{"id":208629,"date":"2025-10-20T07:22:34","date_gmt":"2025-10-20T14:22:34","guid":{"rendered":"https:\/\/www.nationalfunding.com\/blog\/?p=208629"},"modified":"2025-10-17T16:22:49","modified_gmt":"2025-10-17T23:22:49","slug":"what-ai-can-be-used-for-on-business-loan-applications","status":"publish","type":"post","link":"https:\/\/www.nationalfunding.com\/blog\/what-ai-can-be-used-for-on-business-loan-applications\/","title":{"rendered":"What AI Can Be Used for On Business Loan Applications\u00a0"},"content":{"rendered":"

AI systems like ChatGPT, Perplexity, and Claude (also known as LLMs or Large Language Models) can be used to help find and fix errors on your business loan application, reword sections so they\u2019re clearer if you get stuck with phrasing, and help with the business plan portion including forecasts and charts.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>This technology can be a time-saver when it has accurate data and you give it specific instructions. But it\u2019s important to consider what you\u2019re asking for and the specifics of your prompts.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>AI should not be used for researching market conditions, accurate market rates, and other details that are time-sensitive or need current information, unless you upload the data to the system. This is because AI relies on their latest content gathering and the data sets on which they are trained to give you answers. Further, AI is designed to give you the answers you want to hear based on your prompts versus being able to fully fact check and be accurate. But don\u2019t let that deter you from using AI for some pieces.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Here\u2019s some of the things you can use AI like ChatGPT, Perplexity, and Claude for, and a few items you want to avoid using it for unless you upload the data and can ensure it only uses your information.<\/span>\u00a0<\/span><\/p>\n

Cleaning up, Simplifying, and Rewriting Content<\/span>\u00a0<\/span><\/h2>\n

If you write a section like your business plan that goes with the application, but you can\u2019t get the wording right, AI can help. Have the LLM take the content and ideas you put into writing and revise them. You can have it rewrite headers or even entire sections.<\/span>\u00a0<\/span><\/p>\n

Here are some prompts you may want to try rewriting the executive summary that goes at the beginning.<\/span>\u00a0<\/span><\/p>\n