Frequently Asked Questions
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Have a question about DominoFX Group, our loans, or our programs? Take a look at our most frequently asked questions.
DominoFX Group works with its sister organization, The Domino Effect, to connect Founders to Funders with technical assistance, business courses, business advisors, and access to other programs and services.
DominoFX Group
What is DominoFX Group
DominoFX Group is a minority-led small business online lender marketplace with a fully online application process offering a wide array of loan products. DominoFX Group partners with the best in non-bank financing, private capital and various state banks to administer programs using our technology enabled platform and team of experienced banking professionals.
Is DominoFX Group a bank?
No. DominoFX Group is an online lender marketplace, but not a bank. By definition, banks take deposits and keep them in accounts for customers. We partner with banks, CDFIs and private capital and other trusted, reputable lenders.
Where is DominoFX Group headquartered?
DominoFX Group is headquartered in Northern California, but has partnerships in multiple states, working with small businesses nationwide and building an entrepreneurship school in every state.
What are the Qualifications for a Business Loan?
Qualifications differ depending on the lender, so there's no simple answer.
When you apply with us, our team navigates a diverse lender marketplace to match you with the right lender for your business.
Whether you have challenged or perfect credit, our team will find you the right lender or program. We pull in the right lending partners for each client to provide them with with the best options they qualify for.
What can I expect when I apply for a loan?
Our online application requests information about you, your business, and your business's finances. It then asks you to upload official documents that support the information you provided. In order for us to provide you with the best options available to you as well as staying compliant with laws and lenders, we review these documents and perform verification on your identity and finances.
How quickly your application proceeds depends on the type of loan, how quickly you provide additional information, and other factors which vary on each business owner's need and unique situation.
We have guides, videos, and resources to help you every step of the way. Please visit https://www.dominofxgroup.com/blog.
How do I get an update on my loan application?
Visit dominofxgroup.com or login to your back portal, depending on the program you are in. If you prefer to talk to a persn, we want to speak to you! Please call us at the phone numbers on our Contact Us page.
Does DominoFX Group run my Credit?
Our in-house underwriting team does soft credit pulls. From there, we can understand which lenders will approve you.
We do this through our lender matching technology and, of course, our team of expert Business Finance Advisors.
A majority of the lenders on our platform will also do soft credit pulls. If you are going to get a hard inquiry when you want to accept your offer, we'll let you know upfront immediately.
What is the Interest Rate on a business loan from DominoFX Group?
The rates can change depending on the different lending products. At banks, interest rates are generally the prime rate +2%, but strict qualifications restrict many businesses from reaching an approval that aligns with their business goals.
We offer SBA loans, equipment financing, business term loans, lines of credit, inventory financing, A/R financing, and asset-based lending. All these products come with different rates, and they all change constantly.
For equipment and SBA funding, interest rates are in teh single digits (6-8% range)
A/R and asset-based lending come with single digit interest rates if you have high-quality receivables or collateral.
If you don't have B2B receivables or collateral, rates are around 1% per month and will increase from there. This equates to 10-18% annually.
We have all the lenders, banks and investors in one place. We look to get you the best deal and get you the most competitive interest rate for whatever you're looking to accomplish.
Do you have options to Build Business Credit?
ABSOLUTELY! Business Credit is a beast and a game changer that can help you start when you have challenged personal credit, no collateral or cash flow. OR if you're an established business looking to boost the value of your business, offset your business expenses by 50-90%, separate your business from your personal liability and provide more flexibility in your cash flow.
We've helped hundreds of businesses build their business credit. Schedule your FREE Funding Planning Assessment today. We'll look at your business' foundational aspects and
make sure they're done the right way, that gives you the biggest chance of getting approved for credit, financing AND being able to get it at the best terms.
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Small Business Loan Underwriting Guide What Lenders Look For
What Lenders Want: The Ultimate Guide to Small Business Loan Underwriting
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For many borrowers, the small business loan underwriting process feels like a complete mystery. After submitting your application, you’re often left wondering what’s happening behind the scenes.
But here’s the thing—underwriting is a critical step that can make or break your chances of getting approved for financing.
