Information for Social Impact Investors
What is a Responsible Finance Provider (RFP)?
The responsible finance sector is a network of community based lenders who provide hands on support & loans to businesses. They provide a personal service and each application is assessed on it’s own merits and on a case by case basis. They may be able to provide loans, even if your application for a business loan has been turned down by a bank.
RFPs are funded by investors who want to create a positive social and economic impact and by government initiatives designed to stimulate economic growth through small business development.
Could my business be eligible?
Our responsible lenders may provide credit to businesses provided:
* Unfortunately, if you aren’t an incorporated business or social enterprise (i.e. you are a sole trader or partnership) we can’t match you with a responsible finance provider at this time but we hope to be able to provide this service in the future.
Frequently Asked Questions
How much money could my business borrow?
You can apply for a loan from £1,000 to £150,000 over a term of 6 months to 5 years. It’s important that you can afford the loan repayments. The responsible finance provider 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.
Once we have matched you with a responsible finance provider, based on the information you submit and their lending criteria, they may 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 pull data from companies house, but you will need to check details are correct and fill any gaps. You will need your company number to enable this. If you 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 as sent to them during the application process. Undertaking credit checks will leave a hard footprint on the individuals personal credit records. For more information, see www.experian.co.uk
You will need to provide details of your business bank account (sort code & account number). We require this information to undertake verification and anti-money laundering checks on your company.
We will ask for information about how much you want to borrow and what the money will be used for. Once we have collected the above data we will match you with the responsible finance provider(s) 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 responsible finance provider directly.
5. Additional Information
The loan manager will request further information which could 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 you understand what is needed and have provided what they need to assess your application. You will receive these requests via e-mail with a link to the form or document that needs completing. It is during this stage that any credit checks will be undertaken.
6. Key Facts and Final Confirmation
Once the loan manager is satisfied they understand why you need the loan, and that your business should be able to afford the repayments, they will send you a Key Facts document. This will summarise their understanding of the terms of the loan that you would like to apply for, and details of any security you have agreed you are able to provide in support of your application. You will need to confirm agreement to these Key Facts before you submit your loan application for approval.
Got a question? Email us at firstname.lastname@example.org
T: 020 3176 7633
©2016-2017 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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