Indeed, no matter which bank you’re working with, the wait for a response to a financing request can sometimes seem endless. From 24 hours in the best-case scenario, the wait can sometimes stretch to several weeks.
Fortunately, there’s a way to speed things up and increase your chances of approval: prepare your application thoroughly!
All banks have essentially the same expectations when it comes to financing applications. The following tips will help you save valuable time. They will guide you in creating a “template” that you can then reuse for each new financing application.
The principle is simple: a complete and well-organized application is processed more quickly. It will also demonstrate your commitment and show that this is a well-thought-out project.
Pay Attention to Your Cover Page
Your advisor will form an initial opinion of your project based on the cover page. Don’t overlook it—take care to make it look professional. It’s not just for providing information; it should also make your advisor want to dive into your project. A cover page should include:
- Your logo: Always highlight your brand and image
- Your company's address
- The manager's name
- A heading such as “Funding Proposal – Purpose of Funding”
Table of Contents
Introduce Your Company
- The date your business was founded
- Your industry
- Your customer base: B2B or B2C
- Your collection and payment terms
- The number of employees
- Your Seasonal Trends
- How you stand out from the competition (if applicable)
- Market Growth Prospects
Introduce the manager and key personnel
It’s often the CEO who embodies the company. Elon Musk is synonymous with Tesla, Bill Gates with Microsoft… The same is true for your company. So introduce yourself and explain who has made your company what it is today. If it’s relevant, don’t hesitate to mention your team as well. For example, a Michelin-starred restaurant is nothing without its head chef—he’s a key figure in the business and should be introduced.
A brief introduction is sufficient—just a few lines of text, followed by the resumes. The most important information is:
- Number of years of experience in the field
- Number of years of management experience (if you have previously served as a salaried manager)
- What motivated you to start this company?
Economic Analysis
The economic analysis is the core of your funding application. It is the part that will require the most time and thought on your part.
In this section, you will identify the target market for your product or service and justify your business location by analyzing your environment. To do so, the INSEE website offers a wide range of statistical resources. There, you can find detailed information about the population in your catchment area, including income levels, average age, and socioeconomic categories.
Economic analysis is also where you can identify your competitors.Justify your location relative to the competition. Real estate agencies, for example, have every reason to cluster geographically to make it easier for clients—who tend to visit multiple agencies—to search and compare options.
Include diagrams and maps (Google Maps allows this) to illustrate your points and make your report easier and more enjoyable to read.
Financial Analysis
Essential Appendices
At the end of the application, include all the required documents, namely:
- A Kbis extract issued within the last 3 months (if applicable)
- Articles of Incorporation or Draft Articles of Incorporation
- Registration (if the profession is regulated)
- Quotes confirming the amount of the planned investment
In conclusion
There’s never a guarantee that you’ll be granted funding. A number of factors come into play—some beyond your control, but others that depend on you. By focusing on the factors you can influence, you’ll give yourself the best possible chance of success.
Well-crafted content will demonstrate your professionalism, and a polished presentation will make your advisor want to take an interest in your project.
Contrary to popular belief, there is no limited “supply” of credit that a bank can extend. A viable and promising project is just as much in the interest of the project owner as it is in the interest of the bank and your advisor.