It's true, lenders love to secure a funding request against valuable assets: from property, land and machinery to vehicles, stock and merchant card payment systems. (With asset finance some lenders expand their appetite to things like coin-op machines and dairy cows.)
So, when do you need to whip out a piece of paper outlining how your business may make (more) money in the future, and how much? There are no hard and fast rules among lenders though there are funding purposes that cry out for a good business plan:
Pre-Revenue and Start Ups
When your business is at pre-revenue stage and has little assets and cash flow to show, let alone 2 full sets of accounts, a solid business plan including realistic projections made by a qualified accountant will be crucial for a successful application.
Business Growth Loans
With unsecured cash flow loans most tier one lenders and those offering prime rates want to see a business plan. Even if you take out a secured loan some commercial lenders may want to see a business plan in addition.
Trading Business Acquisitions / Franchises
When your trading business acquires another business, lenders view this as a new business operation, even though the acquired business may have been trading successfully for decades. Setting up a franchise will likewise catapult your business up a level. In both cases a strong business plan can reassure lenders that they will see their loans paid back.
Business Recovery
When your business takes out a loan as part of its recovery plan, it is paramount to support your application with a rock solid, viable business plan that shows the way forward.
Not sure where to start with your business finance application? I can help -
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