At Bank of Ireland UK, we recognise that businesses need the right kind of funding support to succeed. The good news is, we have credit available and we want to lend. So whether you have an idea for a new business start-up or you are an existing business owner, we want to talk to you.
- You are not required to open or maintain a business current account with Bank of Ireland UK in order to obtain or manage a business loan or a business deposit account.
- You are able to switch your Business Current Account to another provider while retaining your business loan with Bank of Ireland UK.
- You are able to use another provider to manage your business banking while retaining your business loan with Bank of Ireland UK.
3-Step Credit Application Process
Our 3-step credit application process makes applying for credit as simple and straightforward as possible. It is based on the three essential areas that you need to consider when preparing your credit application:
- Step One: Application
When making an application for credit you’ll be asked to provide documentation of information which will be used as part of our assessment. This will include:
- Personal details of business owner – assets/liabilities/income
- Business and personal bank statements
- Financial Accounts
Note: The business owner’s credit history will also be taken in to account in order to give us a clearer picture of your financial circumstances. In addition, the application form will ask you to outline the amount and purpose of the requested loan and how the new funds will benefit your business. This can be obtained by contacting your local Business Manager or from your nearest branch.
- Step Two: Business Plan
Your business plan allows us to assess the potential of your business so that we can help you achieve it. It is an invaluable document for your business, which should:
- Set out the main opportunities and challenges for your business
- Demonstrate that there is a good existing or potential market
- Show that you are planning for the future
- Display your flexibility to effectively deal with any future issues
In order to assist you in the process of putting your business plan together you can download the below template:
- Step Three: Cash Flow
Preparing a cash flow forecast is integral to managing your business. It is useful for predicting the future cash needs of your business and helps the bank determine your ability to repay the loan over the specified term. The document should be realistic and provide a detailed overview of the inflows and outflows of your business each month and should include the following information:
- Sales and cost of sales
- Timing of sales and payments
- Existing debtors and creditors.
All lending facilities are subject to the Bank’s lending conditions. Terms and conditions apply. Bank of Ireland UK adheres to the Standards of Lending Practice which are monitored and enforced by the Lending Standards Board.