Sba Business Plan

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NEVER SEEN A BUSINESS PLAN AND NEED TO LEARN HOW TO CREATE ONE TO ASK FOR A SBA LOAN. THE BUSINESS IS AN EXISTING RESTARAUNT.......

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know what your product is who are your suppliers how will you sell it? where will it be located? Who is your customer base What is your ad campaign who are your backers? what is your short term strategy what is your long term strategy

-What can I do to increase my chances of getting approved?- My business plan is looking good so far!

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No, they're not. In fact, they take much longer to take (add another 3 -6 weeks processing time for normal loans) If you're applying for a loan and if it is a big amount, SBA may consider other factors aside from your business credit: http://www.sba.gov/services/ financialassistance/eligibility/qualify/ index.html - A business plan explaining what the business is - Your background and experience in the business -- in my experience, this is KEY in the eyes of the bank because they want to make sure that you know what you are doing and that you can make the business work. If you don't have any experience with the business, have someone on board that knows the business to give banks assurance that someone will guide you - Your credit factors because it shows your dependability and how well you handle credit. They will do a credit check on you and poor credit history may be frowned upon, or even reason for the disapproval of your loan application - Your collateral. Banks, even SBA guaranteed loans, want the borrower to show collateral. They want to be guaranteed that somewhere somehow they can get payment from you - Condition or terms of loans. Banks would want to know three important things: "How much money are you requesting? What will it be used for? and For how long will it be needed?" Banks oftentimes prefer to approve loans for items that can be identified, has lasting value, and can be repossessed and sold if things fail. - Equity investment

Do I need a down payment before I proceed? Can I just have a business plan, financials, resumes? Why would I be going to them if Ihad money? Has anyone had experience with SBA?

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I would strongly recommend that you talk to a business counselor before you talk to anyone else. I'd call the local office of SCORE (go to http://www.score.org and input your zip code to find the chapter nearest you), the advice is FREE. The counselors at SCORE are for the most part very experienced business executives either still active or retired and volunteer to give advice and counsel to small businesses. They can become members of your 'advisory board' together with other talented friends or counterparts that you may have. They also can introduce you to the SBA loan representatives and understand the requirements that the SBA has. The SBA does not make loans rather it acts as a guarantor of bank financed loans. Try also this link : http://www.ychange.com/small-business-co... and read some of the articles especially the ones about a leadership and starting a business. You can also get free advice and counsel on their blog or bulletin board Good luck

Possibly a credible service or individual that I can contact or visit on the web.

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You can make a preliminary appointment with an SBA consultant, they will even travel to your town if there is not an office locally. I would first check with the local chamber of commerce in your area and ask about an Economic Development Counselor in your area. There are numerous EDC incubators across the country that will help with business plans and start up opportunities that are legitimate because a new business is a boost to local economy-in essence if you succeed they are patted on the back too! Also your banker can suggest a consultant that will give you a few contacts. Check out the SBA website for details and follow-through. Don't forget to do a preliminary survey of your community as a first step, everyone is going to ask you why you think your business is viable and having done your homework so that you are prepared will be a foot in the door with everyone. If you are going to be selling a product take samples with you to talk to all contacts, banker, SBA rep Chamber of Commerce, etc. Because most small businesses fail within the first year you need to be prepared to show a 2 year and a 5 year business plan to be taken seriously.

I want to open a business and apply for an SBA (Small Business Loan), but from what I understand, in order to apply you must have a business plan prepared. If I tried to prepare one now, I would just be wasting my time because I have no idea what should be in it or what to discuss. Can anyone suggest a web site with a rubrick or some information about this?

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You can surf the internet, I know there are sites that offer "templates" to help you but you have to pay for them. They are very hard work and time consuming to create one. I've done 2 of them.