The simple answer is yes you do. The purpose of the business plan is twofold.
Number one, it demonstrates to potential lenders your fitness as a business owner and entrepreneur to develop and execute a winning business strategy.
Number two, it provides these same lenders the information they require to make an informed credit decision regarding the future financial success of your new venture.
When drafting your business plan answer these questions to ensure your business plan meets the strict demands of underwriting; who, what, where, when, why, how and how much.
Your business plan should be comprised of the following sections, a Cover Sheet, Statement of Purpose, Business Summary, Marketing Analysis, Financial Analysis and any other necessary Supporting Documents.
Writing a business plan is not easy. But don’t worry, we’re able to connect you to a professional who can help you every step of the way. Simply give us a call at 858-762-2774 or visit our website at thinksba.com/contact.
My SBA Loan Pro
The My SBA Loan Pro Podcast is hosted by Your SBA Loan Pro, Ryan Smith. In each episode Ryan provides valuable information and best practices regarding the SBA loan program.
Each episode is approximately one minute in length and addresses topics related specifically to SBA 7(a) and 504 loan programs to purchase real estate, acquire a business or franchise and obtain working capital.
You’re encouraged to listen and subscribe to ensure you’re notified each time a new episode is available. Ryan publishes a new episode weekly on Tuesday mornings, unless he’s kidnapped to a deserted island of course.