If you want to maximize your chances of success, you need to understand how underwriting works. That means knowing what lenders are looking for and using smart strategies to strengthen your application. 💡
Loan Underwriting Explain: Everything You Need to Know
Underwriting is how lenders decide if your business qualifies for funding by reviewing key documents and credit details. Some lenders still handle this manually, while others use automated systems for faster and more efficient decisions.
At the very least, lenders evaluate your business revenue, credit profile, and time in business. But they often go deeper, looking into things like outstanding debts, ownership structure, and other critical business details. The goal? To determine how likely your business is to repay the funds you’re borrowing.
The time it takes for underwriting varies widely. Traditional banks and credit unions are known for lengthy processes that can take months, while non-bank lenders often deliver decisions in just hours or days.
How Loan Underwriting Works
Just like personal loans or mortgages, small business loans go through an underwriting process. After you apply, lenders use a mix of technology and human expertise to decide if your business qualifies for funding, how much you’re eligible for, and at what interest rates.
During underwriting, lenders focus on three main factors to determine your eligibility:
1️⃣ Your ability to repay: Lenders want to know if your business has the financial stability to handle loan payments, including interest.
2️⃣ Your willingness to repay: Showing a history of on-time payments demonstrates that you take your financial responsibilities seriously.
3️⃣ Your resilience: Lenders assess how your business could handle unexpected challenges—like a fire, economic downturn, or revenue disruption—and still stay on track with payments.
These factors help lenders gauge your business’s overall reliability. Depending on how you score in these areas, you could unlock a variety of funding options. 💼💸
The Information Underwriters Need About Your Small Business
When you apply for a business loan, lenders will dive into your application and request specific documents to assess whether your business qualifies for funding. The exact requirements may vary depending on the lender, but most will focus on reviewing these key areas:
Factors that Impact Your Business Loan Approval (And What Won't Matter)
When applying for funding, there are certain red flags that can raise concerns for lenders and potentially hurt your chances of securing a deal. It's crucial to be aware of these deal-breakers as they can directly impact your approval odds.
Here are some of the common red flags lenders look for:
Unreported merchant cash advances or loans not reflected in your bank statements
Poor personal credit score
A criminal background history
Uncovered tax liens
A recent bankruptcy (within the last year)
Unresolved judgments
Owning less than 50% of the business
A significant drop in revenue
Discovery of an undisclosed, defaulted, or restructured loan
That said, not all lenders will see these as deal breakers. Some may still be open to working with you even if you have a poor credit score or have experienced a dip in revenue. Online lenders and fintech companies, in particular, are often more flexible with their requirements. So, don't get discouraged—understand what could raise a flag, but also know that other options may be available.
Essential Tips to Ace the Small Business Loan Underwriting Process
To boost your chances of approval, it’s essential to take the right steps both before and during the underwriting process. Implementing these strategies early can make all the difference in ensuring your application gets the green light and your business secures the funding it needs.
Why Every Dollar Should Flow Through Your Business Bank Account
If you’re not depositing all your income into your business bank account, you’re holding your revenue back. 💸
Make sure every dollar—credit card sales, cash payments, and any other earnings—flows into your business account. This shows lenders you have the cash flow to handle repayments, boosting your credibility.
Another win? Keeping your account deposits consistent helps ensure your balance stays positive. Overdrafts or negative balances during the underwriting process? Big red flags! Stay ahead by keeping those accounts in the green. 💪📊
Boost Your Liquidity for Better Loan Approval Odds
When it comes to underwriting for small business loans, liquidity is everything. Lenders want to see that your business has a solid amount of liquid assets—like cash, stocks, accounts receivable, or inventory—that are easily accessible. Showing strong liquidity demonstrates that your business has the financial resources to repay the loan, even if unexpected challenges come your way. 💼✨
Keep Your Revenue Flowing Smoothly
Lenders love to see a steady stream of revenue over time, even more than those occasional spikes. Consistency signals stability—and that’s exactly what lenders are looking for!
Double-Check Your Details: Accuracy Matters
Lenders are skilled at reviewing documents, spotting discrepancies, and ensuring every detail checks out. 🤔 Don’t think you can outsmart the process—underwriters will uncover the truth!
