When asking and applying for financing, you will need a copy of your business plan- is yours thorough and complete? Lenders are looking for specific information in applicants’ business plan- here are a few:

History

Your business plan needs to include historical information regarding your company, including how long it has existed and what growth has been like.   

Revenues

Additionally, if you are asking for money, prospective lenders will want to know about your own revenues. How do you make your money? What do you offer customers? This is all pertinent information for your plan.   

Be prepared to show lenders detailed financial statements regarding your revenues, assets, and debts, too. This is critical to being approved for financing- as most lenders are looking for borrowers that have some financial stability to ensure they don’t default on their payments later.   

Industry

What industry are you in? Talk a bit about this in your business plan, too. Identify who your target audience is, and who you currently serve. Do you have competitors in the market? Let prospective lenders know how you distinguish yourself among rival businesses offering similar products or services.   

Assets

Some lenders may require collateral, so identify any assets that your company holds that you could use to ensure payment on the loan. Some examples of company assets and collateral include real estate, equipment, and vehicles.   

Intent

If you are approved for funds, what do you plan to spend them on? This is something else that lenders will want and need to know, so make sure to outline this in your business plan, too.   

Projections

What does the future look for in terms of business? What if you do not get funding? Let the lender know what the future projections are for your company, with and without financing from them.

Some businesses and brands rely on alternative lenders for the financing needed to ensure their company thrives and grows. At First Class Lending, we have accessible financing programs for all of your capital needs. Contact us today to learn more.