Dear Business Owner – Entrepreneur,
A profitable business IS NOT automatically granted a business loan or access to capital. Often businesses that make money, meaning money in the bank cannot qualify for a business loan from the SBA or even get a non-SBA business credit. So today we’re going to discuss what you need to know to apply for a business loan or home loan as an entrepreneur.
The simple truth is, your business feels good to you but looks out of shape to the bank.
- Your tax return is improperly structured. You have cost in the wrong place.
- You are showing huge losses.
- You don’t have a full set of financials: balance sheet, income statement, and cash flow statement.
- And often you just don’t have what you don’t know to have because you don’t have a Small Business CPA on your team.
This is a nice cash flow, cash in the bank doesn’t mean the bank will want to give you a loan.
So here is what you need to apply for a business loan:
- 3 years business tax return
- 3 years personal tax return
- Business Bank account
- Small Business Financial Statements
- Business Owner, personal financial statement
Many small businesses missed out on the SBA disaster recovery, EIDL, and PPP small business loans because Entrepreneurs did not have the basics ready to fulfill the bank loan request, like their small business tax returns.
Don’t let this be your small business, take our next Pocket More Profit Bootcamp, a challenge where we help small businesses and entrepreneurs avoid financial problems and pocket more profit, and have the requirements needed to get approved for small business bank loans.
If you’re ready and need help qualifying for your home loan or business loan as an entrepreneur, take book a quick discovery call at www.discovery.exfinancialcpa.com