To achieve a loan to open a business requires a well-designed business plan, but also collateral in the form of savings, investments or property. A guarantor can help but in UK this is not normal practice.
In the UK you need money to get money. The poor man can only open a business by acquiring investment in other ways, as even with a great idea a bank will probably turn them away.
In general,what are the documents requested? In Malaysia, audited financial statement and cashflow projection among others are the documents that applicants need to furnish the bank with
PAN Card / Form 60 for all applicant / Co-applicant / Guarantor
Audit Report
Additional Documents Required:
Proof of the business establishment, which can be obtained by Shop and Business establishment certificate / GST Certificate / Service Tax Certificate
Acknowledged Income Tax returns, along with duly signed certified copies of the profit and loss account, as well as balance sheet.
If there are any existing loans outstanding for the business, the loan sanction letter and bank statement will also have to be provided to check the repayment track record.
Project report or profile of the business will also have to be provided on the company letterhead.
Copies of Government issued identity and address documents as per current KYC norms. Along with documentary evidences, cheque for processing fee.