Top 10 Tips for a Speedy Loan Application

Business loans from £10,000 – £150,000
Relationship-based lender
Speedy loan process
Lending decisions made by humans
No early repayment charges
5-star rated customer service

Taking on additional contracts, employing new staff and preparing for growth can be a stressful time for SMEs due to cashflow concerns. But it needn’t be.

At a time when SMEs are still struggling to access finance from traditional lenders, it is important to know that there is an affordable, quick and relationship-based alternative in BCRS Business Loans.

We believe that no viable business should go unsupported.

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We sat down with Tony Wood, our head of credit at BCRS Business Loans, to discuss his top ten tips for a speedy, efficient loan process:

1

Primarily, ensure that your loan application has no gaps – if a particular field is not applicable for any reason, please mark it accordingly

2a

As a lender of social impact, we provide loans to create and safeguard jobs for growing businesses – are you sure you meet these criteria?

3a

We require a full Experian or Equifax report for each director/owner/partner

4

Experian/Equifax report should correlate to the information found on the personal assets/liabilities/ income/expenditure forms

5a

Any adverse credit information should be accompanied with a good explanation/evidence of satisfaction

BCRS_Tony Wood

We sat down with Tony Wood, our head of credit at BCRS Business Loans, to discuss his top ten tips for a speedy, efficient loan process:

1

Primarily, ensure that your loan application has no gaps – if a particular field is not applicable for any reason, please mark it accordingly

2a

As a lender of social impact, we provide loans to create and safeguard jobs for growing businesses – are you sure you meet these criteria?

3a

We require a full Experian or Equifax report for each director/owner/partner

4

Experian/Equifax report should correlate to the information found on the personal assets/liabilities/ income/expenditure forms

5a

Any adverse credit information should be accompanied with a good explanation/evidence of satisfaction

BCRS_Tony Wood
6a

We would like to see your accounts for the past 3 years: Please note: (a)This is not applicable for start-ups (b) Businesses that have been trading for less than 3 years should provide us with their accounts to date

7

Cash flow projections would usually need to show VAT

8a

Cash flow projections should account for loan monies going in/loan repayments and include the anticipated increase in wages for new jobs to be created. Please remember to include opening and closing bank balances

9a

Profit & Loss projections should be net of VAT

10

Projected income/sales figures need to be supported with a sales and marketing plan or evidence of new contracts and orders, to judge whether these projections are realistic. This is particularly important for start-up businesses

6a

We would like to see your accounts for the past 3 years: Please note: (a)This is not applicable for start-ups (b) Businesses that have been trading for less than 3 years should provide us with their accounts to date

7

Cash flow projections would usually need to show VAT

8a

Cash flow projections should account for loan monies going in/loan repayments and include the anticipated increase in wages for new jobs to be created. Please remember to include opening and closing bank balances

9a

Profit & Loss projections should be net of VAT

10

Projected income/sales figures need to be supported with a sales and marketing plan or evidence of new contracts and orders, to judge whether these projections are realistic. This is particularly important for start-up businesses

So, if you have ticked all ten of those tips, you should have a speedy loan application on your hands.

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