When going out for financing, being prepared greatly increases your chances for getting exacting the right type of capital to solve your individual business need. It also shows the prospective lenders and investors that you are organized and well prepared which generates confidence. Here are some common questions.


What do I need if I’m buying equipment costing $150k or less?

  • Lease or loan application
  • Credit release form
  • Four (4) months of bank statements
  • Description of equipment – Quote from Vendor
  • One page summary of company’s business, history, goods/services & purpose of equipment
  • Communicate the purpose and the benefit of the equipment (i.e. revenue generating, etc.)

What do I need if I’m buying equipment costing $150k or more?

  • Personal tax returns- two (2) fiscal years’ for all principals with 20% or more ownership
  • Business financial statements-Last two (2) fiscal years end financial statements (B/S & P& L)
  • Business Interim financial statements-Latest month-end financial statements if year-end statements are older than three months
  • Business tax returns-Latest two (2) fiscal years’ business tax returns
  • Personal financial statement of owner(s) for all principals with 20% or more ownership
  • Most recent brokerage statement (if additional collateral is needed)

What do I need if I’m looking for an Asset Based Line of Credit?

  • Most recent two to three years of balance sheets and profit and loss statements for the most recent completed fiscal year
  • Most Recent two to three years of business tax returns
  • Most recent interim balance sheet and income statement (if year ends are older than 3 months)
  • Aged accounts receivable report matching the balance sheets providing
  • Aged accounts payable report matching the balance sheets providing
  • Equipment and real estate appraisals, if any

Communicate the purpose and the benefit of the loan (i.e. revenue generating, etc.)

What do I need if I’m looking for Purchase Order & Accounts Receivable Factoring?

  • Copies of purchase orders
  • Balance sheet and profit and loss statement for the most recent completed fiscal year
  • Most recent interim balance sheet and income statement
  • Aged accounts receivable report
  • Aged accounts payable report
  • Communicate the purpose and the benefit of the financing (i.e. revenue generating, etc.)