No matter when we are looking to start a new business, Uncle David is always ready to help! The Small Business Administration helped me secure the capital needed for the opening of a retail store last year, and I knew I could approach the agency for help.
Several SBA lenders offer loans to small businesses and startups at very favorable rates. Generally, the interest rate is quite low, and the down payment is kept to a minimum, making the loan easily repayable over a long period of time. Basically, after the SBA's guarantee of the loan is given to a participating bank, the bank then provides the financing to the business owner.
SBA loans are easy to secure, so I knew I could get one. Even after I had my business documents in order, I kept putting off drafting the business plan. It is true that the SBA requires that a business plan is prepared before it will grant a loan to a startup!
My friend told me that his SBA loan was approved thanks to a business plan that he commissioned from Wise Business Plans. That's why I too decided to commission a business plan.
As far as expertise and professionalism were concerned, the team did a great job. They drafted a comprehensive SBA business plan in less than a week that addressed the feasibility, profit potential, and marketing strategies as well as provided a comprehensive financial analysis of breakeven points, cash flow, balance sheet, milestones, and other assumptions. The plan included pro forma projections for 3 years and was highly convincing; my loan was approved almost immediately!