Jeffrey B
1/5
I recently applied to the Samuel Wilson Loan Trust (SWLT) for business funding which operates through the Small Business Research Centre, and while I appreciate the charity's mission to support young entrepreneurs, before applying I sought information on the process to which I found none so I’m leaving this review for much needed transparency.
When I applied, I was told by someone claiming to be “Pat Das Bhaumik” that the process would be multi-staged, with feedback and iterations on a business plan template (see attachment), leading to a final decision by the trustees. Based on this, I submitted a comprehensive 50-page business plan using their template, a forecast sheet, including a detailed market trends analysis, links to my MVP, and proof of concepts. I was under the impression that the advisor and I would work together on this document throughout the process.
However, shortly after, I was asked for even more sensitive personal information regarding my circumstances. I complied, assuming this was part of beginning the formal review. Over time, Pat asked me to submit information including:
Sign up to Experian and export a 1-year credit report export
Proof of address
Several Bank Statements
Two forms of photographic ID
Personal financial agreements
A statement of hardship containing even further sensitive information
Despite providing all of this, my application was rejected solely based on the initial business plan by the advisor based on the scope of the business without any involvement or review from the trustees as initially discussed. I found this process confusing and frustrating, there was no dialogue between me and the advisor for clarity etc, but fair enough it’s their decision.
My Key Concerns:
No Direct Communication: There were no phone calls, video calls (especially odd in 2024), or face-to-face discussions. I was essentially sending highly sensitive information to a stranger over email, with no rapport or personal engagement.
Lack of Clarity: There was no explanation for why this sensitive information was required before a decision was made on the business plan itself. If the advisor alone was making the decisions on factors such as “scale” or “scope”, it would make sense to review the plan first before requesting sensitive data.
No Clear Handling of Personal Data: After my application was rejected, there was no clarification on how my personal information would be handled or stored, which is concerning given the level of sensitivity.
I believe it’s important for future applicants to have realistic expectations about the process. I hope SWLT reconsiders their approach to communication and transparency, especially when requesting such information. If an initial decision is going to be based on business, this should be made clear upfront, applicants should not be asked for sensitive personal details before that point.
For those considering applying, I highly recommend clarifying the process beforehand, particularly regarding who will make the final decision and at what stage sensitive personal information will be required. Just because you’re in need doesn’t mean you should be treated poorly.
I sent emails about my personal information and how it will be handled which has been ignored. Yes, we’re in need, and yes, on paper, the charity sounds absolutely fantastic. However, their process and transparency are atrocious:
No phone call
No video call,
Often short and dismissive emails
Zero rapport-building
To Pat and whoever else may be concerned: yes, we may be less advantaged currently, but we can still tell when we’ve been taken advantage of or treated unfairly.
I recommend that if you’re going to undergo their process do so with caution especially before sending personal information and circumstances to a complete stranger, neither transparency nor courtesy will be afforded to you. (I still don’t even know if I was dealing with a real Pat)
The charity itself is a fantastic cause, it’s my view it’s currently being let down.
