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Start Up Loan Checklist

by prg | Category Latest Blog | May 20, 2014

The Start Up Loans scheme is a brilliant way to kick-start your business and give you a helping hand in getting off the ground.

To help you along the way we have put together a checklist for you to use when preparing your Start Up Loan application:

 

  1. Loan application

It’s important that this form is completed accurately and honestly, it covers everything from your contact details and the loan amount you require to your bank details and any current loans or credit cards.

 

  1. Business Plan

You will have been working with our Business Managers to develop your plan. It’s one of the most important documents to be included in your application, this shows us your plans for the business and how you intend to achieve your goals as well as the demand for your business. This is a living document and should be referred to even when you’re up and running.

 

  1. A 24 month Cash Flow Forecast

The Cash Flow Forecast is also hugely important, it demonstrates the viability and sustainability of your business through predicting your cash flow based on your research and knowledge of the industry.

 

  1. Copy of your latest CV

Show off what you have done in the past, along with your skills and experience.

 

  1. Personal Survival Budget

We want to make sure your business can support you, now and in the future, so this document asks for your personal living costs so we can ensure what you will draw from the business will be enough for you to live on!

 

  1. Certified copy¹ of your photo ID

 

  1. Certified copy¹ of your proof of address

We need to make sure you are who you say you are after all!

¹Copies of these important documents should be certified by a Post Office (it usually costs around £7 for up to 3 documents to be certified as true copies of the originals). Don’t forget to bring your original ID and a copy of the document to the loan interview. You’ll find the documents that we can accept on your loan application form.’

 

  1. Copy of 3 months personal bank statements

It is essential we have 3 consecutive months of your recent bank statements to see how you manage your money.

 

  1. Copies of any relevant accreditation, qualification, licences & training

 

  1. Copy of Agents Particulars if Premises are being leased

 

Do’s and Don’ts when applying for a Start Up Loan:

  • Do include pictures of your product/service.
  • Do go into as much detail about your business, what you’re doing and why.
  • Do make sure you apply for enough Capital to get your business off the ground. You can’t have another loan if the money runs out, so spend time working out how much you need in order to achieve your goals.
  • Do ask us first if you need to borrow more than £7,500 – you can explain why on the Starting Your Enterprise form or email us at loans@ldbgroup.co.uk because larger loans require significantly more robust and persuasive Business Plans.
  • Don’t send in an incomplete loan application, we can’t process the paperwork if information is missing.
  • Don’t rush and make mistakes. Take your time and ensure all information is completed in a clear and accurate way.
  • Don’t struggle on your own, if you’re struggling with any part of the application please give us a call. We are here to help!

Get in touch with the Start Up Loans team on 0844 943 2988, loans@ldbgroup.co.uk or tweet us @ldbstartup.

Note: Start Up Loans are delivered by our subsidiary Capitalise Business Support Limited under OFT Licence No. 626515 with Interim Permission from the Financial Conduct Authority.

 

Address

  • Address: Let's Do Business Group
    8th Floor,
    Ocean House,
    87-89 London Road,
    St Leonards-on-Sea,
    East Sussex. TN37 6LW
  • Email: loans@ldbgroup.co.uk
  • Telephone: 0844 943 2988 (Calls cost 5p per minute plus your phone company’s access charge. If your mobile tariff allows free calls to landlines, you can call 01424 205 500.)

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