Start-up Business Support
What to consider when looking for finance.
If you are just starting-up a business you might be looking to apply for external financial support.
There are many things to consider before taking this step. Here you will find information to help you be successful when applying for funding, get the right level of finance for you, and make sure you get it from the best source.
As you begin to approach potential lenders, it is important to consider what you might be asked and properly research what you will need. It is often helpful to talk through your plans - if you know you want to apply for funding but are unsure about the next steps there are many professional and business organisations that can outline and discuss your options. You could also consider approaching a mentor via the Mentorsme network.
Top four questions
Before approaching a lender you should consider the following questions carefully. They represent the top four questions most likely to be asked by any lender and will influence the success of your application, as well the costs:
1. What is your business?
2. How much finance will you need?
3. When do you expect to be able to begin to repay the loan/finance advanced?
4. Can you provide any security for the loan?
You should cover the answers to these questions in your business plan. A guide on how to write a business plan has been developed by the banks and can be found in our factsheets section.
The drop down menu on the left hand side of this page will help you navigate around the start-up section and run through key questions like ‘How much finance do you need?’ and ‘What sources of finance are available? We hope you find these pages useful.