To stay on the right track, be upfront about your debts, revenue, and every bank account tied to your business. Honesty is critical. If an underwriter finds something you’ve tried to conceal, it could derail your approval and your chances of securing funding. 🚫✨
Key Factors Lenders Evaluate Before Approving Your Loan
When it comes to securing a loan, there are three key factors that lenders are always going to evaluate: time in business, annual revenue, and your credit score.
Time in Business: Lenders love established businesses because they come with a track record. More experience means more stability, which translates to a higher chance of repaying borrowed funds. Startups don’t always have that advantage, but they can still secure funding with the right strategies.
Annual Revenue: Simply put, if your business isn’t generating enough revenue to cover loan payments, you're already starting off on the wrong foot. Lenders want to know that your cash flow is strong enough to support the debt you’re taking on.
Credit Score: While not as critical as it used to be, your credit score still matters. It gives lenders a snapshot of how well you manage credit. If your credit history is messy, it raises a red flag and could hurt your chances of getting approved.
Some lenders prioritize one of these factors more than the others, but it’s crucial to keep all of them in mind when you’re starting your application. Set yourself up for success by preparing each of these areas before you reach out for funding.
Navigating the Small Business Loan Underwriting Process
Here’s what you can expect during the underwriting process for small business loans. The timeline can vary depending on the lender, with online lenders often being quicker than traditional banks.
Make sure to ask your lender about the estimated timeframe, so you can stay on top of things. To maximize your chances for approval, be sure to follow the tips we’ve shared throughout the entire process.
In general, the small business loan underwriting process consists of five key steps:
Application
Review
Approval
Negotiation
Funding
These steps outline what lenders will be looking for as they assess your business’s ability to repay the loan. Stay on track, and you’ll be in a better position to secure the financing you need.
Navigating the Underwriting Process: Tips to Secure the Loan You Need
Different lenders have different criteria, and rejection isn’t the end of the road. If you’ve been turned down for a business loan or want to explore your options before locking into a deal, reach out to us at DFX.
At DFX, we specialize in helping small businesses secure the funding they need to grow and succeed. Whether you're looking for a loan, line of credit, or other financing options, we’ve got the best solutions available in the market.
Fill out our quick 60-second application, and one of our expert Business Financing Advisors will be in touch to guide you through your options! 🚀💼
Disclaimer: The information and insights in this article are provided for informational purposes only, and do not constitute financial, legal, tax, business or personal advice from DominoFX (DFX) and the author. Do not rely on this information as advice and please consult with your financial advisor, accountant and/or attorney before making any decisions. If you rely solely on this information it is at your own risk. The information is true and accurate to the best of our knowledge, but there may be errors, omissions, or mistakes.
Resources to Help You Execute:
Here is a quick checklist to get you started. Remember imperfect action beats inaction, get started, stay consistent and let's Build! 🚀
NEED A LOAN? APPLY TODAY: https://dominofxgroup.com/get-started
SPEAK WITH AN ADVISOR: 📲 Funding Planning Session: https://plan.dominofxgroup.com/
📚Claim Your Business Credit Building Guide: https://financeguide.dominofxgroup.com/
FREE GUIDE: 12 credit lines and cards: https://12lines.dominofxgroup.com/12lines
Register for Monthly Masterclass: "Let's Get You Funded" ~ Limited Spots!
Testimonials
Real results from business owners just like you
Cheryl Reisner, a former bank lender from Shreveport, Louisiana. The suite’s business credit building process unlocked more funding options than she ever imagined, opening up new possibilities for her business. Cheryl believes every business owner can benefit from the Business Finance Suite, as it revolutionizes how they operate.
Louis, a Miami-based business owner found success using the Business Finance Suite, which helped establish a business credit profile. This enabled them to apply for funding without using their Social Security number, eliminating personal liability for credit applications. The speaker highly recommends this program to fellow business owners.
Edward from El Paso, Texas, struggled to secure funding for his small businesses until discovering the Business Finance Suite. Within a month, the suite helped set up his business correctly, establish trade lines and revolving credit, and now he’s on track to receive funding. Edward guarantees it’s worth the investment and only wishes he’d found it sooner.
