Considerations for start-ups
If you are starting a business and looking for finance, make sure you’re prepared to answer the bank’s questions and can back up your answers with research as much as possible.
The top four questions you’ll be asked
When you apply for finance, a bank is most likely to ask the following four questions. The right answers will improve your chances of success, helping to make sure you receive the right amount from the best source.
1. What sort of business are you planning to run?
2. How much finance do you think you will you need?
3. How long do you think you will need finance for?
4. Are you, your friends or your family putting money into the business?
Your business plan should contain the answers you need.
A good understanding of the options available is an essential starting point and enables businesses to select the type of finance that is right for their circumstances and plans.
If you know you want to apply for funding but are unsure about the next steps, there are many professional and business organisations who can offer help and advice about your options.
You can also get in touch with a business mentor.
To find out more about business finance