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Q.Why do I need a business plan to get a business loan?

A.Most lenders require a business loan applicant to prepare and present a business plan, because the business plan: (1) provides specific and organized information about your company, how you will use capital, and how you will repay borrowed money; and (2) helps a company properly project its needs, allocate its resources, and handle unforeseen complications.

To get a loan, capital investment, or funding the business plan should be between 20 and 50 pages, and should clearly and concisely define your business, your market, your products/services, your sales and marketing strategy, your management team, and your financials.

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