Government Small Business Loans
If you are starting or have ventured in small business, the government small business loans can help you financially. This is a great boost for anyone who is willing to venture into business but has inadequate funds.
These loans are administered through the government’s Small Business Administration (SBA). In order to get helps as well as business loan from them, you should have a good business plan.
A good business plan shall consists of the following elements :-
1) Business description - your current business activities and history of your company. summarize information to proof that you are understand the market and your industry.
2) Projections - include projected (anticipated) income and cash flow statements for 2-3 years.
3) Financial statements - business and personal financial statements include income tax returns for the previous three years.
4) Loan purpose - Define your purpose of getting this loan, how you intend to use the funds.
5) Loan amount - you should have a clear mindset that how much you need to borrow, be confident when various questions ask toward.
6) Repayment plan - you should outline your preference payment term. Normally this will negotiations with lender based on their risk assessment of your business.
7) Management profile - summary key experience qualifications and credentials of your senior management staffs. Ensure there are back up detail to support the profile.
8) Executive Summary - summarize how the loan will be used, repayment plan, and the benefit it will bring to your business. This is the last part of the business plan, but it will always located at the front part of your business plan.
Please check out
Government business loan tips
for more tips and advice.
Or check out Business Loan Guide instead of Government Small Business Loans
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