December 4, 2009 
This entry was posted on Friday, December 4th, 2009 at 12:11 am and is filed under Accounting, Accounts Payable. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Many small businesses will consider getting a business loan. This is a good way to get the small business started or if you plan on doing some upgrading or updating of the business.
Here is a list of items to bring when you go for your small business loan.
• Purpose of the loan.
• History of the business.
• Financial statements for three years
(existing businesses).
• Schedule of term debts (existing
businesses).
• Aging of accounts receivable and
payable (existing businesses).
• Projected opening-day balance sheet
(new businesses).
• Lease details.
• Amount of investment in the business by
the owner(s).
• Projections of income, expenses and cash
flow as well as the assumptions.
• Personal financial statements on the
principal owners.
• Resume(s) of the principal owners and
managers.
Make sure that your accounts payable is organized and up to date. Accounts payable is considered a big factor for a loan.