Can a lender demand access to the business's bank statements even after the loan is approved?

Yes, and this is standard rather than unusual. Most commercial loan agreements include ongoing financial reporting covenants that continue for the entire life of the loan, not just at the initial approval stage, requiring the borrower to periodically provide items such as financial statements, bank statements, or compliance certificates confirming the business continues to meet agreed financial ratios or conditions.

These covenants exist so the lender can monitor the business's ongoing financial health for as long as its money is outstanding, rather than relying only on a snapshot taken at approval. Importantly, failing to provide required reporting on time can itself be treated as an event of default under many loan agreements, separate and apart from whether loan payments are actually being made on schedule, which can catch a borrower off guard if they assume being current on payments is all that matters. A buyer taking on acquisition financing should read the reporting covenants closely and build compliance with them into the business's ongoing bookkeeping routine, not treat them as optional paperwork.