Your business plan for your loan is perhaps the most important loan document you submit.
To obtain a loan for a small business, there are preparatory steps to accomplish. Gather all financial information. Before writing a business plan, you must have all pertinent information organized. Collect all financial statements, including profit and loss statements, balance sheets and at least three months of business bank statements.
Also prepare a list of assets such as inventory on hand, fixtures and equipment.
If starting a business, collect your personal bank statements from the last six months and prepare a list of all starting costs such as equipment, inventory and fixture purchases; costs of leasing and build-out; as well as legal costs such as registering the business with the state.
Write a pro forma statement. Hire an accountant to write a pro forma statement, which is a projection of future expenses and earnings and are typically attached to a business plan when applying for a commercial loan. Create a business resume.
If the business does not yet exist, write a personal resume or hire a resume writer. Draft a business plan. A business plan is generally about 15 pages and begins with an executive summary--a set of bullet points that show earnings projections and a summary of start-up costs.
The business plan details how the company will operate, the products and services it will offer, operating hours, management structure, number of employees, wages and benefit costs, operating costs such as lease, insurance, licenses and permits and explains how the business will market itself.
Contact a professional business plan writer or business attorney or accountant to write the plan.
Apply for a commercial loan. Contact the lender and ask what documents are necessary to apply for a business loan.We would like to show you a description here but the site won’t allow us.
Create an investment-worthy business plan with our template builder. Download into Word or PDF for free.
We ask the questions, you fill in the answers. Generally, a loan proposal should include these elements: Executive Summary. Begin your proposal with a simple and direct cover letter or executive summary. Business Profile. Describe the history of your business and summarize current activity and results.
Management Experience. You will need to create a business plan before applying for a loan. Your business plan for your loan is perhaps the most important loan document you alphabetnyc.com gives the lender the information needed to assess whether your business will be profitable, and this tells .
4. Draft a business plan. A business plan is generally about 15 pages and begins with an executive summary--a set of bullet points that show earnings projections and a summary of start-up costs. A Business Plan is not simply a description of your business. It includes market analysis, marketing strategies, financial goals, funding and liability information, and company structure details.