CEDA: The Keys to Creating a Strong Business Loan Application | Business


Taylor symes
Special to the citizen
Provided

Have an up-to-date business plan.

Whether you are a brand new business or an existing business looking for funding, everyone can get funding in one way or another. As a technical specialist with the Cayuga Economic Development Agency, I underwrite business loan applications for the city and county small business loan programs. In addition to underwriting, I work hand in hand with the Cayuga County Industrial Development Agency and Auburn Industrial Development Authority. In these difficult times of COVID-19, the loan applications that are coming to my desk are from businesses trying to get back to normal. I also support startups and companies that need help with strategy and financial assistance. For businesses unsure of how to get a business loan, here are some guidelines for creating a loan application from an underwriter’s perspective:

Being able to provide a business plan when applying for a business loan is a key part of underwriting. Whether it’s a brand new business or an existing one, a business plan is needed. As an underwriter, I pay close attention to a few main sections of the business plan: the executive summary, business objectives, market analysis and financial projections. The summary gives a big picture of what the business is, and the goals give me an idea of ​​where the business wants to go.

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