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By David Munro (auth.)

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Extra info for A Guide to SME Financing

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This form is filled out by the Loan Officer, sitting at a computer terminal. The two-step application process should not exceed 45 minutes in duration. Depending upon the workload of the branch (getting the recommendation out to the Loan Production Team) and the processing time once received at Loan Production, the applicant should have an initial response within two to three days. While at Loan Production, the analysis will be updated with results from the account turnover analysis, which will establish the final Sales figure as well as the borrowing limits for revolving credit loans.

All sales are for cash (there are no Accounts Receivable); 3. there is no supplier credit (there are no Accounts Payable); …the Income Statement is equivalent to a Cash Flow Statement. A trained banker conducting the client interview while seated at a computer terminal can walk the client through the loan application, including questions that will allow operating expense data to be tabulated, and fill in the blanks on the balance sheet in less than half an hour’s time. While the information is certainly not equivalent to an audited financial statement, the account turnover analysis is hard evidence for the sales figure, and the (to be confirmed later) fixed asset (and inventory) entries are hard enough to ensure that core financial information on the enterprise is largely accurate.

Leverage describes the relationship between a firm’s own funds—its capital—and debt or borrowed funds. 0 (including the loan under consideration). 0 ratio is reasonable. 0 and sometimes higher, depending upon industry norms and the relative prominence and success of the enterprise in question (and if the cost of debt is lower than the cost of capital). For some service industry firms, however, there may be precious little in the way of fixed assets—pharmacies are a good example, as are accounting firms and law offices, and fixed assets are generally the Asset side offset for Capital Funds.

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