By Lou Wallace
One of the major failings of most businesses is the lack of accurate financial information. What these business owners don’t understand is that current and accurate financial information is the first thing and lender will want to see and if it isn’t up to par, well you know the old saying about its hard to make a good impression the next time.
Small business owners find it very difficult to justify the cost and time associated with keeping current and accurate financial information. This aspect of the business notoriously seems to take a back seat to all other activities. If I can give any business owner a golden key of advice is while consistent accurate information may not guarantee a loan, it will at least give you an excellent platform to present your financing needs.
How do businesses get a lender to provide funding for their business? Anytime a business owner applies for credit and cannot produce a current Balance Sheet or Income Statement they have just made their request go to the bottom of the stack behind those businesses which always have current and accurate information on the company. If you can’t do it yourself then you need a good bookkeeping service or accountant to assist you. The cost is worth it in the long run.
Performance Funding Group, LLC is a locally owned and privately funded asset based lender who has been providing several different loan products since 1997. Lou Wallace has been working in commercial loans since 1971. Lou Wallace can be reached at 602-912-0200.