Loan Preparation
At CEDF, we’re committed to building more capable business owners.
Have an idea for a new business, or have you been operating for less than two years?
Follow these four steps to improve your attractiveness to small business lenders.
Have you accomplished the steps above?
Or have you operated your current business for more than two years and feel you are ready to apply for financing?
1. Learn About Business Funding
Let CEDF direct you toward the right resources to help your loan application succeed.
Banks and community lenders decline the majority of loan applications they receive.
Finding capital to start or grow a business takes much more preparation than completing a loan application.
We’ll help you understand the process of getting a business loan.
Preparation is your key to improving your results and reaching your objective on the first try.
We’ll teach you the right questions to ask yourself about your business concept.
Enroll me now in Ready for Business Success
2. Use Our Business Plan Resources
- Watch our Build a Winning Business Plan video.
- Download our free booklet, Business Plan Financials Simplified (PDF).
- Download our free business plan template (PDF) from My Own Business Institute.
- Watch our webinar explaining financial forecasts.
- Download our financial forecast template (XLSX).
The Entrepreneurship Foundation offers an inexpensive e-book on starting a business in Connecticut as well as free mentorship from highly qualified volunteers.
A number of applicants have used an online software platform called LivePlan that helps speed up development of business plans by automating certain aspects of the layout, graphical presentation and spreadsheet, and prompting a business owner to supply the most relevant information to explain their ideas. CEDF has arranged with the software developer to provide a discount for their standard software subscription. They also have a premium plan. We receive no compensation for these referrals.
3. Accept Free Expert Assistance
As a lender, we can’t coach you on the specific contents of your plan. That would conflict with our responsibility to make a fair and prudent evaluation of what your application presents. But there is plenty of help available.
Begin by writing your plan to the best of your ability as many entrepreneurs and business owners do. If you feel you need assistance, we recommend you contact one of the organizations below. They have experienced counselors who can review your plan, offer their assistance, guidance and suggestions to get you ready to apply for financing.
Here are some outstanding resources for getting experienced reviews and guidance as you create your plan. These organizations provide free consulting to small business owners but the advisors and mentors will not write your plan for you. Use these services to be sure what you have created makes sense to someone with significant business experience. These organizations also provide business counseling and advice on topics beyond plans.
- The CT Small Business Development Center (SBDC) has full-time paid advisors dedicated to helping small business owners start and grow successfully.
- SCORE chapters across Connecticut are staffed by volunteers, typically with years of corporate experience in particular industries.
- The Women’s Business Development Council is another organization supported by the SBA that works with early-stage businesses.
4. Assess and Strengthen Your Capabilities
Take our business capabilities self-assessment. It’s a great checklist identifying the areas of your operation that need attention and can provide the basis for productive engagement with business advisors.