1

Ensure that your loan application has no gaps or missing information.

If a particular question is not applicable for any reason, please mark it not applicable with N/A.

2

When including your business plan, assume the person who is assessing your business knows nothing about what it does.

In the executive summary, write a clear and concise explanation of what your business is in no more than 3-4 paragraphs and avoid technical jargon or abbreviations.

3

Include a full credit report for each director.

We don’t credit search our clients so we ask that you include a full credit report for each director. This can be from any provider such as ClearScore, Equifax, Experian or TransUnion.

4

Explain any adverse credit information.

We don’t turn anyone away who’s missed a previous payment and look at each application individually, but any missed payments or adverse credit information must be explained fully and satisfactory evidence provided, if necessary.

Please note: Unfortunately, we cannot lend to you if you have a County Court Judgment (CCJ), have been declared bankrupt or are about to enter an IVA (Individual Voluntary Arrangement).

5

Include a cashflow forecast for the next two years that explains how your sales will be achieved.

  • Make sure you have a marketing plan (and include it).
  • Insert any existing and pipeline sales.
  • Include your proposed business hours and consider if you have enough time in the day to do what you need to achieve your forecasted sales.

Please note: Only one year is needed for start-up loan applications.

6

Include business bank statements for the last six months.

7

Include two years of audited accounts or current management information for existing businesses.

Please note: (a)This is not applicable for start-ups (b) Businesses that have been trading for less than 2 years should provide us with their accounts to date.

8

Explain what the loan will be used for and be prepared to justify it.

  • explain how unusual items will benefit the business.
  • attach examples of expensive items needed.
  • include an appendix for multiple items to make it easier to assess.
9

Ensure you provide the following documents with your application:

  • photo ID
  • proof of address such as a recent utility bill evidencing your home address
  • two references for each applicant.
  • your Curriculum Vitae (CV)
10

Consider COVID costs.

  • include additional costs to ensure your business is COVID-compliant. The cost of processing card payments and PPE can quickly add up and eat into profits.
  • also include not so obvious COVID costs such as time spent cleaning in between customers.