Bookkeeping

Improve your Odds of Getting a Loan with a Bulletproof P&L Statement

BY ON October 31, 2017

One of the most important financial statements your small business has is a profit and loss statement. As a start-up, your P&L statement is critical for analytical reasons, but it can also be used to assist you in getting the loan you need to finance your idea. It gives investors a clear overview of your company and what they can expect from you.

When applying for a small business loan, however, your P&L statement will contain important information like forwarding projections. As investors see all small businesses as a higher risk investment, it is up to you to convince them that your business has what it takes to make it. Proving your business’ viability is the only route to go.

Besides exceptional credit, your business plan, and a personal resume that speaks volumes about you, your P&L statement is one of the most important requirements for business loans. This begs the question; how can ...