Step 3: Building your finance application
Pulling together the right supporting documents is key to creating a successful application. Look through our document checklist to make sure you're giving your application the best chance of success.
We want to invest in your business – but before we make a lending decision, we need to understand your company better. Help your Barclays Business Manager build your application by providing all of the documents needed to support it:
- Up-to-date trading accounts – balance sheet, profit and loss account with forecasts for the next 12 months
- Comprehensive business plan
- Cashflow forecast
- Bank statements if you’re looking to transfer your account from another bank
- Personal budget planner – this will help us assess the level of withdrawals you’ll need to make from your business
- Personal asset statement – this will help us when assessing guarantees
- Costs breakdown – for example if you need help with a vehicle purchase, have you allowed for insurance and road tax?
You may also find it useful to fill out the following forms:
See how one business owner went from building his application to refurbishing his premises in The Client's Story: starting the application process
How to build a strong application
Before applying for a loan, you can maximise your chances of success by taking a look at your finances and addressing any potential issues. Remember, your Barclays Business Manager is always available to help prepare your business finance application or to discuss any of the below.
- Talk to us about any financial challenges you face – we may be able to help.
- Take a look at your bank account – does it regularly dip into the red or go over its overdraft limit? Perhaps you could look at changing the date you pay suppliers or extend your overdraft.
- Highlight any business savings you have and demonstrate you're paying your suppliers on time – this shows that you're operating your business well.
- Take a look at your audited accounts – are you making a profit? If not, your Barclays Business Manager can advise on how to move your business to a stronger position.
- Check your company's credit rating – if you have any debt outstanding, arrange a repayment programme, and once it’s repaid get your credit history updated.
- Provide a personal guarantee – if you’re seeking extra finance, it may help to show you’re willing to contribute additional funding as well. A personal guarantee backed up by your personal assets – where you agree to honour certain repayment obligations – is a great way to instil confidence
- Offer security for the loan – you could use your business assets as security against a business loan, such as property, stocks or shares
- Provide all necessary supporting documents
Remember, your Barclays Business Manager is on hand to support your application throughout the process – so if you have any worries they can help.
8-step guide to a successful application
Step 3: Building your application
1. Lines are open Monday to Friday, 8am–7pm. To maintain a quality service, we may monitor and record phone calls. Read our call charges and information
2. Lines open Monday to Friday, 8am–8pm. To maintain a quality service, we may monitor and record phone calls. Read our call charges and information
3. The Lending Code. Barclays Bank PLC is authorised and regulated by the Financial Services Authority ('FSA'). In respect of lending not regulated by the FSA under its Mortgage Conduct of Business sourcebook, Barclays Bank PLC subscribes to the Lending Code which is monitored and enforced by the Lending Standards Board. The Lending Code sets minimum standards of good practice when dealing with certain customers in the UK in relation to loans, current account overdrafts, charge cards and credit cards. Further details can be found at: Lending Standards Board