Is your business ready for finance? What you need!Nov 12, 2017 Blog Prepare for Finance
To apply for funding for your business takes time – and that is usually the very thing that you don’t have when you need finance. So it makes sense to make sure you are ready before you approach possible lenders. This might help to speed up the application process.
Getting organised and staying that way is often tough, especially if you are an entrepreneur who already have many other responsibilities. While securing the finance that your business critically needs for survival and growth, it might seem like a huge hurdle to overcome to get all the documents together to apply.
It is therefore critical to gear yourself up, and it really is very simple to do. Try creating a folder where you store all the documents that you might possibly need for finance. Initially, it might be a bit of a schlep to get everything together, and it will take time, but once done, it should be easy to maintain. It is best to do this before you run into a situation where you need finance.
The list of documents you need when you apply for funding via RainFin, and possibly with other financial institutions as well, are as follows:
- Certified copies of identity documents for all the directors
- Proof of address for all the directors
- The business’ bank statements for the last 3 months
- Proof of address for the business
- Latest management accounts
- Financial statements for the past 2 years
- Company registration documents (CK1/CK2/CK2A for Close Corporation and COR14.3/COR39/COR44 for PTY Ltd)
- BEE certificate (if BEE certified)
It is best to store the documents online where it is easy to get to, convenient, and safe. It should also be stored where other team members who need to access the information can do so at any time and from any device.
So get organised and ready for what the future may hold!