Key points
- 24 months trading + £100k turnover is the high-street baseline
- Personal guarantees are normal below £250k — cap them if you can
- Prepare 12 months' statements and open banking access up front
- Fix credit-file errors before applying, not after a decline
Trading history and turnover
Most high-street lenders want 24+ months of trading and £100k+ annual turnover. Specialist and challenger lenders will go earlier, but at a higher rate.
Personal guarantees
For loans under about £250k, a personal guarantee from the directors is normal. Ask about a PG-insurance product if you'd prefer to cap your personal exposure.
Documentation
Have 12 months of business bank statements, the latest filed accounts, up-to-date management accounts and open banking access ready. Missing paperwork is the #1 cause of delay.
Credit profile
Both business and director personal credit files are checked. Correct any errors on Experian / Equifax before you apply.
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