![]() ![]() When explaining your business’ solution, you should explain clearly who is your customer persona. That way, it is crystal clear to lenders and investors your solution really adds value to potential customers. Ideally, you should compare the pain points explained earlier (the problem) to the benefits your solution brings to your customers. Here, you should explain 2 things: how your product / service works, and what benefits it brings to your customers. Your business is commercialising a product and/or a service which solves the problem mentioned above. The more obvious the problem is, the more people it affects, the better What is your solution? Remember: even if your business isn’t necessarily innovative, your business is potentially solving a problem, as obvious as it may be, for many people out there. You should list here the 2/3 friction points you aim to tackle. You should explain here clearly: What is the problem at stake? The company description is where we go into more details about your business, and which problem(s) it actually solves. Funding ask: what (how much) are you asking as part of this loan? Where will you spend it? For what?.Key financials and projections: what are your key metrics and financials today (revenues, customers, etc.)? What do you expect these to be in 3/5 years from now?.People: who are the founders / management? What about their experience? How many people / teams do you employ?.Product and service: what is it that you sell? to whom? where?.The “mission statement“: what problem(s) is your business solving?.Your executive summary should consists of 5 parts: Keep it brief: your executive summary should never be more than 2 pages maximum. This is the first section that the lenders will have a look at.īefore we go into specifics, keep in mind the executive summary actually is a summary. The executive summary is the most important page of your SBA business plan template. ![]() If you’re running an independent business or launching a startup for example, your business plan will be reviewed more thoroughly. However, business plans tend to differ depending on the nature and status of your business. Having a good business plan determines if your business is a lucrative opportunity for SBA lenders.Īlso, a solid business plan makes it easier to get your loans approved because banks would be confident that your business would be successful and you would be able to repay your loan. Other than your basic eligibility requirements, the primary element that lenders would review is your business plan. Read on! Why do you need a business plan for your SBA loan application? In this article we go through, step-by-step, all the different sections you need in your business plan to build a complete, clear and solid business plan lenders will approve. If you’re applying for a SBA loan, you will need a solid business plan template for your loan application. Yet, SBA loans are notoriously difficult to obtain for small businesses: less than 15% of SBA loan applications were granted by big banks. ![]() ![]() In 2020, SBA’s flagship 7(a) loan program approved more than 42,000 loans totalling $22 billion. ![]()
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