Preparing your business for a funding application

Most of the time lost in a funding application is not spent on the decision. It is spent waiting for information: a missing number, a bank statement that needs chasing, a director who cannot be reached. A little preparation before you apply means the assessment can start straight away.

Your ABN or ACN, in good standing

Have your ABN or ACN to hand and make sure the details on record are current. Our apply form checks the number against the Australian Business Register, so a cancelled ABN shows up at the first step. If anything has changed, such as a new entity, a change of directors or a new trading name, sort it out with the register before you apply.

It also helps to know that your lodgements with the ATO and ASIC are up to date. Outstanding obligations are not always a barrier, but they are better explained up front than discovered part way through.

Identification for the applicant and directors

Have standard identification ready for the person applying and for each director, such as a current driver licence or passport. Check that nothing has expired. If a director is overseas or hard to reach, let us know early so it does not hold up the file.

Your business bank data

Your business bank account is the clearest picture of how the business trades. Rather than gathering months of statements, you can share your transaction history through a secure, read-only connection. Read-only means it can be viewed but nothing can be moved or changed. It is faster than uploading files, and it gives the assessment accurate, complete data to work from.

If more recent financial information is useful, such as management accounts or a list of what is owed to you, have it ready in whatever form you already keep it. There is no need to have it reformatted or prepared specially. Accounts that are current and roughly right are more useful than polished figures that are three months old.

The amount, and what it is for

Know how much you need and be specific about what it will do. A clear purpose makes a facility easier to size and to assess. Be ready to explain:

• The amount, and how you arrived at it
• What the funds will be spent on
• When the requirement starts and when it is expected to pay back
• How the weekly repayments will be met from trading cash flow

Who will take the call

After an application comes in, the next step is a phone call. Decide in advance who will take it, and make sure it is someone who knows the numbers and can speak for the business, usually a director. If that person is travelling or on site for the week, say so, and suggest a time that works. Expect questions about how the business trades, what the funds are for and how the repayments will be met. Straight answers, including about anything that has gone wrong in the past, make the call quicker and the assessment easier.

Facilities are always subject to credit approval, eligibility and documentation. If you have these few things ready, an indicative read only takes a few minutes.