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.
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.
Include a full credit report for each director.
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).
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.
Include business bank statements for the last six months.
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.
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.
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)
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.