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Has your lender asked you for a personal financial statement? Was you answer “Um, what?” Don’t worry — if you haven’t heard about the document before, that’s because it’s almost exclusively used for credit purposes.
A personal financial statement gives a lenders insight into your personal financial situation at any given point in time. Lenders want to know what’s going on with you, the business owner, even if you are applying for a business loan. After all, you will be the one paying back the loan.