Top 10 Tips for a Speedy Loan Application
Relationship-based lender
Speedy loan process
Lending decisions made by humans
No early repayment charges
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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.
![man with steps](https://bcrs.org.uk/wp-content/uploads/2020/02/man-with-steps-transparent.png)
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 1](https://bcrs.org.uk/wp-content/uploads/2020/02/1.png)
Primarily, ensure that your loan application has no gaps – if a particular field is not applicable for any reason, please mark it accordingly
![](https://bcrs.org.uk/wp-content/uploads/2020/02/tick-box.png)
![2a 2a](https://bcrs.org.uk/wp-content/uploads/2020/02/2a.png)
As a lender of social impact, we provide loans to create and safeguard jobs for growing businesses – are you sure you meet these criteria?
![](https://bcrs.org.uk/wp-content/uploads/2020/02/tick-box.png)
![3a 3a](https://bcrs.org.uk/wp-content/uploads/2020/02/3a.png)
We require a full Experian or Equifax report for each director/owner/partner
![](https://bcrs.org.uk/wp-content/uploads/2020/02/tick-box.png)
![4 4](https://bcrs.org.uk/wp-content/uploads/2020/02/4.png)
Experian/Equifax report should correlate to the information found on the personal assets/liabilities/ income/expenditure forms
![](https://bcrs.org.uk/wp-content/uploads/2020/02/tick-box.png)
![5a 5a](https://bcrs.org.uk/wp-content/uploads/2020/02/5a.png)
Any adverse credit information should be accompanied with a good explanation/evidence of satisfaction
![](https://bcrs.org.uk/wp-content/uploads/2020/02/tick-box.png)
![BCRS_Tony Wood](https://bcrs.org.uk/wp-content/uploads/2018/09/BCRS_Tony-Wood-1.png)
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 1](https://bcrs.org.uk/wp-content/uploads/2020/02/1.png)
Primarily, ensure that your loan application has no gaps – if a particular field is not applicable for any reason, please mark it accordingly
![2a 2a](https://bcrs.org.uk/wp-content/uploads/2020/02/2a.png)
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 3a](https://bcrs.org.uk/wp-content/uploads/2020/02/3a.png)
We require a full Experian or Equifax report for each director/owner/partner
![4 4](https://bcrs.org.uk/wp-content/uploads/2020/02/4.png)
Experian/Equifax report should correlate to the information found on the personal assets/liabilities/ income/expenditure forms
![5a 5a](https://bcrs.org.uk/wp-content/uploads/2020/02/5a.png)
Any adverse credit information should be accompanied with a good explanation/evidence of satisfaction
![BCRS_Tony Wood](https://bcrs.org.uk/wp-content/uploads/2018/09/BCRS_Tony-Wood-1.png)
![6a 6a](https://bcrs.org.uk/wp-content/uploads/2020/02/6a.png)
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
![](https://bcrs.org.uk/wp-content/uploads/2020/02/tick-box.png)
![7 7](https://bcrs.org.uk/wp-content/uploads/2020/02/7.png)
Cash flow projections would usually need to show VAT
![](https://bcrs.org.uk/wp-content/uploads/2020/02/tick-box.png)
![8a 8a](https://bcrs.org.uk/wp-content/uploads/2020/02/8a.png)
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
![](https://bcrs.org.uk/wp-content/uploads/2020/02/tick-box.png)
![9a 9a](https://bcrs.org.uk/wp-content/uploads/2020/02/9a.png)
Profit & Loss projections should be net of VAT
![](https://bcrs.org.uk/wp-content/uploads/2020/02/tick-box.png)
![10 10](https://bcrs.org.uk/wp-content/uploads/2020/02/10.png)
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
![](https://bcrs.org.uk/wp-content/uploads/2020/02/tick-box.png)
![](https://bcrs.org.uk/wp-content/uploads/2018/09/BCRS_The-Team-Illustrations.png)
![6a 6a](https://bcrs.org.uk/wp-content/uploads/2020/02/6a.png)
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 7](https://bcrs.org.uk/wp-content/uploads/2020/02/7.png)
Cash flow projections would usually need to show VAT
![8a 8a](https://bcrs.org.uk/wp-content/uploads/2020/02/8a.png)
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 9a](https://bcrs.org.uk/wp-content/uploads/2020/02/9a.png)
Profit & Loss projections should be net of VAT
![10 10](https://bcrs.org.uk/wp-content/uploads/2020/02/10.png)
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
![](https://bcrs.org.uk/wp-content/uploads/2018/09/BCRS_The-Team-Illustrations.png)