How to apply for business finance

If you're looking at starting or growing a business, organising the right funding is vital. Providing a good understanding of your business, and the market in which it operates, helps finance providers' appropriately assess your application for funding.

What you'll need

Here are some of the things a finance provider will be looking at when you apply for finance.

  1. Your business plans
    These plans outline the big picture for your business; where it is, where you want it to go and how you'll get it there.

  2. Supporting information
    This can include financial information prepared by your accountant, relevant business contracts as well as your insurance details.

  3. Your funding needs
    How much funding do you require, what will you use the funds for and how do you intend to repay it?

If you would like to know more about the information ASB would require for business finance please get in touch.

1. Your business plans

Your business and financial plans outline the big picture for your business; where it is, where you want it to go and how you'll get it there.

A business plan is a road map for your long terms goals. It gives you a clear sense of direction and provides you with a yardstick against which you can measure your progress. It also shows you're serious about your application and improves your chances of having business finance approved.

A financial plan will detail how your business is going to be viable. You'll need to provide profit and loss forecasting, cash flow, capital expenditure and information on how loans and investors will be repaid.

2. Supporting information

A finance provider may also require a copy of further documentation to support your loan application. In your appendices you could attach the following:

  • Any sale and purchase agreements, registered valuations, lease agreements
  • Relevant contracts, import and/or export documents, licence or franchise arrangements
  • Your latest financial statements prepared by your accountant
  • Any relevant consents, compliance or approvals
  • Details of what insurance is held to protect income, key people and assets
  • Personal statement of assets and liabilities

3. Your funding needs

This area tells your investor how much funding you require, what you will use the funds for and how you intend to repay it.

Below are some examples of the information that may be collected with your finance application:

  • Who will be borrowing for the business - you, your company or trust?
  • How much funding will you need?
  • What will you do with the funds, and how will it assist your business?
  • How much income will you have to repay any current and future lending?
  • Do you expect to see an increase in sales through new business won, and what existing contracts are you filling?
  • What assets can you offer as security for the loan?

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