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Applying for Business Finance

If you’re looking at applying for business finance below is a an outline of the documents that the majority of lenders will ask for. If you have this information upfront it will help to speed up your application and secure the funding that you require for your business.

New Startup Business – under 2 year

  • Business Plan
  • Cashflow Forecast
  • Creditor and Debtors (applying for invoice finance)
  • Last 3 months business bank statements
  • Last 6 months merchant card statements (if applying for a merchant cash advance)
  • Last set of Full accounts or Management Information

Existing Businesses – over 2 years

  • Last 2 years FULL accounts
  • Management Information
  • Last 3 months bank statements
  • Last 6 months merchant card statements (if applying for a merchant cash advance)
  • Creditor and Debtors (applying for invoice finance)

As well as this, lenders will need to confirm ID and addresses of those named on an application

  • Passport
  • Driving Licence
  • Utility Bill (within last 3 months)
  • Bank Statement

Lenders might also have their own requirements for example some might need 6 months rather than 3 months bank statements or require additional verification checks. To take away the hassle we work with our clients and lenders to ensure that the necessary information is collated and submitted to avoid any delay in the funds being released.

Businesses will be able to obtain their FULL accounts from their accountants this is due to bridged or micro accounts being submitted to companies which only contain the basic information

Open Banking

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With open banking becoming more and more available and integrations is various different other companies. Lenders are now starting to look at how they can integrate with accountancy software to speed up the process.

This could be access to bank statements to review income and expenditure quickly rather than having to provide copies or download bank statements.

For invoice finance it could integrate directly with your invoices and update in real time so you can access funds even quicker.

Or it could be to used electronic verification software to help ID customers so that they don’t have to provide certified copies of ID.

Who needs to be named on an application?

Lenders will require all directors of the company and significant shareholders (normally those with more than 20% shareholder) to be named on an application. Where a company is a shareholder then the ownership route will have to be established and this might mean that further shareholders might need to named on a application.

If you would a free business finance review or to understand more about applying for business finance, please contact us via our contact page or you can arrange a zoom call by booking on the following link – Arrange Zoom Call