Start-ups and what to consider and top four questions

If you’re starting a business and looking for finance, make sure you’re prepared to answer the bank’s questions and can back up your answers with research as much as possible.

The top four questions you’ll be asked:

When you apply for finance, a bank is most likely to ask the following four questions:

  1. What sort of business are you planning to run?
  2. How much finance do you think you will you need?
  3. How long do you think you will need finance for?
  4. Are you, your friends or your family putting money into the business?

The right answers to these questions will improve your chances of success, helping to make sure you receive the right amount from the best source.

Your business plan should contain the answers you need. You can find out how to write an effective business plan and other tips for start-ups on these pages. Alternatively, you should visit the website of the Better Business Finance initiative which provides a wealth of resources for new businesses looking to take on finance and grow.