No one ever likes the idea of having to borrow money from someone but in the world of small businesses, there may come a time where you will need to be approved for some sort of loan. Getting a loan from the bank is not all that easy, this why a certified CPA offer their services to clients who are in need of bank financing. New Port Richey business owners need to have some sort of business plan or layout of what they are going to do with their loan when they file their application to a bank acting as a lender.

Executive Summary for a Loan

In order for a business to be considered for a loan, they have to explicitly say why they are applying for the loan, what it is they plan to do with the money if they get approved, and why it is important that you receive bank financing. New Port Richey business owners who mess up on one or more of these questions will probably not get approved for a loan. This is why a CPA will take it upon themselves to represent you to the best of their ability so that you have the greatest chances of getting approved for your loan.

Submitting Personal Financial Statements

One thing that is required with your application when applying for a loan is a summary of your net worth to show the lender where your assets are truly at. If your financial statements show that you are well off and money is not tight, they might not approve you for bank financing. New Port Richey residents who are worried about miscalculating their funds ought to have a professional CPA create a personal financial statement for your company. This insures accuracy but also shows that you are trying to represent yourself to the best of your ability when applying for loans.

*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Suncoast CPA Group*