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Be ready for the bank. Start this week.
Turned down for “not enough records”? That often means the lender couldn’t match your sales to your bank deposits, or couldn’t see invoices and receipts. It’s often about paperwork, not your business. Here’s what lenders usually ask for, and how to get each one.
1The papers lenders usually ask for
- Your sales over the last 6 to 12 months, written down and matching your bank deposits. At the end of each day, write the day’s total in your book, cash and transfer separately. Bank your cash on the same day each week, so the book and the bank tell the same story.
- Money coming into a business account, not only cash in hand. Ask your bank or credit union what you need to open a business account, then put your sales through it.
- Copies of invoices and receipts. A receipt book with a copy for you, or an app on your phone that keeps a copy of every receipt and invoice.
- A simple profit and loss: money in, money out. Once a month, add up what came in and what went out. An accountant can turn your book into a proper statement.
- Your business registration and tax papers in order. Your registration from the Companies Office of Jamaica, your TRN, and a tax compliance certificate (TCC) from Tax Administration Jamaica if your lender asks for one.
Each lender is different, so ask yours for their own list.
2Start this week
- Bank your cash sales at least once a week, on the same day each week. Keep the deposit slips with your book.
- At the end of each day, write the day’s total in your book, cash and transfer separately.
- Keep your book. A good book is a record. It’s just a record the bank finds hard to read or check, so the slips and receipts help it along.
Most lenders want to see months of records, not days. The sooner you start keeping them, the sooner you have them.
3What to ask the loan officer
Read them straight off this page:
- “What records do you need to see from me?”
- “How many months of them?”
- “If you turn me down, can you tell me exactly what was missing?”
4The honest part
No one can promise you a loan. This list helps you walk in prepared. Be careful of anyone who promises you a loan: that’s how a lot of scams start.