Information for Investors
Who are the lenders that AskIf works with?
We rigorously check the lenders joining our network to ensure they offer affordable interest rates and the high level of customer service we want you to experience.Many of our lenders are Responsible Finance Providers, a network of community based lenders who provide hands on support & loans to businesses who have been turned down by a bank. They provide a personal service and each application is assessed on it’s own merits and on a case by case basis, enabling them to lend to businesses that may not pass an automated credit scoring process.
The mission of all of our lenders is to create a positive social and economic impact and they are often supported by government initiatives designed to stimulate economic growth through small business development.
Our lending partners may provide credit to businesses provided:
a. One of the company directors is over 18 years of age
b. One of the company directors is a UK resident
c. It is a Limited Company or Social Enterprise*
d. It has (or will open) a business bank account
e. Most business sectors are eligible for support. Some restrictions may apply due to the terms of our funding sources. The purpose of your business must be legal and ethical. We will not finance any business whose activity may bring us into disrepute.
* Unfortunately, if you are a sole trader or partnership we can’t match you with a lending partner at this time but we hope to be able to provide this service in the future.
How much money could my business borrow?
You can apply for a loan from £5,000 to £150,000 over a term of 6 months to 5 years. It’s important that you can afford the loan repayments. The lending partner will help you decide the right amount to borrow, based on your business plan and growth ambitions. Our partners are organisations who specialise in lending to companies who have been declined credit from banks. Your bank is likely to be able to offer you lower rates of interest, if they will support your loan application. We would recommend applying to your bank first.
What to expect in your loan application
The first stage of your application will be to gain information about you, your business and how much you want to borrow. This shouldn’t take more than 10 minutes to complete. Once we have matched you with a lending partner, based on the information you submit and their lending criteria, they will request additional information to help them assess your loan application (such as business plan, cash flow information etc).
For the first stage of the application (which will be completion of an online application form) you will be asked to provide the following information:
1. Company Data
We will ask you to provide details about your company and can pull data directly from companies house to help make this easy. You will need to check all details are correct and fill any gaps. If your business is not registered at Companies House, you may complete this section manually.
We will need to undertake identity and credit checks on the directors, trustees and major shareholders of the company. We will do these checks once the individuals have completed a declaration form which will be sent to them during the application process. To enable this we will need names and e-mail addresses of the relevant individuals. Undertaking credit checks will leave a hard footprint on the individuals personal credit records. For more information, see www.experian.co.uk
We will ask for information about how much you want to borrow and what the money will be used for. We will also ask if you have already been declined for a loan and if so the reason why (this can help us match you to specific funders). Once we have collected the above data we will match you with the lending partner we think will be most likely to finance your loan based on their lending criteria. Once you have submitted your enquiry, you should expect to be contacted in 2 working days by a loan manager from the lending partner.
4. Additional Information
Your dedicated loan manager will request further information to support your application. Thiscould include items such as your business plan, further information about your company financials and information about the number of jobs created or safeguarded as a result of the loan. Your loan manager will be on hand to offer help and support as you complete this additional information to ensure that you understand what is needed and that you have provided everything needed to assess your application. It is during this stage that any credit checks will be undertaken. You will receive these requests via e-mail with a link to the form or document that needs completing. You can also log on at any point to review the status of your application, using the e-mail address and password provided during registration.
5. Notification of approval or decline
Your loan manager will be on hand to support you and update you about the progress of your application. Once they have all of the requested information they will assess your application on the specific circumstances of your business and notify you whether it is being submitted for approval or if declined. They will aim to explain the basis of any decisions to you.
Got a question? Email us at [email protected]
E: [email protected]
T: 020 3176 7633
©2016-2018 Ask Inclusive Finance Limited
Registered Address: Fryern House, 125 Winchester Road, Chandlers Ford, Hampshire SO53 2DR | Registered in England and Wales No. 10020883
Applications are discussed on a case by case basis with your dedicated loan manager and information is provided to you in order for you to make an informed decision about your business loan. You should be aware that neither your loan manager nor AskIf will be able to provide you with financial advice. Making Loans to incorporated businesses is a non-regulated activity as defined in the FSMA 2000; Regulated activities order 2001 60C. If you are in any doubt as to the suitability of a loan for your business needs please contact a qualified business advisor. Ask Inclusive Finance does not provide regulated credit broking activities and as such will only effect introductions of limited companies, public limited companies or social enterprises to responsible finance providers at this time.
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