If you found yourself on this page, you may be wondering what the process of sending your business plan to the bank entails. First, it is worth noting that before sending your business plan to anyone, you should ensure that your business plan meets all the necessary requirements. Are you seeking funding that is guaranteed through the Small Business Administration? In that case you need to check their website to review their requirements. You also need to check personally with your banker to make sure that your plan meets their specific requirements as well. Typically a bank-ready business plan includes the following pieces of information:
• An executive summary
• Details about your background
• Personal financial data
• Financial projections for your start-up
If you noticed that the list above differs from the kind of business plan that you would send to investors you are correct. Investors are less concerned with your personal financial history, whereas bankers – who have no real personal stake in your business – must rely on your ability to generate profits and to repay your loan. Before sending your business plan to the bank do you want to make sure that your document has what it takes? Call MasterPlans, the industry leader in business plan writing. We have helped more than 8,000 entrepreneurs reach their goals. Why not let us help you? Get a free consultation today at 877-453-2011.
