Funding Bay Blog

The surprisingly simple process of getting a business loan

Getting a business loan may previously have been something you have thought was just too complicated, would take too long, or it just wouldn’t work for your company. Today, Funding Bay will debunk these common misconceptions and show you that in fact, the process of getting a business is much simpler than you may think. With the assistance of our team at Funding Bay, the tough decisions and uncertainty will hopefully be alleviated.

Step 1:
Get in contact with a member of our team and have a chat about your business situation and how much funding you are after.

Step 2:
Fill in a Discovery Form to provide our team with your businesses’ financial details. This will include providing bank statements and your End of Year statements

Step 3:
One of our brokers will assess your discovery form and decide which lender and which financial product is most suited to your situation. Loan products range from Asset Finance, Invoice Finance, Secured Loans, Unsecured Loans, and many more.

Your broker will then fill out your application for you (handling the boring bits!) and manage the underwriting process.

Step 4:
We will be the sole point of contact between the lender and your application. Our brokers have close relations with the lenders so will be able to monitor and manage the progress of the application and ensure a faster response rate.

If the lender does not accept your application, we can take your application to another lender. We work with a panel of over 200 lenders, all of who are designed and specialised for different situations.

The range of lenders we work with includes Bibby Financial Services, Ultimate Finance, Nucleus Commercial Finance, Market Finance, and many more.

Step 5:
The lender will accept your application. The success rate with the broker will be discussed and your loan will be transferred to your account.

Get in touch with a member of the Funding Bay team to find out more here.

Read some related articles:
Why use a commercial finance broker and not go directly to the lender?
What is Alternative Finance?
How can short term business loans benefit SMEs?

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