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BUSINESS FINANCING GLOSSARY

Personal Financial Statement (PFS)

A summary of an owner’s personal assets, liabilities, and net worth. SBA and larger loans require it alongside business financials.

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Related terms

Articles of Incorporation→The legal document filed with the state to form a corporation. Lenders may request it to verify the entity.Balance Sheet→A snapshot of what your business owns (assets), owes (liabilities), and the difference (equity) at a point in time. One of the three core financial statements.Bank Statements→Monthly records of your business checking activity. Lenders read 3–6 months of them to verify revenue, cash flow, and account health — often the only “document” needed to start.Business License→A government permit to operate legally in your industry and location. Lenders and the SBA may require proof.Cash Flow Statement→A financial statement that tracks actual cash moving through operations, investing, and financing — distinct from profit, which can include non-cash items.Debt Schedule→A list of all your current business debts — balances, rates, monthly payments, and lenders. Underwriters use it to assess how much more you can service.

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