RBC Royal Bank publishes three years of monthly cash-flow projections for its commercial overdraft and long-term loan applications, plus a business plan and three years of projected financial statements for a start-up. First Citizens publishes a one-year cash-flow projection with assumptions for commercial facilities, together with historic financials where available and extensive supporting documents. The bank and facility type determine the final package.
Start with the facility, not the document template
A business plan for a TT$100,000 vehicle facility is not the same exercise as a plan supporting a large overdraft, property purchase or expansion loan. Before writing, define the amount requested, purpose, proposed term, expected repayment source and any security available.
The bank can then assess the package against the actual facility. A generic 40-page document that never explains why the money is needed or how it will be repaid is weak despite its length.
RBC publishes clear expectations for commercial credit
RBC Royal Bank's Caribbean business financing page says applicants for a commercial overdraft or long-term loan should provide monthly cash-flow projections for the next three years. An operating business is asked for financial statements for the last three years.
For a business that is about to be set up, RBC lists a business plan detailing the type of business, competitive analysis and marketing plan, together with projected financial statements for the next three years.
That combination tells you what the credit story needs: market logic, operating model and numbers that agree with each other.
First Citizens asks for a different projection horizon on commercial facilities
First Citizens' commercial borrowing page lists cash-flow projections for one year, together with assumptions, as a minimum document for sole traders, partnerships and limited companies applying for a commercial facility. It also asks established businesses for three years of audited financial statements or management accounts.
For a limited company it also lists incorporation records, NIS compliance, ownership information, a company resolution, personal financial statements of significant shareholders, aged receivables/payables and other regulatory material where applicable.
The lesson is simple: prepare to the chosen bank's list. Do not assume a three-year forecast alone completes a credit application.
What a lender-ready business plan should explain
The cash-flow forecast must follow the business assumptions
A forecast is not credible because the spreadsheet balances. Sales should be traceable to assumptions such as units sold, customer count, average transaction value, contracts, occupancy, billable hours or production capacity. Expenses should reflect staffing, rent, utilities, inventory, transport, marketing, tax, financing costs and capital expenditure.
RBC's own cash-flow guidance stresses specific and realistic assumptions and encourages businesses to forecast costs, sales and profits for the first two or three years. The forecast should also show timing: a profitable sale can create a cash problem if the customer pays 60 days after suppliers and payroll are due.
Historic financials and projections have different jobs
Historic financial statements show what the business has actually done. Projections show what management expects to happen. A lender uses both to test whether the forecast is consistent with past performance, planned investment and market conditions.
A new business does not have a three-year track record. That makes the assumptions, owner contribution, management experience, contracts and evidence of demand even more important.
Compliance documents can affect the lending file
First Citizens' commercial facility requirements include an NIS Compliance Certificate and NI 184 form to validate employee numbers. It also asks for FIU registration or sector licences where applicable.
A financing application can therefore expose gaps that were ignored after business registration. Review the post-registration checklist before approaching the bank.
Build the package in layers
| Layer | Typical contents |
|---|---|
| Identity and legal | Registration/incorporation documents, directors, shareholders, IDs and address evidence |
| Compliance | NIS compliance, licences, FIU registration and current company filings where applicable |
| Historic financial | Audited statements or management accounts, bank activity, receivables/payables |
| Forecast | Cash flow, income statement/balance sheet projections where required, with assumptions |
| Business narrative | Business model, market, competitors, operations, management and use of funds |
| Facility authority | Company resolutions, borrowing authority and security documents where applicable |
What BizReg currently sells in this area
BizReg currently offers Three-Year Cash Flow Projections + Bank Opening Letter for Republic Bank, RBC Royal Bank, Scotiabank or First Citizens. That product is useful for account preparation and as a financial-planning component.
A full credit application can require additional business-plan, accounting, valuation, legal, security and tax work. Contact BizReg to confirm the scope before assuming those professional services are included in the cash-flow product. Approval remains entirely with the bank.
Before submitting, run a lender-style challenge
- Can a reader tell exactly what the money will purchase or finance?
- Do projected sales have a measurable basis?
- Does the cash flow show the debt payment and enough headroom if sales are weaker?
- Do the business-plan claims match the financial model?
- Are current debts, receivables, payables and owner funding disclosed accurately?
- Are licences, company filings, NIS and tax registrations current where the bank expects them?
A credible package does not promise certainty. It gives the bank enough evidence to assess risk.
Questions people ask
How many years of cash-flow projections does a bank require?
It depends on the bank and facility. RBC publishes three years of monthly cash-flow projections for specified commercial credit products. First Citizens publishes one year of cash-flow projections with assumptions for commercial facilities. Confirm the current requirement for the chosen facility.
Does a good business plan guarantee a bank loan?
No. Banks assess credit history, repayment capacity, business performance, sector, collateral and other risks. Documentation supports the assessment; it does not guarantee approval.
Does BizReg provide audited financial statements?
The current BizReg cash-flow product covers three-year cash-flow projections and a bank opening letter. Audited financial statements and other professional accounting work require an appropriately qualified accountant or auditor.
References
Requirements can change. Check these references for current details.