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Make sure to include the following in your financial plan to increase your chances of success with your lender: Loan amount
SBA BUSINESS PLAN CREATOR TOOL HOW TO
How to improve your chances of being approved for an SBA loanīeyond the basics, though, your SBA business plan needs to include a focus on the loan you are applying for and how that will impact your business financially. Financial forecastĪnywhere from 3 to 5 years of financial projections, including sales, expenses, and cash flow.Ĭheck out our complete business plan outline to ensure you have everything you need to write your plan. Sales & marketing planĪ summary of how you sell your product or service and how you market to your target customers. Market analysisĪn overview of your target customers and your competition. Business opportunityĪ description of the business you’re in and the problem you solve for your customers. Executive summaryĪ one-page overview of your business plan and how much money you’re looking to borrow.
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Like any good business plan, a business plan for an SBA loan will cover the fundamentals: 1. How to write a business plan for your SBA loan application
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Loan officers will appreciate a concise overview of your business that provides the overview they need before they start taking a look at your financial plan and your complete business plan. Once you have your one-page plan, you can expand on the ideas to develop your complete written business plan and use the one-page plan as your executive summary. A good one-page plan is easy to read and visually appealing. You’ll then also have your financial forecasts that will take up several pages.Ī great way to start your business plan is to start with a simple, one-page business plan that provides a brief and compelling overview of your business. If possible try and keep the written portion of your business plan between 10-15 pages. Your business plan is going to be read by a bank loan officer and they are going to be less than excited about the prospect of reading a 50-page business plan. As a general rule of thumb, though, you should try and make your business plan as short and concise as possible. The SBA doesn’t have an official recommended or required business plan length. How long does an SBA business plan need to be? Not only will your business plan describe your business to your lender, but it will also have the financial projections that the bank is going to need to help determine if you qualify for the loan. In addition to all the other documentation required for the loan, you’ll need to produce a business plan to accompany the rest of the loan application. That’s where an SBA business plan comes in. They’re going to want to see how the loan is going to get used, and that your future cash flow projections indicate that your business will be able to afford loan payments. You’ll need to pull together your past tax returns, bank statements, and various application forms depending on the type of SBA loan you apply for.īeyond gathering information about the past, the bank that is issuing the loan is going to want to know about the future of your business. SBA loans require a good amount of documentation on both your business and your personal finances. Why you need a business plan for SBA loans For more on SBA loans, read our complete guide. If your business is a startup or is struggling, an SBA loan may not be the right fit for you.ĭespite the personal guarantee requirement, SBA loans are a popular way for small businesses to fund growth and expansion. SBA loans are also typically targeted at businesses that have at least 2 years of history and strong financials. This means that when you get an SBA loan, you are putting your personal assets on the line in the event that your business can’t repay the loan. The SBA requires personal guarantees from anyone that owns at least 20% of the business. That means that if you default on your loan, the government helps repay the bank that issued the loan. SBA loans are loans that are issued by banks and credit unions, but backed by the US Small Business Administration-the SBA. Here’s what you need to know about SBA business plans and how you can maximize your chances for approval. While this is not too different from a traditional business plan, there are some important details that you’ll need to pay attention to. You need to gather paperwork not only on your personal finances but on your business history and your projections for the future.įor most SBA loans, you’ll need to put together a business plan-one that shows how funds will be used and how the business will repay the loan over time. Applying for an SBA loan for your business requires preparation.