Do I need a business plan to get a business loan?

Most lenders will require a detailed business plan. With a business plan, a lender can assess whether your business objectives and growth projections support your need for a cash injection. However, it may also be dependent on the type of business loan you wish to apply for.

For example, to obtain a start-up business loan you would need to support your loan application with a business plan because you are new to an industry and need to demonstrate some plan to generate revenue and build a profitable business. 

Whereas, if you are applying for a working capital loan, you may not be required to provide a business plan because you can make a case for your business’s use of the funds by providing financial information.

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