This is dependent upon a number of factors not least the thoroughness of your application. Ensuring your application includes the supporting information requested for is very important as it cannot proceed without them.
In addition, the more detailed your supporting information: business plan; cash flow, etc, the better as it will help to demonstrate your understanding of the challenges and opportunities facing your business. If further information is requested this can often be considered by email rather than waiting for the next meeting.
Once your application is ready for submission to the Credit Committee, it is then submitted for approval. You may be asked to present your application in person.
If you are offered and accept a loan you will be asked to come in and sign the loan agreement and any other documentation (e.g security). The registration of security usually taks a few days although it can be 4-6 weeks in exceptional circumstances.
We usually send money by BACS which takes 2-3 working days to clear (this can be to your bank account or direct to your supplier). We can use fast payment which is sent on the same day or the following morning.
We pass on the fast payment bank charge of £12 (current) as a fee on your account.
Posted in: Business Loan FAQs