Ian Taylor, Investment Manager for Co-operative and Community Finance, on how to make a successful loan application . . .
Look at the website of the organisation to which you are applying – check their criteria and what interests them and follow their instructions closely
Ensure your business plan is concise with a summary and what you need in an executive summary.
Convey enthusiasm, belief and passion for your idea
Seek pre-investment advice, for example, from the Co-operative Enterprise Hub
A co-op or community owned business needs to ensure its rules reflect and allow their co-op and governance intentions. Test them against the seven ICA principles
Make sure the investment you are seeking is appropriate to your needs and show through projections that you can service the debt. Do not borrow for a term that exceeds the life of the asset you wish to purchase
Be sure of your market and the competition. Define the gap in the market and how you will deal with the competition’s reaction to your presence. List your USPs
If you present a SWOT analysis, ensure you describe how you will exploit your strengths, mitigate your weaknesses, seize opportunities and lessen threats