When we assess your business application, we want to see that you can pay the loan back comfortably.
These are some of the things we take into consideration:
- That there are regular payments into your account and stable/growing turnover
- Be accurate when giving the turnover of your business, we will review your business account to check that it is consistent with the actual turnover of your business
- If your business has an overdraft, that the business account is regularly in credit and for at least 30 days in the year
- Whether your business keeps up-to-date with payments to the Revenue or other suppliers, as well as with repayments on any credit cards/borrowings your business may have
- That enough money is retained in the business account to meet cheques and direct debits
- If you have a personal account with us, we’ll review that too. For Sole Traders this will include any personal accounts you may have with Bank of Ireland in your name or jointly with someone else. For Limited Company accounts this may include personal accounts of the Directors and Owners of the business that are held with Bank of Ireland
- We carry out credit reviews, including automated credit decision processes and we search for details of your business’s credit history and information at credit bureaus/agencies, including the Central Credit Register. For Limited Company accounts, these credit reviews and searches may also be carried out against the Directors and Owners of the business where we seek a guarantee from them. Where we make these searches, agencies may keep a record of the search.
You can find out more, or get a copy of your credit report here.
This is the documentation we will need you to provide
Existing Bank of Ireland Customers
If you’re an existing Bank of Ireland customer we require a completed application, and in the case that we need any more documents or information, we’ll let you know.
New Bank of Ireland Customers
If you’re a new business customer, we require the following:
- A completed application
- The business’ last 3 years’ certified accounts
- 6 months business bank statement
- 6 months personal bank statements (if your personal account is also not already with Bank of Ireland). For Sole Traders this will include any personal accounts you may have in your name or jointly with someone else. For Limited Company accounts this may include personal accounts of the Directors and Owners of the business
Business Start Ups
If your business is a start-up, in addition to a completed application and bank statements, where relevant, as outlined above, we require the following:
- Business Plan
- Statement of Affairs for you as the business owner. Where there is more than 1 Owner/Director we may require a Statement of Affairs for these also. We’ll send you a Statement of Affairs template, you can use your own Business Plan or find a template at thinkbusiness.ie