We’ll send you a Statement of Affairs template, you can use your own Business Plan. Where there is more than 1 Owner/Director we may require a Statement of Affairs for these also. Statement of Affairs for you as the business owner.If your business is a start-up, in addition to a completed application form (Not required for amounts up to €120,000 completed online or by phone) and bank statements, where relevant, as outlined above, we require the following: For Limited Company accounts this may include personal accounts of the Directors and Owners of the business For Sole Traders this will include any personal accounts you may have in your name or jointly with someone else. 6 months personal bank statements (if your personal account is also not already with Bank of Ireland).The business’ last 3 years’ certified accounts.153.41 is your daily repayment (excluding any fees and charges). 22 business days multiplied by 12 months is 264 days (payments) 40,500 divided by 264 equals 153.41. On average there are 22 business days per month. A completed application (Not required for amounts up to €120,000 completed online or by phone). Let’s say you borrow 30,000 over 12 months at a factor rate of 1.35.If you’re a new business customer, we require the following: If you’re an existing Bank of Ireland customer we require a completed application, and in the case that we need any more documents or information, we’ll let you know. For Limited Company accounts this may include personal accounts of the Directors and Owners of the business that are held with Bank of Irelandĭocumentation we will need you to provide: Existing Bank of Ireland Customers For Sole Traders this will include any personal accounts you may have with Bank of Ireland in your name or jointly with someone else. If you have a personal account with us, we’ll review that too.That enough money is retained in the business account to meet cheques and direct debits. Whether your business keeps up-to-date with payments to the Revenue or other suppliers, as well as with repayments on any credit cards/borrowings your business may have.If your business has an overdraft, that the business account is regularly in credit and for at least 30 days in the year.Be accurate when giving the turnover of your business, we will review your business account to check that it is consistent with the actual turnover of your business.That there are regular payments into your account and stable/growing turnover.Our Business Loan Calculator can help you calculate how much you might be able to borrow within this budget.When we assess your business application, we want to see that you can pay the loan back comfortably.Įxamples of lending criteria we take into consideration: Once you have deduced these expenses from your existing cash flow, it should give you an idea of how much you can comfortably and realistically borrow. This will include any existing repayments, dividends or periodic payments you might have. When considering how much you can borrow, lenders want to see that this repayment will come from free cash flow in your business, coming after your necessary expenses and existing financial obligations. This is what lenders are looking at when it comes to affordability. This means that your business would need to generate significantly more than £5,000 each month in cash to comfortably afford that loan. If your cash flow covers the business repayments by at least double.įor example, if your business took a £120,000 loan for 2 years then it would need to repay £5,000 plus interest every month.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |