This covers the skills, commitment and abilities of the owners and management of your business. To assess risk, we need to know the following:
This refers mostly to the industry in which you plan to set up your business and your customers. To assess risk, we will need to know the following:
Financial risk is determined by the financial state of your business and the security you are able to offer. When it comes to your business's finances, we need to know how much cash you are willing to contribute to your business and where it comes from. This means that you will have to prepare a cash flow projection for at least 24 months.
Bear in mind that a cash contribution cannot be in the form of other loans. It should be an amount of at least 20% to 50%, depending on the type of business and set-up costs. In need, you should be able to pay back a loan from your cash flow.
We will look closely at your breakeven point, and prefer to see a cash margin of safety of at least 20%. This simply means that you will need 20% more cash than the absolute minimum required. We also want to know what back-up plans you have if your sales do not meet your expectations.
We will also need security before we can grant you a loan. When deciding on the security required, we will look at both your personal and business assets. Very often, the equipment that you will buy can form part of the security you offer.
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