If you decide you need to borrow money – whether it’s for some extra cash in the short term or to finance a significant purchase – it’s important you talk to us about it so we can make sure you keep your costs down.
Formally-arranged borrowing can be either by an overdraft on your current account, a separate loan or some other way which works for you and we both agree. In some cases you may need to give us some security for a loan.
What we’ll need from you
You’ll have to give us some information before you can borrow any money. The information we’ll ask for will normally depend on how long your business has been running and how well your business is doing.
- do a credit check
- ask for a copy of your accounts (if your business is exempt from providing audited accounts, we may ask for a copy of your statutory report)
- ask you for a cash flow forecast showing the movement of money through your business over a certain period of time - particularly if you’re starting a new venture or if we feel that your existing business is having difficulties (we can give you a pro-forma cash flow forecast if required)
- ask you for regular and up-to-date management information (your accountant will be able to help you with this)
- ask for a copy of the resolution authorising borrowing from the directors of your company.
Bank charges and interest
To see how we work out and apply interest, ask at your local branch. To find out more about the costs of banking with us, see our Business Banking price list (PDF, 377KB)