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Have any of you written a business plan to obtain a loan? Any advice? This is really tough.?

I am in the process of writing a business plan to obtain a loan with the SBA assistance to operate a takeout restaurant. Collecting the financial data is a nightmare since a lot of it is projections and estimates. What makes it more difficult is we're building the business from the ground up. We've gotten most of the bigger cost items on paper but it's the little things that haunting us. Most of the contractors and suppliers won't give you the time of day because they feel like you're wasting their time. I do know that time is money.

4 months ago - 2 answers

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However, if you're applying for a loan and if it is a big amount, banks and even the SBA may consider other factors aside from your business credit: - A business plan explaining what the business is, but this is only the first step - Your background and experience in the business -- in my experience, this is KEY in the eyes of the bank because they want to make sure that you know what you are doing and that you can make the business work. If you don't have any experience with the business, have someone on board that knows the business to give banks assurance that someone will guide you - Your credit factors because it shows your dependability and how well you handle credit. They will do a credit check on you and poor credit history may be frowned upon, or even reason for the disapproval of your loan application - Your collateral. Banks, even SBA guaranteed loans, want the borrower to show collateral. They want to be guaranteed that somewhere somehow they can get payment from you - Condition or terms of loans. Banks would want to know three important things: "How much money are you requesting? What will it be used for? and For how long will it be needed?" Banks oftentimes prefer to approve loans for items that can be identified, has lasting value, and can be repossessed and sold if things fail.

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Twelve Tips for Getting Your Bank Loan Approved www ...

by imisidro

3 months ago

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by ali r- 3 months ago