When applying for business financing, business bank statements are always required. Underwriting may request a “month-to-date” report for several reasons. This resource explains why a month-to-date report may be needed and how to obtain it.
Reasons for Need:
- Monthly Cash Activity: A bank activity review helps assess deposits, expenses, withdrawals, and liability payments. Frequency, amount, and consistency play a role in underwriting decisions.
- Daily Ledger Balance: Evaluating the average daily balance provides insight into cash flow stability.
- Overdrafts and Non-Sufficient Funds (NSFs): Overdrafts or NSFs impact approval decisions and loan amounts.
How to Obtain Your Month-To-Date Report:
- Log into your bank’s online banking portal.
- Filter transactions from the start of the month to “Today’s Date.”
- Download the report or print it to a PDF for submission.
By following these steps, you can quickly generate the necessary documentation for your financing application.
Visit your bank’s website for more information.
