Applying for a business loan can feel like a big step, but it doesn’t need to be overwhelming. Whether you’re a startup looking for your first injection of funding or an established business planning to grow, being prepared is the key to getting the right loan for your needs. At Match Finance, we specialise in connecting businesses with the most suitable finance options – but the first step always starts with you.
Here’s your ultimate business loan requirements checklist to help you get loan-ready.
1. Know What You Need the Loan For
Before diving into paperwork, ask yourself why you need the loan. Lenders will want to know:
- Are you purchasing new equipment?
- Do you need to boost working capital?
- Is it to hire staff or expand premises?
- Are you consolidating existing debts?
Being clear on your purpose will not only help you find the right loan type but also show lenders that you’ve thought through your financial strategy.
2. Check Your Business Credit Score
Just like personal loans, your credit history matters. Lenders use your business credit score to assess how risky it is to lend to you. Make sure you:
- Check your score through a reputable agency
- Address any issues or inaccuracies
- Pay off outstanding debts where possible
A healthier credit score gives you a better chance of securing a loan with more favourable terms.
3. Prepare Your Financial Documents
Most lenders will want a snapshot of your business’s financial health. Be ready to provide:
- Recent bank statements (typically 3-6 months)
- Profit and loss statements
- Balance sheets
- Cash flow forecasts
- Tax returns (usually the last 1-2 years)
Having these ready and up-to-date will speed up the process and make you look organised and reliable.
4. Know Your Numbers
You should be confident answering questions like:
- How much do you want to borrow?
- Over what term?
- What will your monthly repayments be?
- Can your business afford the repayments comfortably?
Being able to talk through these figures shows lenders you’ve done your homework.
5. Think About Security (if required)
Some loans may require you to offer security, especially larger or longer-term options. This could include:
- Property
- Equipment
- Vehicles
- Personal guarantees
At Match Finance, we work with both secured and unsecured loan providers, so it’s helpful to know what you’re comfortable offering (if anything).
6. Make Sure Your Business is Eligible
Different lenders have different criteria, but in general, make sure:
- You’re registered and operating in the UK
- You have a minimum trading history (often 6 months+)
- You meet minimum turnover requirements (this varies)
If you’re unsure, we can help you understand which options are open to you based on your circumstances.
7. Be Ready to Share Your Business Plan (Especially if You’re a Startup)
Lenders love a solid business plan. If you’re a newer business, this can make a big difference. Your plan should include:
- Business objectives
- Market analysis
- Sales and marketing strategy
- Revenue projections
- How you plan to use the loan
Even for more established businesses, a short summary can go a long way.
8. Ask the Right Questions
Don’t just accept the first offer that comes along. Make sure you ask:
- What is the interest rate and are there any fees?
- Is the rate fixed or variable?
- Can I repay early without penalties?
- What happens if I miss a payment?
Match Finance helps you compare offers so you can choose with confidence.
9. Get Support From a Broker
Trying to secure funding can be time-consuming and confusing. That’s where we come in.
Match Finance works with a panel of trusted lenders to find the most competitive loan tailored to your business. We do the legwork so you can focus on running your business.
Whether you are looking for an unsecured loan of £2 million to take your business to the next level, or a merchant cash advance to see you through some seasonal fluctuations, we can help with targeted funding that is just right for your company.
Ready to apply?
Use this checklist to gather everything you need and reach out to us to get a quote when you’re ready. With the right preparation and support, getting the best loan for your business doesn’t have to be a hassle.
