Weststone Lending's guides for Elyria, Ohio owners cover the city's zoning code, zoning map and building permits, Ohio child care license lookups and inspections, and how a Lorain County, OH business purchase is financed, plus a CNC machine payment calculator. The page also explains what a partner reads in a business plan and a documentation checklist.
Business Plan for Loan Approval: The Parts a Partner Actually Reads
A partner reading a business plan looks for a few things: what the money buys, what it is expected to produce, and how the payments will be covered if the plan runs late. Market descriptions and mission statements matter far less than the numbers behind them.
- The amount and an itemized use of funds.
- Current revenue, costs and cash flow from records.
- A projection that ties the new spending to new revenue or savings.
- How the payment is covered if the new revenue arrives later than planned.
How to Make a Business Plan for a Loan With a Machine at the Center
For an equipment request, build the plan around the machine. State what it replaces or adds, how much work it takes on, and what that work is worth. A job shop adding a press brake might show the parts it now sends out, what it pays for that outside work, and what the payment on the machine would be. The CNC machine payment calculator gives that payment.
How to Write a Good Business Plan for a Loan: Numbers Before Adjectives
Numbers persuade; adjectives do not. Use figures from bank statements and tax returns for the starting point, show the assumption behind each projected figure, and keep the projection modest. If the plan relies on a new customer, say whether there is a signed order. If it relies on a price increase, say so plainly.
Census figures for Lorain County, OH, such as the sector counts on the Elyria, OH page, can frame the market, but they cannot stand in for the business's own records.
Commercial Loan Documentation Checklist Sorted by Who Produces Each Record
| Record | Who produces it |
|---|---|
| Business bank statements | Your bank |
| Business and personal tax returns | Your tax preparer |
| Profit and loss statement, balance sheet | Your bookkeeper or accountant |
| Receivables aging, payroll reports | Your accounting or payroll software |
| Vendor quote, contractor bids, purchase agreement | The vendor, contractor or seller |
| Debt schedule | You, from loan and lease statements |
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