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Applying for a Business Loan in the UK
The application criteria for a business loan quote in the United Kingdom (UK) is as follows:
- Age – you MUST be over 18 years old to apply for a business loan
- Residence – You are a UK resident and living in Britain legally
- Ownership – You are a listed shareholding Director on Companies House for the business you are requesting a business loan quote for
Other variables lenders may consider when reviewing a UK business loan application is as follows:
- Credit Score – Your personal credit report may be examined upon application. If you are already in a business, you will most likely be advised to submit your company finances too.
- Annual Business Revenue – Lenders typically require UK businesses to meet a minimum level of income to be considered for a loan. Bank statements, cash flow forecasts, profit and loss sheets can be requested.
- Business Maturity – The age of your company will be taken into account. Qualification for small business loans is minimum 1 year of trading. High street banks will typically request at least 24-months trading. If you are less than 1 year of trading, you may want to consider a start-up loan.
- Net Operating Income – To ensure your business can meet the repayment requirements, some lenders may look for a total income that is 1.25 times greater than your total expenses.
- Personal debt-to-credit Ratio – Lenders may consider too much personal credit a potential risk, meaning you could turn to that credit if your business runs out of cash.
- Collateral - If you’re looking for a secured UK business loan quote, then you will need to identify an asset – real estate, stock, cash/cash equivalents, property – to be backed against the loan, if circumstances cause a default on repayments. If you didn’t want to provide collateral against the loan, you may want to consider quotes for unsecured business loans.
Fixed, affordable monthly payments
Our tax loans allow you to spread payments over the year. Do you currently finance your tax? Contact us to see if we can save you money, and get you a better deal with a tax loan.Get Started
What's different about us?
Our tax loans allow you to spread payments over the year. Do you currently finance your tax? Contact us to see if we can save you money, and get you a better deal with a tax loan.
Partner buy/buy out
Many companies are constantly in a flux of change, with their internal workings and structure evolving over time.
Refurbishment loans can be a vital option for businesses to allow them to increase spending on new or current projects.
VAT loans are a type of business loan used to pay VAT bills and reduce the impact of costly late payment fines.
Revenue growth is good news for any business, but to improve efficiency is going to take investment and that requires cash flow.
Asset finance is a type of business loan used to purchase new assets, such as plant equipment or to refinance existing company assets.
Learn More About How We Work
Watch our explainer video to help you to understand how we work. New and old, small or large, your company is most welcome and we'll do our very best to help you.Request Quote
What Documents Are Needed to Progress with a UK Business Loan Quote?
Information Required to Proceed with a Business Loan Quote in the UK
When lenders are considering businesses for loans, they typically require the following information, so make sure you have it handy:
- - Your Full Birth Name, Contact Information & Martial Status
- - Registered Name of your Business, Company Registration Number & NAP information (name, address & phone numbers)
- - Official launch date of your company and the sector(s) your company currently operates in
- - The Annual Revenue of your Business - Personal Bank Account Information and you to Disclose your Personal Income Earned
- - How Much You're Looking to Borrow - Clear Plan of How you Intend to Use the Money and your Estimated Return on Investment (ROI) with Projected Time-Scales.
Commercial Finance & Lenders
As a UK Business requesting a loan quote, the potential lender will need to be confident that a loan is the correct option for your specific scenario and that there is a clear plan and objective for the loan money to improve the operations or finances of your business.
Lenders want to be sure that repayments can be afforded and that you need the amount of capital that you are requesting for your business.
You've Applied for Your UK Business Loan Quote, Now What?
Once you have sent off your application dialogue will begin to take place between the business requesting finance and the potential lender. Documentation of your business financials are often requested during the consideration process and the types of documentation requested by the potential lender for your UK business loan are as follows:
Bank statements, Revenue statements, Balance Sheets, Business & Personal Taxation Returns, Personal Credit Score, Declare Your Personal Financial Situation, Insurance or Collateral and most importantly, your Business Plan and Cash Flow Forecast.
The team at UK Business Loan suggest UK Directors looking for commercial funding from lenders consider this documentation and start to organise, create and safely store the documents ready, just incase they are requested by the potential lender.
Have some questions?
This is all subjective and depends on your personal finances, the lender and other contributing factors, however, Unsecured Loans are typically anywhere between £500 – £1,000,000 GBP.
What Our Expert Says:
IRG Capital Finance trading as UKBusinessLoan.com aims to help match business-owners with relevant finance options with a simple and secure online application for a business loan quote. We also want to create a knowledge hub and try to inform decision-makers on the various finance options available to help them to make an informed and correct decision to either opt for finance or explore other avenues first. We are a broker, not a lender and are passionate about helping UK commercial entities find the correct business loan option for their situation.
Finance Expert - 30+ Years of Experience in Accounting & Finance