In all situations, being prepared can often make the burden a little lighter and in the current climate being proactive rather than reactive will help you to access the financial assistance you need.
It is advised that if you are seeking financial assistance via the Coronavirus Business Interruption Loan Scheme, you contact your main Bank first as each Bank will prioritise those already using their services first.
It would be beneficial to have the following information to hand in preparation as the team at Avanti understand this to be the information you are required to provide;
- Latest annual accounts that have been submitted to Companies House, full version not abbreviated to enable an insight into your trading performance pre Covid 19
- Latest MI (management information) figures from your accounting software package (ideally a Profit and Loss report and balance sheet) if available
- An up to date Debtors & Creditors list
- An overview as to how the CV-19 pandemic has affected the business ; it would be advisable to include how this has affected your customers, supply chain & workforce.
- A breakdown of how the funding will assist you in the short term ; detail what costs / overheads the funds will cover
- Any loan or HP agreements you have (not NatWest) ; please advise where capital repayment holidays have already been agreed / in course to be agreed and what the new repayments are likely to be over 6 months
- Anything else you feel would be relevant to provide at this time
We hope that this may be useful to anyone looking to apply for the loan scheme, as an Avanti client if you require copies of your accounts, please contact the office 014733 558866 / emmalouise.jones@avantigroup.uk.com to request them. We’re happy to help.