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
How much trading history and turnover do lenders want?
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.
Will you need to give a personal guarantee?
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.
What documents do you need to apply for business finance?
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.
How does your credit profile affect an application?
Both business and director personal credit files are checked. Correct any errors on Experian / Equifax before you apply.
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