Purpose of the Loan
First, give the bank a business plan. Show them that your business is solid and you have a strong track record of performance. Convince the bank that you don’t really need their money, but if you had it, here’s what you could do with it. Banks get queasy about lending to desperate borrowers. Be specific about how much money you need, what you will do with it and how you will pay it back.
The business plan should include:
- Summary of the business and its products and services
- Experience of the management team
- Competitive environment
- Target market
- Financial statements.