As an introduction to the business loan market we though it would be useful to point out a few key elements of the criteria for lending and how Northwest Business Funding approaches them. This is not a full representation but the number used are just examples. Business loans North west are available to small businesses with a turnover of more than £100,000 and have been trading for more than 24 months. The loans are secured as a minimum by a Directors guarantee and can require a form of tangible security business loans North West range from £25,000 to £250,000, subject to status. Depending on business and Director history further security may be required.
The application process will require the business to have filed annual accounts and have current management accounts. A short explanation of the reason for the loan and projections for at least the next 24 months.
Directors will be required to provide personal information to satisfy KYC ( Know your Client) and AML (Anti Money Laundering ) criteria. This is usually in the form of a passport and utility bill that matches your reported home address. Directors will need to provide their home address and an asset and liability statement, this is to show your net worth to allow for assessment of viable security.
Business loans North West can be used for most business circumstances and there are a number of options that are available to the borrower. The type of business loan will depend on the individual circumstance of each application. For instance, a short-term loan or facility that offer flexible terms for repayment may have a higher interest rate that a fixed flat rate term loan. However; the ability to pay off early with no charge or pay some and use the balance over and over may be a better option for others.
Northwest Business Funding offers advice relating to funding options, we are not just a facilitator we work with you to understand your needs then tailor the application and loan to best suit your needs. Without a deep understanding of business and business process and understanding of the funding markets it is unlikely that you will get the best possible solution. There are a lot of routs to funding but we encounter many business that try it and fail due to lack of understanding. Or engage with brokers and fail due to not understanding the business. Please contact us we will discuss you loan , explain the application process and the risks and if we both feel we can work to find a solution then we will meet with you and your business and begin to build the application.
What type of funding can you provide
We can access a network of funding options, however our strength is in making certain you understand the requirements of funders and ensuring we get you the funding.
How Long does it take
The time depends on the information you have and can access, your understanding of the funding requirements and the type of funding required. in best cases funds can be in your business with 2 weeks from our first meeting.
How much can I get
The amount you require is for you to decide, what will be important is that you can set the repayments and that the level of risk for the lender is acceptable. We work with you to make sure you are prepared before we approach the lenders.
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