How to Prepare Your Business for a Finance Application
Preparation is key to a successful finance application. Follow our step-by-step guide to put your best foot forward with lenders.
Preparation Is Everything
The businesses that secure the best finance terms are rarely those with the strongest profiles — they're the ones who present their information most clearly and compellingly. Here's how to prepare.
Step 1: Get Your Documents in Order
Lenders will typically want: the last 2-3 years' filed accounts, 3-6 months' business bank statements, recent management accounts (if trading for less than 12 months), and proof of ID and address for all directors.
Step 2: Check Your Credit Profile
Review both your personal and business credit profiles before applying. Dispute any errors and understand any adverse marks that may appear.
Step 3: Know Your Numbers
Be prepared to explain your revenue, profit margins, existing debt, and exactly how you'll use the funds requested.
Step 4: Work with a Broker
A specialist broker like Limitra can review your application before it goes to lenders, identify the most suitable lenders for your profile, and present your case in the best light.
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