Summarising the information required when applying for business finance.
The information we require varies depending on whether you're an established business with over 2 years of trading history or a new start venture. Your stage determines our tailored approach to gathering the necessary details.
Below we outline the different information required for established businesses vs. start-ups:
For established businesses
If your business boasts a trading history of 2 years or more, we've streamlined our requirements to make your application process smoother. For companies with profitable filed accounts spanning over 1 year, you're already on the right track.
In case the profitability isn't immediately evident, don't worry – we take into account factors like depreciation and amortisation that could tip the scales in your favour. If these adjustments turn things around, your application will receive a favourable review. Should your year-end accounts exceed 15-16 months or show losses, providing current management accounts becomes important.
For a more comprehensive understanding of your financial health, we request 3 months or more of your business bank statements. While an asset and liability statement is optional, it might come into play if guarantees are under consideration. To ensure we're aligned with your needs, we also ask for a list of equipment or copies of invoices/quotes.
For new start businesses
If your entrepreneurial journey is just beginning, we're here to support you too. A comprehensive business plan including well-thought-out forecasts gives us insight into your vision. Proof of investment showcases your commitment, while evidence of affordability, such as savings statements or business bank statements spanning 3 months or more, helps us assess your financial capacity.
To get a holistic picture, we require an asset and liability statement. Additionally, offering a homeowning guarantee further strengthens your application. We're excited to be part of your business's inception and growth, and our requirements reflect our dedication to helping your new venture flourish.