When applying for a business loan, you need to know every answer to the questions which the bank manager may ask you. You also need the correct paperwork. Read on to maximise your chances of getting your small business off the ground. This article details out the paperwork which you would need in order to apply for an Abbey National business loan.
If you've decided that Abbey National is the bank from which you want to take out your loan, then you're out of luck. They no longer have trading branches in the UK. However, do not despair as since 2010, Abbe National and Bradford and Bingley are part of the Santander. They offer you the same services as the Abbey savings banking such as the Abbey loan, abbey Card, and the Abbey National mortages. If you already have an Abbey online checking account for morgages or a savings banks account online, then you must have already been updated to their newest service. You should be able to use the same Abbey log-in for your Santander account. Their online bank business loans section should tell you everything which you need to apply for your loan.
What you will need
You'll need the basic information required for all finance-related documents. Hence, you should have all of your address history for the last five years, along with your financial references. You will need this information for anyone co-signing the document with you too. Along with any previous names of each person, you'll need to work out exactly how much you will need to borrow for your business. You will need to have a detailed business investment report. In the report, you have to detail where every penny will go and why it is essential for the start of your business. You also need to provide any letters from other investors, even if they are only potential investors. You need to provide any outgoings for which you are paying in your personal life too. The bank needs to know that the existing payments won't stop you from making your payments with this loan. You need to really think about your ability to keep up in this area, and if you are struggling to keep up with your current outgoings, this may not be the best time to start a business venture.