Smith Dickson offers specialized expertise in obtaining or renewing bank lines of credit or loans. For companies that have difficulty obtaining traditional bank financing, we are often able to help turn their situation around.
For example, a new client came to us recently with some fairly severe issues affecting their ability to obtain outside financing. Their underlying records were grossly wrong: annual losses were shown for several years, current year accounts payable were off by $1.2 million, accounts receivable were off by $800,000 and retained earnings were off by $1.0 million.
Our accountants came in, cleaned up the records, and prepared compiled financial statements. The client was then able to show $9.0 million in revenue, $280,000 in profit, and a positive net worth of $800,000. With our guidance and assistance, the company was then able to obtain a $650,000 working capital line of credit from a highly reputable bank, which it had never had before.