How to use of business plan in small business and finance from banks & financial institutions.
Hi I have wrote a variety of hubs on this topic, you can check out my hub:
http://hubpages.com/hub/Business-Plan-S … an-Writers
this has detailed advicce on busines plans and links to further sources of information hope it helps.
A smart way is to put your plan work online (securely, for a selected persons).
A most modern business plan software apps have dedicated websites for every plan. So all you have to do is to develop your plan and then send the URL to the bankers, venture capital folks..
Here is a tool your migh try: http://www.iplanner.net
making sure that your business plan contains all the necessary ingredients of a business plan is a sure way of getting banks and other financial institutions to path with their money. In addition to having a bankable business plan, other soft factors needs to be taken into consideration.
I won't provide a link here, but, a quick look at my profile would give you access to some hubs on business plan that i have written.
It can be really difficult to obtain money from financial institutions based on a business plan alone. The problem arises when you have someone with no commercial experience trying to make a decision on your plan.
One of the biggest factors the decision maker will look at is risk - risk that any money they invest will not be returned. When looking at risk the main factor the bank will be interested in is:
- Your experience in this business
- The amount of money you are investing vs how much you are asking for
The last point is particularly important - if you arrive at the bank asking for a large sum of money but you have no security / you haven't invested any money yourself than you are unlikely to succeed.
In short, no matter how good your plan is, the bank will want to know about what you as an individual will bring to the business.
Getting a loan from the bank or SBA for a small business is near impossible. I was approved for $800k 2 years ago through the SBA, which is almost unheard of. You basically need to be able to show a very thorough business plan. Already having a business is incredibly helpful, as well as having assets for your first business.
I also took the time to write sincere letters explaining how the loan would allow me to grow, thus allowing me to employ more people, help the community and so on.
Actually small business loans from the Small Business Administration (SBA) loan guaranty program are quite easy if you meet a couple of criteria. First your business plan has to make sense. You'd want a sensible plan regardless of borrowing money, right? Second, you need to be able to prove that you have a history of personal responsibility. If you're behind on your student loans or child support payments the Small Business Administration is unlikely to approve the loan. Check my Hubs if you want real life stories of people getting SBA loans.
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