A PHP Error was encountered

Severity: Warning

Message: date_default_timezone_get(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'Europe/London' for 'BST/1.0/DST' instead

Filename: libraries/Core.php

Line Number: 278

mentorsme.co.uk - Britain’s first online gateway for businesses looking for mentoring services
Resources for mentees
Resources for mentors
Other resources
Useful information
Regional events
Best Practice Toolkit

How to complete a lending request

This checklist is a useful snapshot of the things banks may need to see from you when making a lending application. These are the standard requirements – individual banks may provide more detailed guides to help you prepare a lending application, so you should always check what additional information you may need. But this checklist provides a good starting point.

Please note that banks may not ask for all of the information listed below in every case. For example, if you are an existing customer a bank might not ask you for a business plan. If you are interested in applying for finance you should go through the checklist and tick the boxes to double check that you have gathered all of the standard information you might need, before starting your lending application.

New and Existing Customers Start Ups
First, outline what you need
State how much you would like to borrow – because the bank needs to quantify your request   State how much you would like to borrow – because the bank needs to quantify your request  
State why you would like the finance – so the bank can check it is for a suitable business purpose and decide which type of finance best suits your needs   State why you would like the finance – so the bank can check it is for a suitable business purpose and decide which type of finance is best suited to your needs  
State how long you would like the finance for – the bank needs to know the term of the loan to help assess affordability and ensure the right finance is suggested for your business needs   State how long you would like the finance for – the bank needs to know the term of the loan to help assess affordability and ensure the right finance is suggested for your business needs  
Next, demonstrate your financial viability. This enables the bank to assess your ability to repay the loan. You need to provide:
Your management accounts   Your cash flow forecast  
Your cash flow forecast   Any assets  
Any assets   Your business plan

 
Your business plan    
Any historic accounts  
Finally, disclose any information that might help your application
Profile the owner and/or management team – this helps the bank assess your capabilities   Profile the owner and/or management team – this helps the bank assess your business capabilities and experience  
The owner’s investment in the business – this shows the owner’s investment relative to the bank’s proposed investment   The owner’s investment in the business – this shows the owner’s investment relative to the bank’s proposed investment  
Whether or not security is available – this shows whether you have security to support your proposal   Whether or not security is available – this shows whether you have security to support your proposal  
Other business interests – this allows the bank to assess any other commitments you have