Up until now debt Crowdfunding has only been available to Limited Companies and LLPs with at least 2 years accounts filed at Companies House.
On the 21st October Funding Circle will be launching their new service for Non Limited Businesses. Pegasus Funding Resources, an LGBA member Company, is proud to announce that we are one of only 150 brokers who have been authorised to offer this new facility to clients.
An application will require the same information as for limited companies plus bank statements and details of property ownership. This includes:
Year to date financial information (management accounts) for the business as for limited company applications, no more than 3 months old including:
- Cost of sales
- Admin expenses
- Interest paid
- Tax paid
- Other (if applicable, please specify)
- Net profit
- 3 months of business bank statements
- Last 2 years of formal accounts
- Statement of personal assets or details of property ownership including address, value and mortgage outstanding for all partners
- Name, address and date of birth of all partners
- Details of the partnership split (but not the partnership agreement document)
- Certified photographic I.D. and proof of address for all proprietors
- Outstanding loans & credit info
- Completed application form submitted online.
Minimum loan size is £25,000, loans above £100,000 will require sufficient security in the form of fixed assets. The business will need to demonstrate affordability of the loan.
This is a much needed new service to SMEs.
Author: Peter Kelly