The application is our opportunity to get to know you and your business better, to see it through your eyes, and understand how we can help you grow. Typically, applications for finance are lengthy, unclear and time-consuming. We believe our process is none of the above. 

This step by step guide should give you a clear overview of what to expect when you submit an application for a GrowthLine.

Step one: Submit a short online form

To begin your application, we ask you to provide us with some basic information about you and your company. Where available, we will pull information from public sources such as Companies House. We’ll also need information about how to contact you personally, and some basic financial information from your business; this includes your prior 12 months’ revenue and net profit.

Step two: Provide Filed Company Accounts, a recent bank statement, and 15 months of management accounts

Next, we will need some documents that allow us to review your business’ financial history. You will need to upload your last full filed company accounts, the most recent bank statement from your company’s main current account, and 15 months of management accounts (balance sheets and profit & loss statements). If your company uses cloud accounting software such as Quickbooks or Sage, you can connect these services directly to Growth Street’s platform to provide management account data. Alternatively, you can upload an export of the data from your accounting platform. We have prepared guides on how to export this information from the most common platforms.

A member of our team will be in contact with you within one working day, during business hours, if we require any further information regarding your application. 

Step three: Credit review 

We will use the information you provide in order to make a credit decision on your application. This includes the facility limit we can offer your business, as well as the rate of interest that will be charged. Before we make this decision, a member of our credit team will schedule a call with you or one of the business's owners to discuss the business, the management team, and get to know the story behind the numbers. We think it’s important to understand the qualitative nature of your application as much as the quantitative information your management accounts can provide. We aim to complete this process within two to three working days, depending on your availability for this call.

Once we have completed the review, we will send your file over to our underwriting team for assessment on eligibility for an offer.

Step four: Receive an offer

If we are able to provide a GrowthLine to your business, we aim to send the offer to you within 24 hours of a completed credit review process. If this process will take longer than 24 hours, we will contact you and provide a revised timeframe, or ask for any additional information required. If you are applying for a facility larger than £250,000, the process may take more time for our team to review. In this case, we will advise you of the expected timeframe. 

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