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Posted on July 21, 2022

How Do I Apply For Business Finance?

Applying for finance might seem like a daunting task, especially when it’s vital for the growth of your business. In fact, almost 60% of the UK are worried about the impact of a rejected finance application. Fortunately, with the support of Pinpoint Finance, you can gain vital help and support in applying for business finance.

This article will help you learn what you need to ask, say, and provide in support of your business finance application. Here are five easy steps to get you ready.

1. Know Your Numbers

In order to seem credible to your lenders, you need to know how much money you really need. That’s not just what you want, or a rough figure you’ve estimated. Going in with exact numbers is crucial to getting the financial support your business requires. Break down your costs, expenses and any assets you can use to offset risk (if you have any available). The steps outlined in point 2 below will help you gain an insight into how much money you need for your business

2. Put Those Numbers Into A Business Plan

Take your numbers and put them into a clear business plan. You’re going to need to forecast your profit and loss, set up a balance sheet, and outline a clear cash flow pipeline if possible. This shows your lenders the chances of the financial lending resulting in success. Drafting a business plan is also fundamental to the growth of your own business. It helps both you and the lender understand how your business will evolve and what its potential is.

3. Get Your Personal Finances Together

Prepare the last six months’ worth of business and personal bank statements and get ready to provide this to your lender. Your lender might ask for less than six months, but having these overprepared means you’re ready to go. You should also have a copy of your credit history to show that you have no financial obstacles, like high debt, missed payment or CCJs. Use a site like CheckMyFile to look at your personal finances if you’re not sure what financial skeletons you might have in the closet.

4. Show Proof Of Financial Security

Any assets that can help to guarantee a loan will support your business finance application. An example of this might be ownership of a property, a vehicle, or business equipment. We appreciate this may not always be possible. However, for some loans you may be required to provide a personal guarantee to secure funding and minimise risk for the lender.

5. Call Pinpoint Finance

As Business Finance experts, we have decades of industry experience in securing business loans for our customers. We can talk you through your options and offer a detailed insight into what lenders are looking for in an application. Contact us today for advice and support on your Business Finance application. We’ll help you on the path to business growth today.

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Pinpoint Finance

01904 866 100

Keith: 07547 540 541

Kelvin: 07826 603 635

Anna: 07442 775 270

hello@pinpoint.finance

Pinpoint Finance

01904 866 100

Keith: 07547 540 541

Kelvin: 07826 603 635

Anna: 07442 775 270

hello@pinpoint.finance

York Eco Business Centre, Amy Johnson Way, York YO30 5AG

York Eco Business Centre
Amy Johnson Way, York YO30 5AG

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Pinpoint Finance is Authorised and Regulated by the Financial Conduct Authority (FCA), reference number 733225. Click here for the FCA website.

Pinpoint Finance is a credit brokerage and not a lender and is registered with the Information Commissioner’s Office number ZA146757.

Commercial Mortgage Broker York North Yorkshire. Refinancing premises, funding new lease or building, raising collateral.  Great customer service for your next real property asset investment.
Pinpoint Finance is a trading style of Pinpoint Commercial Finance Ltd, a company registered in England and Wales, number 9825825. Registered Address: 3-4 Park Court, Riccall Road, York YO19 6ED.

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