once your file is in, lenders will start reviewing your application and pulling business credit. This takes 1–3 business days for most equipment deals.

• Additional Documentation (if needed) – If something looks off, or if you’re requesting a larger amount, underwriting may pause to request more paperwork (more on this below).

• Approval + Terms Offered – After review, you’ll receive an approval with specific terms: rate, term length, and any stipulations. Most borrowers get a decision within 2–5 business days of applying.

• Documents Out for Signature – Once you accept the offer, loan docs are generated. This can happen the same day.

• Funding – Many lenders will fund the same day you sign, though it can take up to 24–48 hours for funds to hit depending on your bank.

📎 What If Underwriting Requests More Docs?

This is normal, and not necessarily a bad sign. It usually means your file is right on the edge of a threshold—maybe you’re applying for more than they usually fund based on just credit and statements, or something small in your bank data triggered a closer look.

Here’s what might prompt a documentation request:

• Newer time in business (under 2 years)

• Irregular cash flow or recent drops in revenue

• Weak or limited business credit history

• Prior charge-offs or judgments in public records

If that happens, you might be asked to upload tax returns or a P&L to keep the file moving. The quicker you get those in, the quicker you’ll get an answer.

🗂️ What Documentation Is Required? (By Loan Size)

While different lenders have slightly different policies, here’s a general breakdown of what you’ll need based on loan size and credit strength:

Loan Amount	Typical Docs Required	Notes
Up to $75K	App-only	Strong business credit usually needed. Some lenders may pull bank data.
$75K–$150K	App + 4 months bank statements	Used for most “bankable” deals. Business credit still plays a role.
$150K–$250K	App + 1 year business tax return	Required when bank statements aren’t quite enough for larger amounts.
Over $250K	Full financial package: 2 years business + personal tax returns, YTD P&L, income statement, balance sheet	Underwriting takes longer—usually 5–7 business days.

✅ Final Thought

  If you're considering a major equipment purchase this year, it’s worth thinking about what level of documentation you're prepared to provide. Starting small? You might be able to go app-only and get funds in a couple of days. Going big? Set aside time to gather tax returns and financials—it's part of the process.

👉 Not sure what you'd qualify for or what paperwork you’d need? 

   I’m happy to take a look and help you prep. Book a free consultation with Brilliance Funding and let’s make sure your next equipment deal goes smoothly.

About the Author

   Jared Holmes is the founder of Brilliance Funding Partners, where he helps business owners navigate the commercial lending landscape with confidence. With 9 years of hands-on experience in SBA lending, equipment financing, and working capital solutions, Jared focuses on asking the right questions and delivering financing strategies that make sense for each business. Connect with Jared for a personalized conversation about your options.