A documents checklist, five preparation steps and a business plan outline written for Westchester County, NY law firms, plus a level-payment calculator for any amount, rate and term.
A business loan documents checklist for Westchester County, NY law firms
Each funding partner sets its own document list and can ask for more or less than this. For a Westchester County, NY law firm, these records are worth gathering first:
- Operating account statements for the past year, kept apart from escrow or trust account statements, since client funds held in trust are not the firm's money
- Two years of the firm's own tax returns, with a personal return from each owner
- An accounts receivable aging report, which sorts unpaid client invoices by how long each has been outstanding
- A year-to-date profit and loss statement and a balance sheet, from the firm's accountant or its bookkeeping software
- The office lease, or the draft of one if a move is planned
- A written price quote for any equipment, from conference-room screens to document scanners
- Formation papers for the PLLC, LLP or professional corporation, and the firm's EIN
How Westchester County, NY law firms prepare for a small business loan
- Write down the use of the money and its cost, and keep any quotes with it.
- Pull twelve months of bank statements and mark large one-time deposits, such as a settlement payment.
- Run the aging report and note any client who accounts for a large share of receivables.
- Work out a payment the firm could carry with the loan payment calculator.
- Call Cedarstone at (914) 554-1390 to talk through which funding type fits; the request then goes to funding partners.
Getting ready makes a request clearer and settles nothing about the outcome: the requirements and the decision both stay with each funding partner.
Writing a business plan for a loan request as a Westchester County, NY law firm
Investors expect a long business plan; one attached to a loan request can stay at two or three pages and still answer the questions a funding partner may raise: what the firm does, how it is paid, what the money buys and how the payment fits the cash flow. A workable outline:
- The firm: practice areas, years in practice, the owners and the headcount
- Revenue: how clients pay (hourly billing, retainers, contingency) and how long invoices take to clear
- Use of funds: the purchase or the gap, with its price
- The payment: an estimate from the calculator, set beside twelve months of cash flow
- Risks: a large client, a pending matter, and what the firm would cut back if receipts slowed
Payment math a White Plains, NY full-service restaurant can try before a kitchen equipment request
Illustration only, invented figures: spread over 48 months at an annual rate of 10.25%, a $28,400 range and fryer line for a White Plains, NY full-service restaurant becomes a level payment of $723.71. Forty-eight such payments total $34,738.08, so $6,338.08 of the total is interest.
The loan payment calculator runs that same level-payment math for any amount, rate and term, and the equipment financing page has a calculator with a down payment input. An actual offer comes from a funding partner and can differ from either estimate.
Zoning and building permits are not covered on this site, and any building work a kitchen may need is property work outside it. The official website of the City of White Plains is cityofwhiteplains.com.
By Cedarstone Business Funding ยท Updated