Bank meeting

How to prepare a meeting with the bank?

If you require funds, you can go to your bank and apply for a loan or open an overdraft on your current account. However, banks hesitate to approve credit to new customers and recently established companies. The same holds true if the company is not making a profit or fails to furnish documents with sufficient information.

It is important to prepare well for a meeting with the bank.

The preparation of a business plan includes sales and costs planning, a profitability forecast and liquidity planning besides presentation of the business idea with a thorough explanation of the sales and competitive situation. If the company is already operational, the past performance is to be presented in an appealing manner. Annual financial statements are to be submitted with the required information e.g. through a compilation report of a certified tax advisor or a chartered accountant and shall be provided with a certification or an auditor’s opinion for this. Other details like itemization of the accounts of the balance sheet and profit and loss accounts, fixed assets schedule as well as legal and tax situation should be included in such report.

The equity ratio and the ability of the applicant to repay the credits granted with interest are particularly important for the bank.

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