If you're looking at starting or growing a business, organising the right funding is vital. Providing us with a good understanding of your business, and the market in which it operates, helps us with your application for finance.
This outlines the big picture for your business; where it is, where you want it to go and how you’ll get it there.
How much funding do you require? What will you use the funds for and how do you intend to repay it?
Any relevant documents that help us gain a better understanding of the figures in your application. This can include financial information prepared by your accountant, relevant contracts as well as insurance details.
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 us you’re serious about your application, and improves your chances of having business finance approved.
Your business plan might look like this:
Summarise the essence of your business.
Give an overall description of what your business is and where you want it to go.
An assessment of your market, customers and competitors. Do a SWOT analysis.
Detail your sales, marketing, promotional, distribution, and pricing strategies.
How will your business will be managed and staffed? Detail the responsibilities of key staff members.
Detail how your business will operate, include information about your premises, equipment, materials, licences, consents, insurance, suppliers and systems.
How is your business going to be viable? Provide profit and loss forecasting, cash flow, capital expenditure and information on how loans and investors will be repaid.
If disaster strikes, what is your contingency plan? Detail how you will keep your business operating.
Take a look at our guide on writing a business plan for more details on how you might like to put your business plan together. This is a guide only and should not be relied on as it does not take into account the financial situation of your business.
Here are the details of some of the information we'll need to collect with your finance application:
If you need help to figure out what type of business lending and level of funding you need, talk with your accountant or get in touch with us. We’re happy to help.
We may also require a copy of further documentation to support your loan application. This may include but is not limited to:
ASB’s lending criteria, terms and fees apply.