Business Plan For Bank Loan Template

While it may start out with the basic goals, metrics, projections, market sizing/opportunity, etc.add to it, reflect on results to date, the changing market landscape, and any new benchmarks for success.

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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.

As you build your plan, the goal is to tell a story about your business, how it’s structured, the market you operate within, your sales and marketing plans, your product or service and any intellectual property you own (patents, etc.), and financial statements.

Cap it all off with an executive summary (best written once everything else is on paper).A key requirement of the loan application process is to gather key financial statements and documents, but you’ll also need to include them in your plan.So take some time to assemble cash flow (projections and statements), business credit reports, three years of tax returns, and additional financial statements (balance sheet, profit and loss statement, bank statements), accounts receivable and payable.Engage your team for input or have them take ownership of their field to drive greater accountability across your business.A business plan is vital to the success of any enterprise.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.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.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.

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