We want to help you by making the process of applying for a start up loan as easy as possible.
Here are a few questions you may be asked when chatting to a lender for the first time.
Q: What sort of business do you have in mind?
This is a pretty obvious question but any start up loan provider would need to know how far down the line you are in terms of your planning. At this stage you may simply have an idea or you may be already working on your new business. Do remember also, that here at Impetus we can provide ‘start up’ loans to businesses that have been up and running for two years.
Q: Do you understand that this is a loan and not a grant?
It is very likely that you will be personally liable for the loan repayment and that if you are unable to keep up the payments, this may affect your credit history. Most loan providers will undertake personal credit checks on the individual requesting the loan so you are very likely to be asked about your credit history.
Q: How old are you and where are you based?
Loan providers will need to know that you are aged 18 or over and (because they will operate within a limited geographic area) also where you’re based and where your business is going to be located.
Q: Are you currently working with any other loan provider?
All loan providers are likely to ask you about current business finance situation.
Remember, if you’d like to know more about anything here, Impetus can help. For a no-obligation conversation about your business aim, please give us a call on 01386 556000.