YOUNGSTOWN, Ohio – A business plan is an essential document that companies must provide when applying for a commercial loan from a financial institution.
In this month’s Farmers Financial Focus, Greg Ensley, team leader for commercial banking at Farmers National Bank, breaks down several of the nine parts to a traditional business plan.
The first part of the plan – and the most important in terms of catching a lender’s attention – is the executive summary, says Ensley. Who are you? What are you doing? “You have to explain what you bring to the table,” he says. “Make sure you touch all your high-level bases.”