Your business is trading, you have accounts to show. That is an advantage — and a trap: the funder will read your past before it reads your project. The whole point is to show that the trajectory ahead follows from facts, and that the new instalment adds to the old ones without putting them at risk.
On growth files, the refusal almost always comes from what already exists, not from the project.
An unusual year, a heavy investment, a change of scope: raw accounts give a false picture. Without adjustment or explanation, the funder reads what it sees — and what it sees is not what you are living.
Loans outstanding, leasing, an overdraft used permanently. The funder adds up everything, including what you no longer count. The question is not whether you can repay the new loan, but whether you can repay all the others alongside it.
More turnover means more stock, more receivables, more wages paid in advance. A profitable growing business can die of cash — and a funding plan that has not funded that requirement will be read as recklessness.
Hiring, software, marketing, sales development: nothing to charge, nothing to resell. Traditional funders fund what can be seized first. This kind of requirement goes through other schemes, provided they have been identified in advance.
Four points, and the first weighs more than the other three together.
A growth file often combines investment funding and working cycle funding. Confusing the two is the most common mistake.
Secured against the asset funded, over five to seven years. It is the base of the funding plan as soon as equipment, works or property are involved.
The asset is funded with no contribution and does not weigh on the balance sheet structure in the same way. Useful when the contribution has to be kept for the working cycle.
Factoring, assignment of trade receivables, authorised overdraft. They fund the gap between what you pay out and what you collect — not the investment.
Bpifrance and some regional funds offer growth loans without security over assets, often conditional on bank funding running in parallel.
Innovation, energy transition, hiring, new premises. They have to be prepared before the spending is committed: afterwards, most can no longer be claimed.
An investor or an operating partner coming in. Mind the order: many directors dilute their capital because they could not raise debt. A share sold is not bought back, an instalment is repaid. We look at debt first.
Novaris is not a broker. This page describes the schemes that exist, it recommends no institution. The funding search, should you want one, is carried out by an intermediary registered with ORIAS, and Novaris receives no commission on the funds obtained.
Adjustment of the accounts, a full count of existing debt, calculation of the operating cash flow available once every instalment has been served.
Five-year forecast financial statements, with the working capital that growth generates, the DSCR, and three stress tests at −10, −20 and −30% showing where the breaking point lies.
Bank version, public-body version, confidential information memorandum, and follow-up of the assessment until the money is released. If a fundraising is being considered, we structure the numbers that support it — without ever approaching an investor, which is not our job.
Growth carried by a single entity calls for the complete file; a group needs to be handled entity by entity. See the packages in detail — or start with the Score.
Ten questions, no document to provide, no appointment. A score out of 100 that measures one thing above all: whether your project is feasible — what is blocking it, and what has to be put right before you present yourself.
Un consultant vous rappelle, sans attendre le résultat d’un test. Réponse sous 48 heures ouvrées, comme pour toute demande.
