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The key to improving your odds of securing approval for a new business loan is organization. When our commercial lenders look at your business plan, we want to know that you’ve thought things through. A well-thought-out plan can also be a useful guide for you to follow as you build your business.
There are 5 components of a great business plan:
Your market analysis should be backed by real data explaining the need for your product or service and what sets your business apart from your competitors.
Your business plan should include a summary of your and your key employees’ backgrounds and experience.
Discuss any potential obstacles and barriers to success along with how you plan to overcome them.
Explain the equity you will contribute and how you will use the loan funds.
Make sure to keep your business plan clear, concise, and avoid redundancies. For help, look for small-business development centers in your area. Once your business plan is ready to go, contact us to ask about a loan tailored specifically to your business goals.