{"id":918,"date":"2020-05-28T00:00:00","date_gmt":"2020-05-28T00:00:00","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/knowledge\/articles\/how-to-apply-for-a-small-business-loan\/"},"modified":"2025-06-09T09:55:21","modified_gmt":"2025-06-09T09:55:21","slug":"how-to-apply-for-a-small-business-loan","status":"publish","type":"knowledge","link":"https:\/\/www.simplybusiness.co.uk\/knowledge\/funding\/how-to-apply-for-a-small-business-loan\/","title":{"rendered":"Small business loans: 5 tips for a successful application"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">If you\u2019re applying for a loan to help your small business through a tough patch or to expand, there are things you can do to maximise your chances of success.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Follow our tips to help make the process smoother.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>How do you apply for a business loan?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In simple terms, there are usually four steps to a loan application:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">you complete an application form<\/li>\n\n\n\n<li class=\"wp-block-list-item\">the lender runs a credit check<\/li>\n\n\n\n<li class=\"wp-block-list-item\">the lender decides whether or not to offer you the loan<\/li>\n\n\n\n<li class=\"wp-block-list-item\">if your application is successful, you can decide whether or not to accept the loan<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Five tips for applying for a small business loan<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"1gatherallrelevantinformationbeforeyouapply\">1. Gather all relevant information before you apply<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s worth pulling together the details you\u2019ll need for your application before you get started, so the process can run as smoothly as possible. Not every business loan application is the same and they can require different things.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But you\u2019re likely to need most of these things for a small business loan applications:<\/p>\n\n\n\n<div id=\"nba-body-001\">\n<\/div>\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">how much you\u2019re asking for and why you need it<\/li>\n\n\n\n<li class=\"wp-block-list-item\">your <a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/strategy\/how-to-write-a-business-plan\/\" data-type=\"knowledge\" data-id=\"1199\" >business plan<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\">your business bank statements<\/li>\n\n\n\n<li class=\"wp-block-list-item\">details of your <a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/income\/profit-and-loss-template-for-business\/\" data-type=\"knowledge\" data-id=\"1186\" >profits and losses<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/cash-flow\/what-is-a-cash-flow-forecast\/\" data-type=\"knowledge\" data-id=\"972\" >cashflow forecast<\/a>&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\">your <a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/income\/balance-sheet-template\/\" data-type=\"knowledge\" data-id=\"1105\" >balance sheet<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\">your personal details and proof of address&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\">some form of identification<\/li>\n\n\n\n<li class=\"wp-block-list-item\">a copy of your visa (if you\u2019re not a UK resident)<\/li>\n\n\n\n<li class=\"wp-block-list-item\">historic financial accounts for your business<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">You\u2019ll typically need to outline how long it\u2019ll be before you pay back the loan too. The time frame you can borrow varies, but most lenders average between one and five years.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So it\u2019s good to have a length of time in mind when you\u2019re applying for your loan.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"2buildormaintaingoodcredithistory\">2. Build or maintain good credit history<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Banks like to see some proof that you\u2019ve borrowed money before and have paid it back on time. That\u2019s why having a good credit score will make a loan application easier.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Getting yourself on the electoral register gives lenders a way of checking your name and address history. They need this information to confirm you are who you say you are before they give you any money.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can use a credit score service like Experian or ClearScore to keep on top of any changes to your credit rating and ways you can improve your score.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"3paycloseattentiontodetailonyourapplication\">3. Pay close attention to detail on your application<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The smallest mistake or missing detail on your application could be the difference between getting your loan application approved or declined. So make sure you read everything again to double check the details before you click \u2018submit\u2019.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"4avoidmultipleapplicationsatonce\">4. Avoid multiple applications at once<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If you want to see what sort of loan amount and interest rate you could get, use a calculator first. Otherwise it could look to prospective lenders like you\u2019re searching around in a struggle to get approval for your loan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can try <a href=\"https:\/\/www.experian.co.uk\/blogs\/latest-thinking\/small-business\/business-loan-calculator\/\" rel=\"noopener noreferrer\" target=\"_blank\">Experian<\/a>, <a href=\"https:\/\/www.fundingcircle.com\/uk\/small-business-loans-calculator\/\" rel=\"noopener noreferrer\" target=\"_blank\">Funding Circle<\/a>, <a href=\"https:\/\/www.startuploans.co.uk\/\" rel=\"noopener noreferrer\" target=\"_blank\">Start Up Loans<\/a>. Or your own business banking provider\u2019s website may have a calculator.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"5checkwhetheryoureeligibleforgrants\">5. Check whether you\u2019re eligible for grants<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Before you go down the route of borrowing money for your small business that you\u2019ll have to pay back at some point, it\u2019s worth checking whether any grants are available to you. Funding your business with financing you don\u2019t have to pay back gives you one less financial burden to think about.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read our article on <a href=\"\/knowledge\/funding\/small-business-grants\/\" data-type=\"knowledge\" data-id=\"1525\" >grants for small businesses<\/a> to find out how and where to start your search.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"6ifyourbusinessisaffectedbycoronavirus\">More guides for small business owners<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/funding\/small-business-grants\/\" data-type=\"knowledge\" data-id=\"1525\" >A guide to small business grants in the UK and how to apply<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/self-assessment\/self-employed-expenses\/\" data-type=\"knowledge\" data-id=\"1511\" >Self-employed tax deductible expenses: what can I claim?<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/banking\/best-small-business-bank-account\/\" data-type=\"knowledge\" data-id=\"1332\" >Best business bank account<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.simplybusiness.co.uk\/business-insurance\/faq\/what-is-public-liability-insurance\/\">What is public liability insurance?<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What are your tips for getting a loan approved? Let us know in the comments section.<\/strong><\/p>\n\n\n\n<div class=\"wp-block-group has-azure-200-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-94e519ba wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--80);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--80);padding-left:var(--wp--preset--spacing--40)\">\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"readytosetupyourcover\">Ready to set up your cover?<\/h3>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">As one of the UK&#8217;s biggest <a href=\"\/business-insurance\/\" data-type=\"page\" data-id=\"5152\" >business insurance<\/a> providers, we specialise in <a href=\"\/business-insurance\/public-liability-insurance\/\">public liability insurance<\/a> and protect more trades than anybody else. Why not take a look now and build a quick, tailored quote?<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/quote.simplybusiness.co.uk\/business\">Start your quote<\/a><\/div>\n<\/div>\n<\/div>\n\n<div id=\"nba-body-end\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Looking to apply for a small business loan? Read our six tips for getting approved, including all the information you need to give the lender.<\/p>\n","protected":false},"author":11,"featured_media":26281,"comment_status":"open","ping_status":"closed","template":"","meta":{"sb_hreflang":"","sb_hreflang_url":"","disable_breadcrumbs":false,"sb_breadcrumbs":[],"sb_reviewed_by":"","sb_review_date":"","sb_enable_content_gating":true,"footnotes":""},"categories":[330,336,110],"hidden-category":[],"coauthors":[75],"class_list":["post-918","knowledge","type-knowledge","status-publish","has-post-thumbnail","hentry","category-funding","category-business-structure","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How to apply for a small business loan<\/title>\n<meta name=\"description\" content=\"Looking to apply for a small business loan? 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