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Q&A: When your bank asks for personal financial information
My professional corporation borrows from a bank, yet the bank requires that I provide a personal financial statement annually. Why is that?
Q: My professional corporation borrows from a bank, yet the bank requires that I provide a personal financial statement annually. Why is that?
A: First, you are likely a guarantor on your corporate debt. Second, seasoned bankers treat your professional and personal situations as one combined entity and want the complete picture. Finally, banks have strict guidelines about the receipt, quality, and frequency of financial information to determine that their loans are in good shape. Think of the preparation of such a statement as a good thing, similar to an annual physical-or in your case, a financial check-up.
