Uncle Sam is always ready to help us, even when we are looking to start a new business! Last year I was trying to launch a retail store and I knew that I could easily approach the Small Business Administration agency to secure the required capital.
SBA loans are available to small businesses and startups at very favorable terms. The interest is quite low, downpayment is kept at a minimum and the loan can be easily repaid over a long period. What actually happens is that once the SBA guarantees the loan to a participating bank, the said bank provides the finance to the business owner.
I knew that a SBA loan was easy to secure. My documents were in place but I kept dilly-dallying over the prospect of drafting a business plan. Yes, the SBA requires a solid business plan to judge the viability of the startup before it will grant the loan!
A friend told me that he had commissioned a business plan from the Plan Writers (https://planwriters.com/) that actually got his SBA loan approved. So I decided to go the same route.
The team was indeed quite skilled and professional. It took them less than a week to draft a comprehensive SBA business plan that not just covered the viability, profit potential and marketing strategies but also provided a coherent financial analysis of various indicators, breakeven, cash flow, balance sheet, milestones and other financial assumptions. Packed with pro forma projections for 3 years, the plan was truly compelling and my loan was sanctioned almost instantly!