A business plan is essential to steer your business in the right direction and achieve success. But do you need a business plan to apply for an SBA commercial loan? Keep reading to find out.
What Is a Business Plan?
First things first, so before delving into the details, let’s define what a business plan is.
A business plan is a written document that outlines your goals in detail. Think of your business plan as a blueprint that defines what success is for your company and how you plan to get there.
There are many examples of business plans online. In fact, the SBA itself offers some templates. You can find them here.
Business Plans and SBA Commercial Loans
Business plans are a key component of any loan package, and SBA commercial loans are no different.
Although on their website, the SBA lists business plans as a requirement for 504 loans but not for 7(a) loans, having a solid business plan is always a good idea because it shows that you understand your business and your industry.
When taking out a business loan every detail matters, and a good business plan can help stack the odds in your favor.
How to Write a Business Plan
When writing a business plan, the simplest option is to use a template like the one linked earlier (here’s the link again, in case you missed it).
If you want to write your own business plan, or if you want to add more information to an existing template, here are some guidelines you should keep in mind:
- A traditional business plan includes the following sections: executive summary, company description, market analysis, description of organization and management, service or product line, marketing and sales, funding request, financial projections, and appendix.
- Remember, while having ambitious goals is important, your business plan should be as realistic and grounded in reality as possible.
- Your business plan is a work in progress. Revisit it often to adjust your expectations and goals.
Gellyfish: Certainty of Execution in SBA Loans
Looking to refinance your SBA loan? Gellyfish is here to help. We offer financing solutions with the certainty of execution you need to take your business to the next level.
We are located in Riverside, and work with clients all over California and beyond. Contact us today by email (email@example.com), telephone (877-800-4493), social media (Facebook, Twitter, LinkedIn), or through the live chat on our home page to schedule a free consultation.