Larger loans and building credibility

Business loans all have a process of disclosure and research on the business and owner(s). Naturally, the larger the loan, the greater the discovery process, so with loans over $100,000 there is something you should consider doing to improve your chances of being funded.

Hire a 3rd party Auditor

You can improve your chances of approval and reduce the time to get approval with a financial self-audit. An audit will help you get the simple figures about your business:

• Liabilities
• Assets
• Profit & Loss
• Collateral Evaluation
• Balance Sheets
• Growth history and potential
• Industry Data

The audit offers a 3rd party to formally offer responsibility of the accuracy of their statements and evaluation, and they may be liable in the event of any legal action. Lenders look at audits from reputable sources as a strong indication that the business is serious about their goals and transparent about their financials. Lenders want to know your business is creditable to give you the capital you need, so consider spending the money to have an official audit to give the lenders everything they need to understand your credibility. This is typically for established businesses, and it is best for audit records to go back 3-5 years.