How to Create a Business Plan for an SBA Loan

One of the first things a potential lender will ask to see is your business plan. If you are looking for business financing, a business plan is imperative. It will be impossible to secure an SBA loan without one. Given its importance, a business plan should be regarded as a formal document that is honest and detailed.

Preparing for an SBA Loan

Many small businesses use an SBA loan to finance a start-up venture acquire working capital, pay for a building expansion, or purchase new machinery or equipment. Applying for an SBA Loan requires forms and documentation just like any commercial loan. The lender will have the same expectations and you should be prepared to describe your business, how you will use the loan proceeds, and establish an ability to repay the loan.

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