Business Financials Required for Inventory Financing Application
One of the main things you need to do is make a complete collection of your financial documents. This will help you gain a proper understanding of your assets, losses, profits, debts, and future projections of your company’s growth. It includes the following.
Inventory financing lenders usually have accurate and updated balance sheets for your business, and for the previous years.
Profit & Loss Statements
These documents are useful to understand the expenses and revenue of the company. A Profit & Loss Statement for the previous 60 days and for the last 2 years is ideally required.
Inventory financing lenders are very concerned about the future of the business, instead of history. In case you have prepared a well-researched report or a forecast showing a positive growth track, it might be helpful to get the inventory financing.
Make sure you compile these documents before applying for the inventory financing.