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

Experts from the Cayuga Economic Development Agency helped Theresa Mendez, owner of Moonflower Macarons, obtain a loan from the Auburn City Small Business Assistance Program. Mendez is pictured near center holding scissors during Moonflower’s ribbon cutting on September 4, 2020.


Taylor Symes special for the citizen

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:

Have an up-to-date business plan.

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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