Any size company can apply for a business loan, although most lenders will have certain criteria that a business must meet in order to apply for their loans.
In the current uncertain business climate, it has become a lot harder for companies to access credit. Therefore, companies must ensure that their applications are well thought through and that all the information requested is provided in a professional manner.
Lenders will require financial accounts, business projections and sometimes forecasting. They will also need to see 3 months’ worth of bank statements, VAT returns and will want to check that your personal credit score is good. Some lenders may also stipulate that they need to see two years of filed accounts, whilst others are happy with less.
Whatever the requirements, by ensuring that you have prepared you application thoroughly, your chances of being successful will be greatly increased.
Why not let us help you with your loan, please feel free to call us on 01993 706403 or e-mail enquiries@ngifinance.co.uk.