The best business plan to get a loan full#
These should be fairly simple to gather, and won’t take up as much time as putting together a full business plan, so you can get started sooner! Certified Development Companies (CDCs) like TMC Financing can even help you with this step. So if you don’t need a business plan to apply for a 504 loan, what documentation do you need? To start, the main documents you will need are three years of your personal and business tax returns, a personal financial statement and interim financials. A business plan will give you and your lenders a little extra peace of mind as well. It will also assure others that you have taken all the necessary steps to prepare yourself and that your plans are sound. Ultimately, while not necessary for 504 loan applications, a business plan will help you organize your resources and create the best possible business strategy. The SBA’s Small Business Development Center and the SCORE program have wonderful resources for business plan writing as well. Common items to include are credit histories, resumes, product pictures, letters of reference, licenses, permits, patents, legal documents and contracts.įor more help with writing your business plan, the SBA has a tool that will take you through the process in small steps and great detail to produce a truly impressive plan.
You might then ask why the SBA discusses business plans on their website and why you would write one. However, while you will need a few basic financial documents, a business plan is not required when you apply for a 504 loan.
Certainly the SBA website offers extensive resources on writing a business plan. If you’ve done some research about applying for a Small Business Administration (SBA) 504 loan, you might be wondering if you need a business plan to complete the application process.