{"id":4859,"date":"2025-02-05T12:08:28","date_gmt":"2025-02-05T17:08:28","guid":{"rendered":"https:\/\/miwf.org\/?p=4859"},"modified":"2025-02-05T16:23:44","modified_gmt":"2025-02-05T21:23:44","slug":"how-to-strengthen-your-business-plan-before-applying-for-a-loan","status":"publish","type":"post","link":"https:\/\/miwf.org\/business-insights-trends\/how-to-strengthen-your-business-plan-before-applying-for-a-loan\/","title":{"rendered":"How to Strengthen Your Business Plan Before Applying for a Loan\u00a0"},"content":{"rendered":"\n
\"Business<\/figure>\n\n\n\n

If you\u2019re a small business owner or entrepreneur aiming to secure funding, having a strong, detailed, and compelling business plan is essential. But what does \u201cstrong\u201d really mean in the eyes of a lender? To find out, we spoke with Tamara Jackson-Gatewood, Director of Lending at Michigan Women Forward<\/a>. Drawing on her experience reviewing countless loan applications, Jackson-Gatewood offered valuable insights into what lenders look for and what common missteps can weaken your business plan and hurt your chances of getting approved for a small business loan.  <\/p>\n\n\n\n

1. Tell a Clear, Compelling Story<\/h3>\n\n\n\n

\u201cThe business plan has got to tell a story, plain and simple,\u201d Jackson-Gatewood says. \u201cWhat is the product or service you\u2019re offering and what sets it apart in the market? How do you plan on making money from it, and how much are you personally invested?\u201d <\/p>\n\n\n\n

Too often, entrepreneurs devote too little time to describing exactly what they\u2019re selling and why it\u2019s unique. Don\u2019t assume readers know your industry or product \u2014 spell it out clearly. Your story should let lenders quickly grasp your vision and recognize the gap your business fills. <\/p>\n\n\n\n

Practical Tip:<\/strong> Develop a concise \u201celevator pitch\u201d to insert into your plan. This short summary helps people \u2014 whether potential investors, partners, or customers \u2014 instantly understand your value proposition and why it matters. <\/p>\n\n\n\n

2. Conduct a Thorough Market Analysis<\/h3>\n\n\n\n

\u201cOne of the biggest areas business owners overlook is market analysis,\u201d Jackson-Gatewood explains. \u201cWe\u2019re so close to our product or service that we sometimes think it\u2019s the best in the market \u2014 or even that there are no competitors.\u201d <\/p>\n\n\n\n

Show lenders you\u2019ve done your homework by detailing your target market, industry trends, competitive landscape, and any identified niches you can fill. This demonstrates you\u2019re aware of potential challenges and have a plan to stand out. <\/p>\n\n\n\n

Practical Tip:<\/strong> Reference reputable industry sources, research data, and local trends. Highlight how you\u2019ll differentiate your offering in both a crowded and evolving marketplace. <\/p>\n\n\n\n

3. Showcase the Right Management Team<\/h3>\n\n\n\n

Jackson-Gatewood stresses that lenders \u201cwant to see that your team can actually execute\u201d what\u2019s in your plan. It\u2019s tempting to name friends or family as your management team, but avoid doing so unless they have specific expertise that benefits your operation. <\/p>\n\n\n\n

\u201cI see owners list CPAs, attorneys, or other professionals in their plans, but then the numbers don\u2019t reflect that they\u2019re actually paying for these services,\u201d she notes. \u201cThe narrative has to match the financials.\u201d In other words, if you claim you have seasoned executives or consultants, ensure your plan (and budget) support that. <\/p>\n\n\n\n

Practical <\/strong>Tip: Include short bios that emphasize each team member\u2019s relevant skills and experience. Show how their backgrounds or networks will help the company grow and meet its goals. <\/p>\n\n\n\n

4. Present Realistic Financial Projections<\/h3>\n\n\n\n

Lenders ultimately want to know if you can pay back a loan. \u201cWe don\u2019t expect you to be an accountant, but your numbers have to make sense,\u201d Jackson-Gatewood\u00a0points out. \u201cBelieve it or not, most lenders already assume most small business borrowers will have minimal profit the first couple of years, and that’s OK \u2014 that’s why you can’t quit your day job just yet!\u201d\u00a0<\/p>\n\n\n\n

