If you’re looking out into 2019 for your business you’ll see both great uncertainty and great opportunity. With Brexit negotiations ongoing, it’s still unclear how smaller (and larger) businesses will be affected. On the other hand, many business owners use the Christmas and New Year period to take stock and identify what opportunities are available for their businesses and how to take advantage of them.
If you’re looking to grow your business, you should definitely be thinking about business finance. Many alternative finance options now provide funds within a matter of weeks or days, just what a fast moving business needs! However, the one thing that can still slow you down is your financial paperwork.
How do you apply for Business Finance?
Whatever the funding or loan agreement, the funder will need to see financial records and reports for your business. If you have your end of year accounts, your cashflow statements, your profit & loss account, your business forecasts and your debtors/creditors reports all up to date, along with paper copies of your bank statements organised then this won’t be a problem.
However, for smaller businesses, it’s not always easy to keep on top of all the detailed financial reporting. Certainly not when you first start out or if you’ve been focusing all your attention on building up your customer base and meeting your sales targets.
Do you know what reports and documents you’ll need to show? It can be different depending on the type of finance, the broker you go through and the funder’s own requirements.
Examples of reports needed for different kinds of finance
Our friends at SME Funding UK list the documents required to start an application for different finance options. Bear in mind, these are just a guide: other brokers or funders may be different. Also this is what’s needed to begin the process. Other documentation may be required later.
Almost all finance agreements will require the following before approval can be given:
You may also need to provide:
And in some circumstances you also need to provide:
If you’re interested in accessing finance, but you’re not sure what documents you have, if they’re detailed enough or how to prepare the latest versions why not speak to a bookkeeper?
We’re always happy to offer no obligation advice and will cut through the jargon so you know exactly what you need, why you need it and when you need it by. Let’s talk it through over a coffee: call Diane on 01825 763378 or email email@example.com to see if we can help.