7. Latest Set of Management accounts. Again produced from your accounting software.
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8. Accounts receivables (debtors) and payables (creditors) ageing reports.
9. Principals financial statements. – Particularly required if some form of security is necessary.
If you are a new company, the emphasis is going to be on your business plan , and the security (also called collateral) you or your business can provide against the loan.
You must take the time to practice presenting your case to the bank or lender to iron out any glitches. Practice on your colleagues and family (you never know, they might be so impressed, they'll invest or lend!). It may help to role play the lender and come up with as many pointy questions as possible. The more time you take the better your chances will be. (But remember, don’t fall into the analysis paralysis trap!)
Good luck!
About The Author
Neil Best This article and other useful info such as sample business plans, sourcing and applying for small business grants, and how to find and approach potential investors can be found at http://www.smallbusinessfinancetips.com/small-business-loans.html
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Caroline Diehl is a serial social entrepreneur in the impact media space. She is Executive Chair and Founder of the UK’s only charitable and co-operatively owned national broadcast television channel Together TV, the leading broadcaster for social change runs a national TV channel in the UK and digital platform which helps people find inspiration to do good in their lives and communities.