So you’ve got a new start business and you want to lease your IT equipment. What do you need to do, and how does it work? If you are a new business you are probably well aware of how difficult it is to establish a credit history, as well as how traditional financing methods such as banks can be difficult to deal with. HardSoft can provide from £1,000 to £15,000 of lease finance to new businesses, which can include both hardware and software.
Here we explain our simple application process for new start businesses:
- The first step is to establish whether you are a homeowner.
- If you are a homeowner, we will ask you for bank statements (either business or personal) in order to assess your ability to meet the lease repayments. If you are not a homeowner, we will ask you to provide a guarantor, such as a director, shareholder, or relative.
- Unfortunately, if you’re unable to provide a guarantor we won’t be able to proceed with your lease application.
- Once you have provided your bank statements, we will review them to prove you can cover payments.
- A Limited Director’s Indemnity may be requested if you have set up a new Limited Company.
- If we cannot be satisfied that you would be able to make the repayments on your lease we will not be able to proceed with your application.
- If you are looking for an amount in excess of £10k we will request to see your business plan or proof that you have external investment in your business.
- Once we have seen either your business plan or proof of external investment we will complete your application and proceed with any credit searches.
- If you are requesting less that £10k we will complete your application and proceed with any credit searches.
The first payment will be equivalent to one month’s payment, which can be paid by debit or credit card. Occasionally we may require the lease to be over 24 months (rather than 36) and a deposit of three months maybe requested should the ability to repay be difficult to assess.