BEGIN:VCALENDAR VERSION:2.0 PRODID:-//ChamberMaster//Event Calendar 2.0//EN METHOD:PUBLISH X-PUBLISHED-TTL:P3D REFRESH-INTERVAL:P3D CALSCALE:GREGORIAN BEGIN:VEVENT DTSTART:20210216T140000Z DTEND:20210216T150000Z X-MICROSOFT-CDO-ALLDAYEVENT:FALSE SUMMARY:SBDC Preparing for Borrowing Workshop DESCRIPTION:There are times when a business must use borrowed funds to meet its operating needs. Whether your business is a Corporation\, Limited Liability Company\, Partnership or a Sole Proprietor\, when approaching a lender and asking to have your project funded by that lender\, one would have to demonstrate that there is a track record showing the ability to repay the funds from the business activities.\n\n\n\nPositioning your business for borrowing will require that the business provide information that can be verified. One should be prepared to provide the following to the lender so that reasonable underwriting can be completed by the decision maker.\n\n\n\n Two years business tax returns including all schedules\n\n Business financial statements (Profit and Loss Report - Balance Sheet Statement of Cashflow)\n\n Two years personal tax returns including all schedules\n\n Personal financial statement (Profit and Loss Report - Balance Sheet -Statement of Cashflow) if you are a sole proprietor\n\n Be sure that you understand your business financials\, many business owners do not fully understand their tax returns and the financial reports that are used to create their returns. The better your understanding of the financial reports and tax returns\, the greater your chances of obtaining the financing you need to fund your business which equates to increased profits.\n\n\n\nAsk yourself\, am I treating my business fair\, did I build in reserves for a rainy day\, have I prepared for another disaster such as Covid -19\, do I have a succession plan in place?\n\n\n\nGet you know your bankers. They are there to help you grow your business and build a stronger business community.\n\n\n\nThis brief piece on preparing for borrowing is the results of my many years of working as a financial professional. I am hopeful that it will serve as a guide as we present new and innovative lending programs that are being developed at this time.\n\n\n\nHosted by:\n\nJohn Coleman\n\nBusiness Consultant\n\nFlorida SBDC at Indian River State College X-ALT-DESC;FMTTYPE=text/html:
There are times when a business must use borrowed funds to meet its operating needs. Whether your business is a Corporation\, Limited Liability Company\, Partnership or a Sole Proprietor\, when approaching a lender and asking to have your project funded by that lender\, one would have to demonstrate that there is a track record showing the ability to repay the funds from the business activities.
\n
\nPositioning your business for borrowing will require that the business provide information that can be verified. One should be prepared to provide the following to the lender so that reasonable underwriting can be completed by the decision maker.
\n
\n&bull\; Two years business tax returns including all schedules
\n&bull\; Business financial statements (Profit and Loss Report - Balance Sheet &ndash\; Statement of Cashflow)
\n&bull\; Two years personal tax returns including all schedules
\n&bull\; Personal financial statement (Profit and Loss Report - Balance Sheet -Statement of Cashflow) if you are a sole proprietor
\n&bull\; Be sure that you understand your business financials\, many business owners do not fully understand their tax returns and the financial reports that are used to create their returns. The better your understanding of the financial reports and tax returns\, the greater your chances of obtaining the financing you need to fund your business which equates to increased profits.
\n
\nAsk yourself\, am I treating my business fair\, did I build in reserves for a rainy day\, have I prepared for another disaster such as Covid -19\, do I have a succession plan in place?
\n
\nGet you know your bankers. They are there to help you grow your business and build a stronger business community.
\n
\nThis brief piece on preparing for borrowing is the results of my many years of working as a financial professional. I am hopeful that it will serve as a guide as we present new and innovative lending programs that are being developed at this time.
\n
\nHosted by:
\nJohn Coleman
\nBusiness Consultant
\nFlorida SBDC at Indian River State College
\n LOCATION:Chamber of Commerce of Okeechobee County 55 S Parrott Ave. Okeechobee\, FL 34972 UID:e.1131.20747 SEQUENCE:3 DTSTAMP:20260526T235641Z URL:https://business.okeechobeebusiness.com/events/details/sbdc-preparing-for-borrowing-workshop-20747 END:VEVENT END:VCALENDAR