What happens once I complete an initial application?
Once you have completed an initial application form, a member of the X-Forces team will be in touch to run through the loan, your business idea and the next steps in much more detail. This is the perfect opportunity to ask questions and make sure your fully happy with the loan application.
How long does the application process take?
There is no set timescale for the application as every business case is different and some take longer compared to others. At a guidance, we normally say to account for 6 weeks from the initial call to submission of the application. However, during busy periods this could increase and may have an impact on the timescales.
What do I need to provide?
In order to support your application, we require you to provide the following documentation:
• Proof of Address (Gas, Electric, Water, Council Tax,)
• Photo ID (driving licence or passport)
• 3 Months Personal Bank Statements (Current account)
• A Business plan and Cashflow Forecast (costs over £800 need to be evidenced)
Why do I need to provide a CV?
A CV is needed to support your application because it allows the business advisor identify skills and work history so that if the business was unsuccessful, you have the skills to get back into employment to ensure loan repayments are made.
Is this a Loan and what are the terms?
Yes, you are currently applying for a personal unsecured loan for business purposes. This means that you as the applicant will be solely responsible for the loan repayments and not the business.
As part of the scheme, you can borrow anything between £500 and £25,000 over a period of 5 years with no early repayment fees. The annual interest rate is currently fixed at 6%.
What can X-Forces Offer?
X-Forces can offer you a range of support through the application process and post application. During the application process, you will be assigned a business advisor who will be on hand to help with the planning process. They will be able to give feedback and pointers on your business plan and help guide you through the application for loan funding.
On completion of a successful application, we will provide 12 months free mentoring. During this period a member of the mentoring team will be in regular contact to check in and make sure everything is going okay with the business and provide you with as much support as you require.