Financial Statements for a Bank Loan
Need financial statements for a bank loan, line of credit, or equipment financing? A licensed Kentucky CPA prepares current, reconciled statements and the schedules local lenders ask for, and keeps them current after the loan closes.
When a bank asks for financial statements for a loan, a line of credit, or equipment financing, they want a current balance sheet and profit and loss that tie to your bank accounts, usually with a year or two of history and a few supporting schedules. I prepare those for businesses in Southeastern Kentucky, and I keep them current afterward, because most loans require updated statements every year.
What lenders actually ask for
A balance sheet and profit and loss for the current year to date, and for the last one to three full years. An accounts receivable and accounts payable aging. A schedule of existing debt. Sometimes a cash flow projection for the next twelve months. And they want the numbers to match your tax returns and your bank statements, because the first thing a lender does is check.
Where businesses get stuck is that the books haven't been closed in months, the statements don't reconcile, or the numbers don't match the tax return. That's what I fix before anything goes to the bank.
What I prepare
Current, reconciled financial statements built from clean books, with the supporting schedules the lender asks for, in a format a loan officer can read. If the books need catch-up work first, I do that. If your lender requires statements compiled or reviewed by a CPA firm under professional standards, I'll tell you up front and help you line that up.
After the loan closes
Most loan agreements require annual statements, and some require quarterly reports or covenant calculations. Once I'm on the books monthly, those are a byproduct of the regular work instead of a scramble every time the bank calls.
Chris Bingham, CPA, MBA
Licensed Kentucky CPA. I spent more than twenty years as an accounting manager and controller for coal and manufacturing companies, and I’ve worked in Southeastern Kentucky since 1996. These days I keep the books for churches, nonprofits, coal operators, and small businesses across the region.
What people ask.
If your question isn’t here, call and ask. I’d rather talk it through than have you guess.
If the books are current, a few days. If they're behind, the catch-up work comes first, and I'll give you a realistic timeline after I see the state of things.
Related pages.
Want to talk it over?
Call, email, or send a note. Tell me a little about your church or business and I'll get back to you.