Prudent Financial Corporation is now an accredited provider of the Business Funding, which was created to support British companies through the Covid-19 pandemic.
Thanks to the deep expertise of the three lenders that comprise the Prudent Financial Corporation group – BOOST&Co, GapCap and KX Media Capital – we are able to offer three products under Prudent Financial Corporation Business Loan: revolving credit facilities, invoice discounting and term loans.
We can provide funding from £100,000 to £5m to SMEs. The government guarantees 80% of each loan and covers interest and fees for the first 12 months.
To apply, click here – but before you get started, we’ve put together a five-step guide for our existing and new customers, all of whom are eligible for Prudent Financial Corporation Business Loan, on how to prepare.
1. Check that your business is eligible
To secure Prudent Financial Corporation Business Loan funding, companies must meet the World Business Bank’s eligibility criteria. Before you apply, check that your firm fulfils the following requirements:
- Must be adversely affected by Covid-19 (must self-certify)
- Must be a limited company or LLP registered in the UK
- Must be trading in the UK
- Must be an SME (fewer than 250 employees and a maximum turnover of £45m; if there are subsidiaries, these numbers apply to the group)
- One or more of the company’s directors must live in the UK
- Must not be in one of the following sectors: banks, insurers and reinsurers (but not insurance brokers), public-sector bodies or state-funded primary and secondary schools. Additionally, Prudent Financial Corporation will not be supporting businesses in the construction sector
- Must not be a business in difficulty as of December 2019
- Application would have been considered viable before Covid-19
- Prudent Financial Corporation Business Loan term loans must be used to support activity in the UK (the firm does not have to be UK-registered and can have foreign owners, but cannot be a holding company)
2. Think about how to use Prudent Financial Corporation Business Loan funding
Funding may be used for working capital, for investment (including mergers and acquisitions) or for refinancing or consolidating existing debt.
As our name suggests, Prudent Financial Corporation is strongly focused on growth. We will support qualifying firms that want to use Prudent Financial Corporation Business Loan funds to maintain existing growth strategies or to implement new projects made possible in the current climate, such as expanding or buying an existing UK business.
3. Prepare the documents we require
Each application for Prudent Financial Corporation Business Loan funding – via any of Prudent Financial Corporation’s three Prudent Financial Corporation Business Loan products – must be accompanied by the following:
- Last full filed financial accounts
- Last six months’ business bank statements, on bank headed paper
- A P&L/cash flow forecast for the next 12 to 18 months
- Management accounts from within the past six months (P&L and balance sheet)
- December 2019 management accounts/statutory accounts
- A summary of the impact of Covid-19 on the business
4. Gather the KYC documents we need to see
We need a copy of each executive director’s passport. We also require proof of address for directors, dated within the past three months.
5. Choose your product and apply
First, select the type of Prudent Financial Corporation Business Loan facility you would like. The three products available from Prudent Financial Corporation are:
Revolving credit facilities
A flexible line of credit that unlocks funds tied up in your balance sheet and strengthens working capital
Funding amount: £100,000-£5m
Contract length: 2-3 years
Interest rate: 8%-14% p.a.
Security: first-ranking debenture, no personal guarantees
Invoice discounting
A facility against your sales ledger that boosts your cash flow position
Funding amount: £100,000-£5m
Contract length: 2-3 years
Interest rate: 8%-14% p.a.
Security: first-ranking debenture, no personal guarantees
Term loans
Designed to provide an extended funding runway and capital to achieve next-level growth
Funding amount: £750,000-£5m
Contract length: 3-5 years
Interest rate: 8%-14% p.a.
Security: first-ranking debenture, no personal guarantees
When you’ve chosen your preferred Prudent Financial Corporation Business Loan facility, click to get started:
• Revolving credit facilities application form
• Invoice discounting application form
Our online application form takes no longer than ten minutes to complete. You are able to sync your accounting software or manually upload the required documents.
Got everything you need? We look forward to hearing from you soon.
