Funding Checklist

Map out a simple cashflow for the coming months and explore alternatives such as tightening credit control and negotiating supplier terms

Try to write the purpose in one sentence - working capital, asset purchase, growth, tax bill, stock - and then be clear on what success looks like

Work out the minimum amount needed, then match the term to the requirement - short term for short term needs (VAT), long term for expansion or assets

Find the product that matches your need. There are various different finance products for specific needs. Sometimes a simple loan isn't the right fit

Get a copy of your business and personal credit scores before making an application, and fix anything that needs fixing before applying

Most lenders want a full set of your last filed accounts, and 6 months bank statements. Some will request other documents, but this is good start

A good accountant should be happy to sanity check the funding requirement, as well as preparing answers to potential questions a lender may have

Be prepared to explain what you do, how you do it Band how you'll repay. Any recent contracts, quotes or leases may be useful

Most lenders will ask for security, whether that be personal guarantee or a charge. Be prepared for this - you can find our guide here

Applying to multiply lenders can damage your credit scores. Find the lender you think fits best, and approach them one by one where possible

There are plenty of expert commercial finance brokers that will help prepare your application, but be aware that this will likely come with a fee

Run through each of these points once more before proceeding to make an application, to increase your chances of success