Applying for business finance

01

Your application

Here are some of the sorts of things we’ll be looking for in your business finance application. You’ll find more details about these further down the page. Please remember this isn't a definitive list, and as you'd expect, all application are subject to ABC Bank’s lending criteria.

Your business plan	This outlines the big picture for your business; where it is, where you want it to go and how you’ll get it there.
Your finance needs	How much funding do you require? What will you use the funds for and how do you intend to repay it?
Supporting information	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.

02

Your business plan

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:

Overview	Summarise the essence of your business.
Business profile	Give an overall description of what your business is and where you want it to go.
The market	An assessment of your market, customers and competitors. Do a SWOT analysis.
Sales and marketing	Detail your sales, marketing, promotional, distribution, and pricing strategies.
Management and staff	How will your business will be managed and staffed? Detail the responsibilities of key staff members.
Operational plan	Detail how your business will operate, include information about your premises, equipment, materials, licences, consents, insurance, suppliers and systems.
Finances and forecasting	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.
Continuity planning	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.

03

Your finance needs

Here are the details of some of the information we'll need to collect 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?
  

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.

04

Supporting information

We may also require a copy of further documentation to support your loan application. This may include but is not limited to:

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

05

Next steps

Get in touch with us today and get your application started. If you’re unsure about what you need to provide, we’re happy to help with that too.

Other helpful guides

Writing a business plan

An introduction to tax

Managing cash flow