FIRST STEPS APPLYING FOR YOU LOAN
Are you thinking in applying for a loan with us?
Here is a guide with all the information you need to know about getting your loan, and working with our business advisor team.
Once you submit your application, you´ll be passed to our verification team, who check your credit, making sure you´re eligible to receive the loan.
The Start Up Loans Scheme is able to support applicants who are rejected for finance from banks, however, it is important that you have had no serious credit issues within the last 2 years. Upon application submission, we carry out a credit search and we will inform you very quickly if we note any issues.
If you are eligible for a loan you´ll be introduced to one of our own business mentors, who will help to you through first steps into the application process.
We will send your business plan and cashflow templates with guidance on what information we are looking for. As no one knows your business better than yourself it’s important you have a go at this yourself but your Business Advisor will then provide you with feedback to make sure your application is as strong as it can be, so it has the highest chance of success.
Our business advisor will be making suggestions as to marketing and additional sales channels, assessing the strength of your market research and competitor analysis to ensure you have sufficiently distinguished yourself from your competitors. They will help you to ensure that your sales forecast is achievable and conservative so you’re not under too much pressure from the outset and ensure that you are not borrowing too much or too little.
CASHFLOW FORECAST AND PERSONAL BUDGET
The business plan and cashflow forecast is the most important part of your application. While we cannot write these for you, we know that completing a financial plan for your business can seem like a daunting prospect if you’ve never done it before. Our business advisors will assist you where needed and provide guidance on the correct completion of these documents.
Our preferred method of support is to arrange a 1-hour session either on the telephone, face-to-face or via Skype. During the session, we´ll break down each section of the personal survival budget and cash flow forecast to make it more manageable to understand.
The most common things we hear after these sessions is: “it’s easy when somebody shows you”. We also encourage you to use online resources for support.
We will also confirm you have the necessary qualifications and licences necessary before applying and will advise you on any other documents you should obtain, such as lease agreements for property purchases. Your Business Advisor will always be on hand to help throughout the application process whether it’s advice you need or simply some motivation!
The process can take between 1-4 weeks depending on what stage you are at with your business planning. A business which is already trading can be funded within a week provided the application meets our criteria, for someone with a new idea it may take you longer to fully develop your concept.
We assess applications using a number of factors which include: Viability of your business, analysis of your financial forecasts and loan affordability.
Do you have a business idea? Startup Direct supports entrepreneurs through their funding journey with one-to-one Business Advisor Support. Sign up today for our Start Up Loans program.