Business loan requirements in Jerome, ID start with records that show how the business has run: bank statements, tax returns, a list of what it already owes, and quotes or contracts for the cost being funded. The exact list belongs to the funding partner, which can add to it. Below, an invented parking lot striping contractor gathers records for an equipment loan and a working capital amount, with the months each record covers.
An invented striping contractor asking in April pulls six months of bank statements, the last filed return plus a year-to-date profit and loss, a three-line debt list paying $1,040 a month, a $9,580 line striper quote and a $14,180 job contract.
Bank Statements and Tax Returns: Which Months and Which Year
Other specialty trade contractors (NAICS 2389) with a ZIP 83338 address numbered 8 in 2023 (ZIP Code Business Patterns).
An invented striping contractor calls in April with two costs to fund. Before the call, the owner downloads the statements from the bank's website and pulls the return from the accountant. The months each record covers in this invented request:
| Record | Period it covers | What it shows |
|---|---|---|
| Business bank statements | October through March, six full months | Deposits, balances and payments already going out |
| Last filed business tax return | The most recent year filed | A full year of revenue and expenses |
| Profit and loss statement | January through March | How this year compares with the return |
| Debt list | As of the day of the request | What the business owes and when each item ends |
A funding partner may ask for more months or a second year of returns. If last year's return is not filed yet, a year-end profit and loss statement may stand in until it is.
The six invented statements show these monthly deposits:
| Month | Deposits |
|---|---|
| October | $33,410 |
| November | $38,260 |
| December | $29,840 |
| January | $36,930 |
| February | $31,580 |
| March | $40,770 |
The invented deposits total $210,790, an average of $35,131.67 a month, with $29,840 in December as the smallest month. Those figures are what a partner may set any new payment against, so the owner reads them before asking for an amount.
A Debt List and Current Leases
The invented contractor lists everything it pays on now:
| Obligation | Monthly payment | Payments left |
|---|---|---|
| Pickup loan | $612 | 19 |
| Walk-behind blower lease | $248 | 7 |
| Credit line minimum payment | $180 | Open |
The invented payments come to $1,040 a month. When the blower lease ends after seven more payments, that falls to $792 in this invented case, a date worth writing next to the list so a partner reading it sees the change. Set against the $35,131.67 average of invented deposits, the current $1,040 is 3.0% of a month's money coming in.
Equipment Quotes and Job Contracts
The invented request has two parts. The first is an invented quote of $9,580 for a ride-on line striper, a fit for equipment financing or a term loan; the quote shows the model, the price and what is included.
The second is $3,390 of traffic paint and glass beads for a $14,180 invented contract to restripe a retail parking lot, paid 30 days after the work is done. That gap fits a short working capital amount, and the signed contract shows the price and the payment date. In this invented case the owner also keeps the customer's purchase approval with the contract, since it names who signs off on the finished work.
Owner Information a Funding Partner May Confirm
Beyond the business records, a partner may confirm who owns the business and how it is set up:
- Each owner's name and share of the business, adding up to the whole company
- A government-issued photo ID for each owner
- The business's legal name as registered, and the date it was formed
- A home address for each owner, and the business address if it differs
These items tie the request to the people who own the business and can sign for it. Which product fits each part of a request is laid out on the business loans page.
By Cobblegrove Business Funding · Updated
