Sunderland Business Network - News Detail

Click to enlarge The prospect of approaching a financial institution to raise money for your business is not only daunting, but with 100+ lenders available it can prove very time consuming as well.

The decision to raise finance for your business is not one that you would have taken lightly, and the process from making that decision to obtaining funds into your account is not something which should be overlooked.

Preparation before discussing a proposition with a lender is the first and most important step in ensuring that you not only get a quick ’yes’ decision but also that the draw down of funds is seamless and timely. Lenders can only assess your proposal on the information you provide so it is crucial that you have the information available and that it supports your request.

Before formally discussing your proposition it can prove invaluable to have considered the following:

1. Credit History and Credit Score - your credit history can play a significant role in your success in getting finance as well as the costs of that finance to your business; regularly checking your credit file with a credit agency can avoid any surprises.

2. Bank Statements - your historic bank statements (6 months) will play a vital part in your application. Review your bank statements and if there are negative aspects within them take steps to manage them or ensure satisfactory explanations can be provided.

3. Review your proposition - a third party can provide a key insight into any potential obstacles. Whether it’s a family member, business associate, accountant or financial adviser; an impartial view point can help identify weaknesses and also key strengths.

For a free ‘Ready for Finance’ form go to www.metropolitanfinance.co.uk and quote RFF/SBN.

Submitted by: Metropolitan Finance Limited