When it comes to talking to us about your lending needs, our business advisers want to help make it as straightforward as possible. If you’re thinking of applying for a loan, here are our top tips on the type of information you will need:
- Your experience – make sure you highlight your own track record in business, your management ability and your experience.
- Relationship – building a relationship with your bank is vital, as we will first look to you as the business owner and your track record in dealing with previous bank borrowings.
- Detailed business plan – having a detailed business plan will help us to gain an understanding of your business, your product or service and your market.
- Up-to-date financials and management accounts – seeing how your company has performed in the past will help us to support you in the future.
- Market understanding – your understanding of the market is crucial and you should identify anything that might have either a positive or negative impact on your business.
- Lending needs1 – you should be clear on how much you wish to borrow, and what the new funds will be used for.
- Repayment capacity – you must be able to show that the business has the means to repay the finance facility.
- Security – you should be aware that security may be requested to support your borrowing requirements.