topic:
Preparation is Key to your Financing Needs
Sure…credit standards must be met but a bit of front end preparation and a well thought out financing proposal from you can help get to the yes much easier and quicker.
Don’t scrimp on the details…your financing proposal should include the following items:
- A detailed company history
- A brief background (resume) on executive/senior man¬agement and other key personnel
- 3-5 years of historical financial statements
- Year-to-date internally prepared financial statement(s)
- Notations for any significant changes in the financial statements provided
- The previous 3 months A/R and A/P aging
- A list and description of major customers or vendors
- Any recent real estate and equipment appraisals
- A personal financial statement for each guarantor
- The request…loan amount…including proposed rate and terms…what you’re going to do with the proceeds of the loan…how the loan enhances your current business situation.
A detailed financing proposal may seem like a tedious preparation; however, it will certainly provide a strong first impression and will greatly expedite the loan approval process.
Debbie Prewitt
SENIOR VICE PRESIDENT
COMMERCIAL LENDING
11601 Bluegrass Parkway
Louisville, KY 40299
502.633.4450 or 866.633.4450
dpp@cubbank.com
www.cubbank.com
