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Most banks look for 2-3 years of financial history and a one-year forecast for cash flow and P&L.
The summary should set the stage for your plan, tease the reader as to its contents, and succinctly touch on key targets (business and financial), and your plans to achieve them.
This is something that you’ll need to repeat on your loan application form, but it’s useful to work this into your business plan too.
But a business plan is more than that, it plays a functional role in your path to success.
Alongside your financial statements, it helps you steer your business to success, long after your loan gets approved.
The SBA loan application can be a complex process; the good news is that your SBA-approved lender is there to guide you through the process.
If you already have a relationship with a bank, arrange a face-to-face meeting to learn more about the application process and what they look for in your business plan based on your business profile, funding goals, and the type of loan you’re hoping to secure.
A repayment plan will also indicate that you’re serious about your business and understand the responsibilities of financial management.
Try to break everything down into specifics as to how the loan will be spent.
It describes all aspects of your business – what it does, the financing it has or needs, its future plans, and your strategy for making it all work.
Your business plan is useful for you and your employees, but it can also be crucial for obtaining funding, because banks and lenders may want to see one before they decide to fund your business.