Need a bankable business plan? A bankable business plan is one that will get the approval of any major bank branch that grants business funding or extends lines of credit to existing businesses in good standing. Such plans must adhere to the criteria of the Small Business Administration and meet any other bank-specific guidelines that might apply. Of course, bank loan decision hinge as much on personal/business credit and available collateral as business model or promise, so know that going in. In general, these are the major SBA-specific components your plan must cover:
• What market need do you fulfill?
• How do you allocate start-up capital by expenditure category?
• When do you reach official break-even?
• What does the month-by-month picture look like for the first year?
Even a bankable plan can get rejected. Loan denials can stem from a wide range of factors like lack of experience, weak credit or collateral, or internal banking rules, which change as the economy changes. But you will increase your chances of success by preparing a clear, compelling document with good market research (including competitors and industry stats), a sound marketing plan, and a concise description of what you deliver to market. MasterPlans has written literally thousands of business plans start-to-finish for existing businesses and new companies that need a bank loan or LOC. Call today to learn more: 877-453-2011.
