It’s not just the terms of the loan agreement that are considerate to the business and its position and assets, but also about whether you are accepted in the first place based on the sector in which your business operates.
Assetz Capital is an efficient lender that is considerate to business needs without any barriers to sectors.
The sector in which your business operates has a profound impact on the likelihood of you gaining funding from a bank. Businesses in sectors that are deemed to be in a ‘slump’ are often overlooked by banks. Putting businesses in a certain category or box isn’t what Assetz Capital is about. Every single business is different.
Of course, before any agreement is put in place, we visit the business and ‘kick the tyres’ of it. By that, we mean really getting to know the owners, understanding the business demands and generally learning about its operations.
Our regional directors have seen thousands of businesses over the 20 or 30 years they’ve been working, so it’s quite rare for them to come across a scenario that they’ve not encountered before.
Kicking the tyres of a business
Naturally, before we agree to put your loan request live, there are a number of checks that will be performed to ensure that your business meets the standard expected. One of the team will visit your business and get to know the firm, but there are also other credit checks and measures, such as:
The general upkeep
They say first impressions are everything, so keeping up repairs and maintaining an environment you or others work in can be a small indicator as to how the business is run. Of course, it’s not the be all and end all, but something we do sometimes look at.
Character traits and experience
We always want to get to know the owner and senior team to understand how they work, what their vision is and what the funding will be used for. Being as open as possible at this stage will stand you in good stead to be approved. The experience of the owner also plays a big part in forming our impressions. It’s great for us to understand your ambition and passion about how well your business is doing.
Company history
Tied into the history of the individuals is the history of the company. Our representative will need to take a look at past records to ensure we are aware of anything that might affect the application of your loan. Again, being open is key here, but getting a feel of where your business has been and any trends that have taken place previously will allow us to advise further on the terms of your loan.
Business plan
Lastly, we will ask you about your future plans. Which direction is your business going in? What’s the current market like in your opinion? And of course, what do you plan to do with any funding you may receive?
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This isn’t a comprehensive look at our credit check systems or a full run-through of our process but it does highlight some of the practical measures we take, as well as some of the softer observations.
Getting your business funding through use of a peer-to-peer lending platform isn’t as complicated as many believe. In reality, if you are a credit worthy SME, with a solid business plan in place then there’s a strong chance your request will be approved. Visit this page for more information on getting started as a borrower – and good luck!
