Applying for finance

With businesses looking for additional finance in light of Covid-19 to help speed up the process please find below the information that brokers and lenders are going to need

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

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.

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