Get Finance Ready
Pilot Fish are advising clients to make it as easy as possible for your bank to say 'yes' by getting finance ready. By this we mean preparing your documentation and reports.
The list of application information your bank will require is below:
- Business bank statements for the last six months
- Personal bank statements for the last six months
- Financial statements covering the last two years
- Management Accounts to February 2020 illustrating business trade pre crisis
- Your business plan and forecast pre coronavirus
- Your business plan and forecast post coronavirus
- Photo ID
- Proof of Address
- Details of any existing loans within the business (value, monthly payments, repayment profile and terms)
- Personal tax overview and calculations for the last two years (SA302)
Lenders will assess business cashflow cycles through the month and quarter. Similarly they will be looking at financial performance and historic ability to service the debt. Most importantly banks are searching for a detailed business plan that assesses the impact of the virus and how business will recover.