APPLICATION CHECKLIST

As detailed on Our application process page, there are three stages to applying for a Start Up Loan with Outset Finance. At each stage, you will be required to upload a range of documents to support your application. These items are listed below, by stage, to help you prepare everything you’ll need as you go along.

In addition to this, you’ll also be given the chance to upload a range of other supporting documents to accompany your application. While these are non-mandatory documents, any evidence you can provide to substantiate the claims you make in your business plans can only strengthen your application.

You can download a print friendly copy of this checklist for your files from our Useful resources page.


STAGE 1 – “PERSONAL DETAILS” FORM:

1. A signed credit declaration form
*Free template available on our Useful resources page >>

2. Bank loan refusal or decline letter
*N.B. it is possible to submit a ‘self-declaration’ letter if you believe you will be declined. Free template available on our Useful resources page >>

3. Proof of identification
*Choose one item from List A below (if you don’t have a valid form of ID, contact our team to discuss other options).

4. Proof of address
*Choose one item from List B below.

LIST A:

  • Current signed passport (plus valid visa if you are not a UK / EU citizen)
  • Current signed UK photo drivers licence (full or provisional)
  • Current signed EU photo identity card (please note, if using this option we will also need two items from List B below)

LIST B:

  • Utility bill (gas, water, electric, landline or broadband) issued within the last three months. Please ensure this is a postal (not online) utility bill.
  • Council tax bill or Housing Entitlement letter issued within the last 12 months. Please ensure this is a postal (not online) council tax bill or Housing Entitlement letter.
  • Letter from HMRC or DWP (not a P60/P45) issued within the last 12 months. Please ensure this is a postal (not online) letter.
  • Bank, Building Society or Credit Card statement issued within the last three months. Please ensure this is a postal (not online) bank statement.
  • Mortgage statement issued within the last three months. Please ensure this is a postal (not online) mortgage statement.
  • Current UK drivers licence (full or provisional) if using another document in List A.
    (Please note, the drivers licence must show your current address)

STAGE 2 – “BUSINESS DOCUMENTS” FORM:

1. Business plan
*Free template available on our Useful resources page >>

2. Cash flow forecast
*Free template available on our Useful resources page >>

3. Personal survival budget
*Free template available on our Useful resources page >>

*Please include ALL income and expenditure for your household (e.g. partner’s salary and financial commitments) not just your own.

*To allow us to cross reference any income, it would also be helpful if you could attach a copy of your latest payslip or a bank statement showing your credit.

4. Other supporting documents related to your business plan
*This is only optional as you will be asked to submit full supporting documents in Stage 3.


STAGE 3 – “SUPPORTING DOCUMENTS FORM”:

1. Three consecutive months of personal bank statements
*Please ensure these are your most recent statements and are original documents on your bank’s letterhead – do not submit screen shots of your online accounts or a list of transactions in spread sheet format. You can request copies from your bank.

*Please also ensure that these statements relate to your general household expenses and not a rarely used bank account.

2. An up-to-date CV
*Free template available on our Useful resources page >>

3. Signed copy of the Start Up Loans mentoring agreement – [abridged version]
*It is mandatory for all successful Start Up Loans applicants to be paired with a mentor to receive 12-months complementary support, and this agreement outlines the nature of this mentoring. This agreement, along with full terms and conditions and the Mentoring Code of Ethics, is available on our Useful resources page >>


OTHER:

You will also be given the opportunity to upload a range of other documents to support your application. While these are non-mandatory, they will serve to strengthen your case. You may like to think about gathering the following documents as you get started in preparing your application:

  • Supplier quotes:
    For larger items a quote from a supplier will be needed to support the costs you have outlined. If you intend to use your Start Up Loan to buy anything over £1,000, please include a formal quote with your application.
  • New businesses – market research
    Evidence of any market research or competitor analysis that you have completed is a great way of strengthening your application by demonstrating a clear market need for your product or service.
  • Existing businesses
    If your business is already established, then along with your personal financial statements it will strengthen your application if you also present your business account bank statements from the last three months.
  • Qualifications
    If you have any formal personal qualifications related to your business, then providing a copy of your transcript or other certificates can help to validate your expertise.
  • Purchasing or leasing premises
    If you’re intending to take on new premises to trade, our loan assessors will want to see a copy of the terms of the property as supporting evidence.

Visit our Useful resources page for links to a range of free templates >>