How do I get started and what should I prepare to speed up eligibility checks?

Short answer

Start by completing a Quick Quote with clear business details and gather core documents lenders typically request. Preparing accurate company data, recent accounts, cash-flow evidence and ownership information will significantly speed up eligibility checks. Best Business Loans does not provide loans; we match you with lenders and brokers who will assess your eligibility faster when you supply complete information.

First steps: what to do right now

Complete our Quick Quote form to capture essential details about your business, funding purpose and the amount you need. This short form helps our AI match you with providers who are actively lending to your sector. Submitting a Quick Quote is free and keeps your options open without contacting lenders directly.

Be honest and concise when describing your business and why you need finance. Lenders prioritise clarity: purpose-built borrowing (e.g. equipment, cashflow, fit-out) is easier to match than vague requests. If you already know a likely product type, mention it — for example, businesses with invoices to unlock should consider invoice finance as an option.

Decide whether you prefer direct lender contact or broker introduction; both routes are valid and our platform can connect you to either. Brokers can sometimes package applications more persuasively for borderline cases. Picking a route early speeds the process because different providers expect different document sets.

Documents and data to prepare

Gather the documents lenders commonly request so you can upload them quickly when asked. Typical essentials are: company registration details, recent accounts, management accounts, bank statements, VAT returns (if applicable), VAT or CIS breakdowns, and proof of identity for directors. Having PDFs or clear scans ready will reduce delays and avoid back-and-forth requests.

Key financial items to prepare include the last two years’ filed accounts, year-to-date management accounts, and three to six months of business bank statements. Prepare a simple cash-flow forecast for the next 3–12 months showing expected receipts and payments. Lenders use these to check affordability and working capital needs.

Also collect non-financial documents such as a brief business plan or executive summary (one page), details of major customers and suppliers, and copies of key contracts. For asset or equipment finance, have quotes or invoices for the items you want to buy. For invoice-based products, have a sample aged debtor ledger ready.

How to present information so eligibility checks are faster

Organise documents logically and label each file clearly (e.g., “2024-Accounts-CompanyName.pdf”). Lenders and brokers scan filenames; clear labels speed review. Combine multi-page documents into single PDFs where possible to reduce upload steps.

Create a one-page factsheet summarising the finance requirement: amount, term, use of funds, security available, and any existing finance arrangements. A concise factsheet gives the reviewer context before they read supporting documents. Include contact details for your accountant or adviser so lenders can verify quickly if needed.

Be transparent about adverse items such as CCJs, late tax payments, or bounced payments. Hiding issues usually delays or derails a decision. If you have remediation steps (payment plans, cleared arrears), state these briefly and include supporting evidence.

What lenders check and how you can meet their filters

Most lenders follow a consistent checklist: company age and structure, turnover and profitability, bank account behaviour, customer concentration, and director credit history. Knowing these common filters helps you prioritise what to prepare. If your business is asset-rich, emphasise asset values and ownership documentation.

Different products have nuances: invoice finance lenders will look for debtor ledger quality and concentration risk, while asset finance providers focus on asset age, use and residual values. For options like invoice finance, make sure your sales ledger is accurate and customer credit terms are clear — a well-prepared ledger shortens diligence time for providers such as those described on our invoice finance information page: invoice finance.

If you trade seasonally, provide a 12-month cash-flow snapshot to show peaks and troughs. For high customer concentration, supply evidence of diversification plans or alternate revenue streams. Where personal guarantees or director security may be required, outline this upfront so lenders can include it in early assessments.

Next steps: submitting an eligibility check and using Best Business Loans

When you submit your Quick Quote, attach your one-page factsheet and the core documents you prepared. Our AI and partner brokers use these to carry out an initial Eligibility Check or Decision in Principle. This initial assessment helps identify which providers are most likely to progress an application.

Expect an initial response window of 24–72 hours for a Decision in Principle with basic documents, and up to 5–10 working days for a full eligibility assessment when detailed due diligence is needed. Timelines vary by product, lender workload and complexity of the case. Providing complete, clearly labelled documentation is the single best way to shorten these windows.

We are independent and do not lend money; we introduce you to lenders and brokers who may request further checks. Submitting a Quick Quote does not commit you to any product and does not automatically affect your credit file. Where lenders perform a credit search, you’ll be advised in advance and asked for permission if a soft or hard search is required.

Compliance and clarity

Best Business Loans is an introducer that helps match UK businesses to finance providers. We do not provide regulated advice and we do not guarantee outcomes, interest rates, or approval. We aim to present fair, clear and non-misleading information so you can make informed decisions and seek regulated advice where necessary.

Key takeaways

• Start with a clear Quick Quote and one-page factsheet to accelerate matching.
• Prepare essential documents: filed accounts, management accounts, bank statements, and a debtor ledger if relevant.
• Label and combine files, be transparent about issues, and include contact details for your accountant.
• Understand lender filters for your chosen product and present evidence to address those filters quickly.
• Submissions via Best Business Loans are introductions only; you decide whether to proceed with any lender or broker.

Frequently asked questions

Will submitting an eligibility check affect my credit score?

Not usually at the initial stage; many lenders and brokers start with a soft check that does not show on public credit files. If a lender needs to perform a hard credit search, they should inform you and obtain consent. Always ask your matched provider which type of check they will use before they proceed.

How long before I get a Decision in Principle?

A simple initial Decision in Principle can arrive within 24–72 hours, depending on lender capacity and how complete your documents are. More complex cases needing detailed due diligence may take several working days. Submitting clearly labelled, complete documents reduces turnaround times substantially.

What if I don’t have all the documents?

Provide what you can and be transparent about missing items; many lenders will run a preliminary check while you gather the rest. Explain when outstanding documents will be available and give interim figures such as unaudited management accounts or projected cash flows. Brokers can sometimes help package incomplete cases for lenders that accept staged due diligence.

Ready to get started? Complete your Quick Quote now and upload the documents outlined above to speed up eligibility checks. Our AI will match you to lenders and brokers and coordinate the next steps so you can move from enquiry to decision faster.