Yes, sole proprietors can apply
A sole proprietorship is a business owned and run by one person with no separate legal entity. Many California owners operate this way: freelancers, hair stylists, mobile mechanics, handymen, drivers, photographers, food vendors and consultants. Sole proprietors can apply for funding with us, and being one does not by itself rule you out.
What a sole proprietor should have ready
- About three months of bank statements from the account where business payments land.
- A FICO score of 500 or above, which we consider.
- A clear use of funds with a number attached.
We do not require tax returns. The application takes about five minutes and uses a soft credit pull.
The account question: personal vs business
Many sole proprietors run business income through a personal checking account. It is legal and common, but it makes the statements harder to read: a grocery run sits next to a supplier payment. If you can, open a separate business checking account now and route all customer payments there. Three clean months show a funder what the business actually earns, and they help you see your own numbers too.
You do not need to wait for three months of history to start the process; you can apply with what you have and explain the situation.
What funders cannot see, and how to help
A corporation has formation papers and an EIN that tell a story. A sole proprietor often has a business name registration, a seller's permit or a city license, and a bank account. Gather what you have: the permit, the license, a website or a social page that shows the business operating. None of these are required for the application, but they help you answer questions quickly if they come up.
Also keep your personal and business credit situations separate in your head. For a sole proprietor they are closely linked, since the owner is the business. That is why a FICO of 500 or above is considered, and why the soft pull matters: you can apply without adding a hard inquiry.
Three California examples, for illustration only
The mobile detailer
Needs a second van and equipment. Revenue is steady but there is no cash buffer for the purchase.
The freelance photographer
Wants lighting and camera upgrades before wedding season. Clients pay deposits late.
The one-person catering business
Buys ingredients days before an event and gets paid after. A large order can strain the account.
These are made-up examples to show timing gaps; they are not outcomes or terms.
Keeping the money working once you have it
Treat funding as a project with a start and an end. Open a note in your phone with the purchase it covers, the date it should start earning and the date it should be paid down. For a one-person business, there is no finance department to catch drift, so the written plan is your check. Review it monthly, compare real deposits with the plan and adjust spending if you fall behind.
Sizing and speed
Funding ranges from $25,000 to $5,000,000, and can be funded in as little as 24 hours. A sole proprietor's request is usually bounded by bank-statement deposits, so be realistic about the amount. Match the request to the specific cost it covers and to your slowest month.
Ready? Start the application.