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Start your small business' day with free resources from CreditSunrise
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The bank application process
by R.S. Strategies
Essential pieces of information
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Business Description: Usually completed on a Bank’s application form. Be prepared to provide company details such as address, telephone number, contact names, tax registration numbers and other general information about your company.
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Balance Sheet: Financial statement showing company assets, liabilities and equity. (start up companies provide projections only)
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Income Statement. Also called a profit/loss statement: Financial statement showing sales, expenses and profit over a period of time. (start up companies provide projections only)
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Cash Flow Projections: Financial statement outlining the sources and uses of funds over a period of time.
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Statement from each owner outlining personal assets and obligations (if the owners are providing a personal guarantee)
Additional Information
In general, a Bank will require more information as the loan value increases.
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Business plan
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Projected balance sheet
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Projected income statement
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Personal tax returns from each owner
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Business tax return
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Credit history search on the owners and business (completed by the Bank only with your permission)
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Month-by-month cash flow statement outlining expected cash balances at the end of each month.
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Aged list of accounts receivable and payable. This report lists suppliers and customers sorted by how long the invoice is outstanding. Most lending institutions discount any customer that has not paid you within 90 days.
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Appraisal on assets. This is an estimate of value. Appraisals are generally required when financing real estate, purchasing an existing business or used equipment.
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Environmental assessment. Required when purchasing real estate. This is a survey to test for environmental contamination.
R.S. Strategies is a firm that works with CreditSunrise for source financing and business plan preparation.
Other entrepreneur services
Create a working document for your business
An assessment of your existing plan
An assessment of your financial plan
View details you should include in your business plan
View completed business plans we have completed for other companies