Our lending application process
When you want it to be straightforward.
We’re committed to providing a lending application process that gives you access to a broad selection of lending options – and helps make it simpler to apply for the funding you need.
You’ll find details of our lending process below. You’ll also find guidance on how to build your application. By following the five steps outlined you should have the tools necessary to create a strong lending application.
We offer a complete range of business finance options that can be tailored to meet your business needs. Before speaking to us it's a good idea to look at which of the different finance options are appropriate.
To help you prepare your application, our finance application checklist gives details of the questions you may be asked. These will include your borrowing requirements, information about your business, business plans and cashflow forecasts.
Making sure you have all this information will strengthen your application and reduce the likelihood of any delays. Our Business Guidance section can also offer valuable help and support.
Your business will be in a stronger position when applying for finance if you can demonstrate:
- A good financial track record (if it's an existing business).
- Sound management.
- A business idea expressed in a well-researched, well-presented business plan.
- Financial controls.
- Personal commitment from your principal shareholders/partners.
- Financial security.
There are two ways that you can start the application process:
Once your application has been submitted we will check to ensure that we have all the information that we need from you. They will assess the suitability and affordability of the finance option you've chosen and, if necessary, arrange a meeting to discuss your borrowing request. They'll also explain the next steps in your specific borrowing journey.
We’ll try to give you a decision as quickly as possible, however, it may take a little longer if we need more information from you.
During the review process we’ll:
- Ensure we have all the information we need. In some instances we may need to request further documentation from you, so it's worthwhile providing as much information as possible up front to help us process your application efficiently.
- Complete background checks on you and your business as appropriate, such as Companies House searches.
- Assess the suitability and affordability of the finance option you have chosen, including explaining the cost of borrowing.
- Explain other types of finance which may be suitable, so that you can consider which is most appropriate for your business.
- Ask your permission to carry out a credit check on you and your business.
Making a decision
We aim to meet every reasonable request for commercial finance (whether short-term or long-term) if your business is eligible. For more information on our commitment to supporting UK businesses, please see our Business Charter.
As soon as we’ve made a decision on your application we’ll let you know in writing. If your application has been successful we'll send you the appropriate paperwork and let you know when and how you will receive your finance.
If you disagree with a declined application:
If you feel that we have incorrectly declined your application for finance we have a clearly defined appeals process that provides details of how and when you’re able to appeal.
ANY PROPERTY GIVEN AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBTS SECURED ON IT.
All lending is subject to a satisfactory credit assessment and we will need your permission to carry out a credit check on you and your business.
You should not apply for an amount that you cannot comfortably afford to repay now and in the future to avoid the possibility of legal action.
All lending is subject to status. Security may be required.
Overdrafts are repayable on demand.
We adhere to The Standards of Lending Practice which are monitored and enforced by the Lending Standards Board (LSB)
While all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Bank of Scotland for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstances. Specific advice should always be sought in each instance.