Your annual loan review with your Bank is crucial. It’s up to you to arrange it.
All Banks are obliged to offer their SME customers an annual review. Many do this by inviting their Customers to do this in the small print of their Bank Statements. This puts on the onus on the Customer to arrange to meet with the Bank. Your Bank also expects you keep them updated, and to furnish your latest Financial Accounts. Failure to do so can lead to some Banks declaring this as defaulting on your loan terms.
Failure to keep your Bank informed of your current business circumstances can lead to a ‘Back to the Future’ view by the Bank, which will base its opinion of your business on the last interaction you had with it.
Make sure you keep your Bank informed of any significant changes to your business as they happen, and, if you are a borrower or intend to borrow, ensure you arrange an annual review with your Bank. To get the best from these meetings you will need:
1) Your latest Financial accounts – and the story of how your business is doing, particularly any one-offs on the figures.
2) Your Tax clearance certificate from the Revenue Commissioners.
3) The forward plan for the next financial year with your views on the incomes, costs and any capital expenditure on repairs or improvements you foresee.
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