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Things to consider when seeking finance

1. How much finance is required?

First, you need to identify the equipment you require and the equipment suppliers you wish to use. It's possible to finance all business equipment including: catering, garage, gym, telecoms, air conditioning, furniture, signage etc. for your business.

The general rule is: 'If it's for business use, it can be financed'. Make sure you factor everything you need including building works fabrication into your plan. Once you have a rough idea of total cost, you can look to secure finance. It's possible to approve finance within 24 hours. For a new start business, its possible to approve anything from £1,000 to £250,000. For established businesses there is no upper limit to how much we can finance.

2. What information is required?

In order to secure finance, you'll need to supply basic information about yourself and your business (depending on length of time trading). This information includes: what you want to finance, the amount of finance you require, your home address, date of birth, proposed opening date etc. If you have any other information that will support your application, now is the time to provide it.

Examples of supporting information include: business plan, financial projections and details of your personal investment in the business. At this stage you'll also need to confirm whether you're looking for finance over 3, 4 or 5 years.

3. What happens next?

Once you've provided all the relevant information about the business, you'll need to wait for formal finance approval (typically 24 hours). Once approved, paperwork is posted out directly for you sign. Once you've signed and returned paperwork, payment can be made directly to your chosen suppliers via bank transfer. The whole process from initial phone call to release of cleared funds can be completed within 7 days. Your monthly payments are fixed (inflation resistant) and 100% tax deductible. Payments are processed monthly by direct debit from a nominated account.

To talk to Portman Asset Finance about your new business, call on 0844 800 88 25 or use our Contact Form.