Your bank will want to initially gather information about the business which will include some or all of the following:
Financial statements, Management accounts, Business plan, Financial / cash flow forecasts, Budget planner, Statement of assets and liabilities, Bank statements
This information is needed to build a picture of your current and forecasted situation, ensuring that the necessary documentation is available to make an informed and responsible decision. It also helps them to understand how your business would service the finance.to identify the most suitable option which doesn't’t put your business at unnecessary risk. The level of information gathered will vary for each situation but key elements include the Cash flow analysis, Business plan, History of your trading records and Statement of the following can be used as a guide:
The next step will be to gather additional supporting information such as What is your business history?, What is the purpose of the finance? Does the amount in question achieve the required purpose?, What is your personal investment in the business/ venture? Is the finance affordable? What is your repayment plan? What impact to the business will the finance have? What Security are you able to provide?
The quality of financial and business information provided will impact the decision making process.
The bank will be open and honest about the feasibility of your request and you can be confident that decision made will be the right one for your business. If finance is refused there should be a clear explanation.