Client reached out to me regarding wanting to secure financing
to expand his business. Below is what
his bank required before even processing his loan request.
This is not a startup company, been in
business several years, successful and profitable, but this is what the bank
STILL required.
1. Collateral – hard asset to back up the loan.
2. All owners’ financial details, this leads to a
personal guarantee for the bank.
3. Complete financial statements both personal and
business.
4. Financial statements must include a balance
sheet and CPA certification.
5. Complete details on all accounts receivable, if
applicable.
6. Complete details on all accounts payable,
including credit references.
7. Business plan, must show use of funds and
details on future success.
8 . Copies of all tax returns, all schedules, both
personal and business.
9. Insurance information, both business and
personal.
My process is streamlined, one page application, bank
statements showing cash flow, 24 hours to get you approved, 3 – 7 business days
to fund your loan, depending upon amount and type. You can spend thousands and weeks trying to
get approved, OR you can get approved in hours and funded in only days.
What does your business need? I can help: Michael@MerchantBankingResources.com
Account Executive
1-808-259-1635 Direct
Merchant Banking Resources
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