Remaining 'Bankable' when Credit is Tight
The Federal Reserve Board has recently reported that almost all funding institutions tightened their lending standards on Commercial & Industrial loans due to a less favorable or more uncertain economic outlook. So what can a business do?
Los Angeles, CA (PRWEB) November 28, 2007
All businesses need a financial reporting system that produces critical, accurate and real-time data of their business operations. Lack of complete, correct, or up-to-date financial reports is a common reason for loans being rejected.
"A discipline and rigor with respect to financial record keeping and controls will be required as part of your business loan package," according to Mike Miller, Director of www. cfo911solutions. com. Financial reports need to be produced on a timely basis for accounts receivable, accounts payable, operating results and borrowing needs just to name a few. Bank accountants and auditors will be sent in to your business to confirm the accuracy of your financial reports prior to funding any loans.
Accurate financial reports and controls are but one piece of the puzzle as credit markets tighten. "Business borrowers will also need to do a better job demonstrating their ability to repay a loan from cash flow generated by their business" according to Marshall Lebovits, principal of www. funding911.com. Preparing a well written executive summary addressing the key questions a banker will ask will provide them greater comfort during their pre-loan review process.
To find out how CFO 911 Solutions and its partner, Funding 911, can help you, connect to www. cfo911solutions. com and www. funding911.com.
About CFO 911 Solutions:
CFO 911 professionals are the leading, hands-on experts in solving operating, accounting and finance problems for both public and private companies. CFO 911 interim or temporary professionals have amassed a unique depth and breadth of operational and finance experience developed by having worked as Presidents, COOs and CFOs inside Fortune 500 firms, micro cap publicly traded companies, private emerging growth companies and not-for-profit organizations.
Our experience includes a variety of industries: software, telecommunications, wireless services, systems integration, aerospace, defense, manufacturing, distribution, entertainment, health care, medical devices, apparel, transportation, food, computer hardware and peripherals, internet portals, E-commerce, motor sports, specialty retail, restaurants, automotive aftermarket, satellite radio and heavy construction.
To help you improve your bottom line, call our office @ (310) 574-9119, or visit our newly updated website at: www. cfo911solutions. com.