The underwriting process with virtually all funders is very similar. They will look at the business as a whole including financial performance, cash flow management, business sector and any adverse information registered against the business. They should also consider the supplier and their ability to provide the required goods.
Business plans & projections are always helpful but not necessary for established businesses.
Once you have decided on what equipment/asset you require and have chosen a supplier we will also require :
- Whether you are a Sole trader, Partnership or Limited company, all Sole traders, partners and directors will be required to provide their personal details and provide consent for credit searches to be run on them. Bad credit searches will be an issue, if this is the case we advice you contact us to discuss this before going any further.
- The last set of business accounts
- Copies of the last 3 months business bank statements
“After some great advice from Capital, we found the ideal finance solution for our business startup.”
New or startup businesses
- Details of the business owners including properties owned & consent to run credit searches.
- Copies of the last 3 months personal bank statements
- Ideally a business plan - the greater the amount of finance required the more likely it is you will need a business plan. A business plan will not only show your financial projections but will give the funder a feel for you, your background and the amount of time, effort and money you have spent getting started.
- Details of the equipment to be financed and supplier you have chosen.