A business plan describes where your business is now, your aims for the future, and how you expect to achieve them. In addition to obtaining finance, a good business plan can also help you to remain clear about your strengths, weaknesses, targets and performance.
Credit scoring is part of the process used by banks and other lenders to help assess whether they will lend to you. Appeals research indicates that a poor credit history is the most common reason for a business owner to be turned down for bank finance.
When you apply for a loan, your bank will ask you for a variety of details. Most banks usually provide a detailed guide to help you through your application, but this checklist provides a good starting point for your preparations.
The UK’s five largest high street banks offer their insight to help you ensure your application for credit stands the greatest chance for success.
Banks are committed to supporting smaller businesses to do what they do best – drive economic growth and create jobs. Banks are agreeing between 80 and 85 per cent of the lending applications made by small and medium-sized firms.