Often, as a
commercial lender, I have companies inquire as to how they can make their
organization credit worthy. Many times
lenders struggle getting financing approved due to the lack of some key required
information. I would like to take this
opportunity to go over some basic information that may help your company secure
financing. Also note, much of the
information I request is also very useful information for yourselves and the management
of your company.
1. Updated Information
The most important step is keep up to date financial information. Most lending institutions require at least
annual financial statements. This will
include the minimum of an Income/Expense Report and a Balance Sheet. This reporting provides a snap shot of your
business year to date and needs to be completed within 90 to 120 days of your
company’s yearend. Completion of the
same will also result in reporting to CRA (Canada Revenue Agencies) as required
and is typically completed by your accounting firm.
