Executive summary
The executive summary is the first part of the loan application. It should provide a concise, easy-to-read summary of the loan application, covering all the key elements including:
- The nature of the business
- The potential for profit, management, marketing
- Any competitive advantage the business may have
It should clearly state the:
- Business purpose
- Purpose for the loan
- Loan amount needed
- Projected profits that will be used to repay the loan
- Length of time needed for the repayment
Introduction
Next comes the introduction and should include:
- An overview of your business
- Its structure
- The legal structure
- If relevant, which business is applying for the loan
- A history of the business
- The work experience/ qualifications of the owners
- Other key business information that is not covered in the other sections of the loan application, for example, licenses or registration certificates.
