To be eligible for this loan please ensure both You and Your Guarantor can answer 'Yes' the following criteria:
- For both an existing business banking with NatWest, and a new company to Natwest, you must be at least 18 years old.
- You are a director, the sole trader, or a partner of the business you're applying on behalf of.
- You are not currently declared as bankrupt, or have received a CCJ or Court Decree.
- For an existing business banking with NatWest, you will need to be willing to provide: Year-end accounts for ideally 2 years worth, tax returns for ideally 2 years worth, business bank account statements for at least 6 months worth. NatWest also require information about what your business owns and what it owes to make sure your business is not over exposed to debt and you’ll be able to manage the repayments. These include: proof of assets and debts; and details of any property, equipment, existing loans, mortgages, hire purchase or other monies owed. Where the amount of lending exceeds £35,001, NatWest will ask for all of the above information as well as the following: Owner investment in business, this gives us a good indicator of your commitment to the business, and other business interests. NatWest needs to understand your level of involvement in the business and your track record, including assets and security. For certain lending options, they may require some form of security such as a property, director’s guarantee or other assets to secure the funding. If security isn't available, there are other options such as government-backed and non-bank funds and schemes.
- For new businesses banking with Natwest: With no evidence of past financial performance, NatWest would ask to see details of what your new venture will look like. They would also ask to see the following information from existing businesses that are expanding or taking a major change of direction, these include: A business plan, a detailed document describing the nature and structure of your proposed business, ash flow forecast/profit and loss, and financial projections to give us an idea of likely incomings and outgoings.
If your answer is 'No' to any of these points you will be declined, and should choose another product or find a different person to act as Guarantor.