A call or the online form opens a request. Next a funding partner takes it up: it may request bank statements, tax returns or quotes, it may check credit, and it chooses whether to offer terms. The owner compares any offer and decides.
Owner and business credit: where it can fit in a partner’s review of a Shelby County, TN law office request
Credit is one part of a review, not the whole of it. A funding partner may check the owner’s personal credit, the business’s credit file or both, and weigh them alongside deposits and time in business.
- Payment history on cards, loans and leases
- Balances compared with credit limits
- Any liens or judgments on file
- Recent applications for credit
A law office owner can read a personal credit report before calling, so nothing in it comes up for the first time during a review.
Legal services in Shelby County, TN ran to 359 establishments with paid staff in 2023, and 61.6% kept fewer than five employees on the payroll (County Business Patterns, NAICS 5411).
Time in business, annual revenue and the amount requested: the request form as a Collierville, TN accounting firm fills it in
The online request asks for a name, phone, email and company name, then the business answers: time in business, annual revenue and the amount requested, with a consent box at the end.
Each answer helps match the request. Time in business shows how long the firm has operated, annual revenue gives a sense of the payment it can carry, and the amount sets the size. A partner may set its own minimums for any of them.
Illustration only, invented figures: an accounting firm with an invented $640,000 of annual revenue asks for an invented $28,000 to move client files to a new document-management system, and writes that cost into the call notes.
Shelby County, TN had 301 accounting, tax preparation, bookkeeping and payroll services establishments in 2023, and 69.1% employed fewer than five people (County Business Patterns, NAICS 5412).
Papers to keep within reach before a partner asks: a Collierville, TN physician office’s folder
None of these is required up front; a partner may ask for a few of them, every one, or something not on the list. One folder holding all of them spares a few emails later:
- Business bank statements for recent months
- Business tax returns, the latest one or two, with every schedule attached
- A government-issued ID for each owner
- Quotes or invoices for what the money will pay for
- Each loan or lease already running, with its monthly amount
- This year’s profit and loss figures to date, where the practice tracks them
For a physician office, the quotes might cover exam-room computers or a new phone system, and the loan list should name any equipment leases already running.
Thirty-four offices of physicians (NAICS 6211) had a ZIP 38017 street address in 2023 ZIP Code Business Patterns.
After the request goes out: the review stages, traced on a repair bill at a Shelby County, TN dental office
- The request arrives with the cost and the amount described.
- A funding partner reads it and may ask for statements, returns or a quote.
- The partner may check credit and review deposits.
- The partner decides whether to make an offer, or declines.
- Any offer lists the amount, the rate, the term, the payment and any fees.
- The owner compares it with other choices and decides whether to sign.
Illustration only, invented figures: a Shelby County, TN dental office needs $9,350 to repair two dental chairs and an autoclave. Suppose, in this invented case, the offer is 12 months at a 13.4% annual rate: each payment is $836.87, and after the twelfth invented payment the office has paid $10,042.44.
The partner sets the pace of each stage, and so does how soon the office sends what is asked for. The products a request can lead to are compared on the business loans page.
What months of bank statements can show a partner about a Collierville, TN restaurant
Bank statements are among the records a partner may ask for. A few months of them can show:
- Deposits, and how they change from month to month
- The average daily balance
- Any days the balance went below zero
- Debits to other lenders, lessors or advance providers
- Card-processor deposits, for a business that takes cards
At a restaurant, card-processor deposits can make up much of what comes in, and a partner may compare them with the payment the requested loan would add.
The accommodation and food services sector, which takes in restaurants, bars and lodging, had 121 establishments with ZIP 38017 addresses in 2023 ZIP Code Business Patterns.
By Baydale Funding Group · Updated