Accurate financial projections \u2014 balance sheets, income statements, and cash-flow forecasts \u2014 should reflect industry standards and be rooted in credible assumptions. Don\u2019t inflate your figures to impress underwriters; you\u2019ll lose credibility. <\/p>\n\n\n\n

Practical Tip: <\/strong>Work with a trusted accountant or financial advisor to create or review your projections. Ensure any narrative about your anticipated growth aligns logically with your numbers. <\/p>\n\n\n\n

5. Tailor Your Plan to Each Lender<\/h3>\n\n\n\n

Just as products and markets vary, so do lending institutions. \u201cYou might have a lender that only offers term loans, which is a fixed interest rate for a fixed period of time. And they may only offer that for specific reasons with specific collateral.,\u201d Jackson-Gatewood says. \u201cOthers offer lines of credit or may finance certain expenses like inventory or marketing but not refinancing high-interest debt.\u201d <\/p>\n\n\n\n

Before submitting your plan, research the lender\u2019s products, mission, and lending criteria. If they don\u2019t refinance existing debt, you\u2019ll weaken your pitch by requesting it. Adjust your plan so it reflects the lender\u2019s policies and highlights the aspects of your business they typically fund. <\/p>\n\n\n\n

Practical Tip:<\/strong> Use lenders\u2019 websites or speak with loan officers to understand each institution\u2019s focus. Then revise your plan to emphasize the points that matter most to that specific lender. <\/p>\n\n\n\n

6. Include a Risk Management Strategy<\/h3>\n\n\n\n

A solid contingency plan can bolster a lender\u2019s confidence in you. \u201cEvery business needs a backup plan if certain revenue streams dry up,\u201d advises Jackson-Gatewood. \u201cThe pandemic showed us how quickly you might need to pivot.\u201d <\/p>\n\n\n\n

Address potential obstacles like inflation, supply chain disruptions, shifts in consumer demand or changes in the regulatory environment, and describe how you\u2019ll mitigate them. Demonstrating foresight and flexibility can strengthen trust.\u00a0<\/p>\n\n\n\n

Practical Tip: <\/strong>List your plan B or plan C strategies clearly. If you\u2019re an event planner, for example, mention alternative services like virtual consulting that could keep revenue flowing under challenging circumstances. <\/p>\n\n\n\n

7. Build a Relationship with Your Lender<\/h3>\n\n\n\n

It\u2019s smart to schedule time to meet with loan officers or business development managers well before submitting your application, Jackson-Gatewood says. Networking events, informational sessions, or introductory calls can help both sides assess fit. After funding, stay in touch by sharing updates, successes, and challenges. <\/p>\n\n\n\n

Practical Tip:<\/strong> Treat lenders like long-term partners. A transparent, cooperative relationship can lead to future support \u2014 whether in the form of additional financing or helpful technical assistance services. <\/p>\n\n\n\n

Strengthening your business plan isn\u2019t about padding it with buzzwords or rosy projections, it\u2019s about telling a clear, honest story that shows lenders you\u2019re prepared and committed. As Jackson-Gatewood puts it, \u201cWe want to see how you\u2019ll use the funds and be confident you can pay them back without jeopardizing your personal finances or your sanity.\u201d By digging deep into each of these areas \u2014 storytelling, market analysis, team structure, financial projections, tailored proposals, risk management, and relationship-building \u2014 you\u2019ll be far more likely to stand out and secure the financing you need. <\/p>\n\n\n\n

At Michigan Women Forward, we don\u2019t just stop at the loan closing,\u201d Jackson-Gatewood says. \u201cWe have guardrails on either side \u2014 before you apply for a loan and after.\u201d MWF offers technical assistance to help aspiring entrepreneurs and business owners with the loan process and connect them with services that can help them manage their loan and their businesses. \u201cIt\u2019s a relationship. It\u2019s not one-and-done,\u201d Jackson-Gatewood says. \u201cWe want our loan clients to be successful.\u201d  <\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re a small business owner or entrepreneur aiming to secure funding, having a strong, detailed, and compelling business plan is essential. 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