Community Resources for Startup and Growing Businesses

For startups that are in the early stages of building their business, it's essential to have a comprehensive business plan and financial projections in order to receive a loan. Any lender you work with will want to have a well-rounded understanding of your company, your founders, and what you plan on using the funding for so that they are comfortable and confident with the project.

  1. BUSINESS PLAN 
    Your business plan must explain what your company is going to do, how it is going to accomplish its goals, and, most importantly, why the founders and the team they surround themselves with, are the right people to do the job.

    A typical business plan will include a company overview, information about your products and/or services, financial details, a marketing plan, and a list of major company milestones in addition to information about each member of the management team and their role in the company.

    Essentially, you want to make sure your business plans gives a comprehensive overview of your company so that the lender understands every aspect of what you do.

  2. MONTHLY CASH FLOW PROJECTIONS FOR THE FIRST TWO YEARS
    Within the financial section of your business plan, it is essential for startups to highlight your projected cash flow on a month-by-month basis over the course of 24 months. Having this information handy gives the lender a complete overview of your anticipated expenses, income, and profit margins.

  3. ASSUMPTIONS FOR PROJECTIONS
    Just as important, sharing detailed assumptions of how you estimated your cash flow projections will provide reassurance that you fully understand the bigger picture of your business’ financial health. Every monetary detail counts to ensure the viability of your business.