Bank Financing

Banks are cautious about lending out their money to anyone, especially a new business that they do not know will pay back the money owed. In order to know that they can let you borrow their money safely, they need certain information about your company presented in a certain way.

Our New Jersey accounting firm work with banks on their factoring divisions to balance your accounts receivable and to get you a new loan. This branch of the bank you are dealing with needs to know that you can pay them back, and we help you demonstrate your competence through in-person representation at the bank as able.

An executive summary states the purpose of the loan in a concise manner. It details how much money is required, why it is required, and how the money will be used to reach that goal. Feeney Accounting will draft this explanatory document to make your case effectively to the bank.

One of the most important documents to include in a loan application are the financial statements of your company's operation so far and the budget your enterprise works with currently. Based off of your financial records and their underlying assumptions, we prepare your information for presentation to the bank. That presentation will help the lending institution easily read and understand your reasoning behind the loan.

Many small businesses happen to be sole proprietorships and partnerships. Under these entities, there is no separation between personal and business resources; any money you get from a loan effectively goes into your personal accounts. As such, a bank will need to know that a proprietor or partner is personally responsible with money in their private life before giving them public funds.

We can draft and submit financial statements for the bank to look at if you need to demonstrate personal financial responsibility. We copy your last few years' worth of tax returns to include in these documents, and we specifiy the resources being used as collateral for the loan. These records will help prove to the bank that you can use the money borrowed responsibly for your business.

Feeney Accounting helps you establish the terms and benefits of your lending agreement by presenting your information in the manner that the bank prefers to see. For more information, call or email our firm and schedule a consultation today.