An amazing business plan is instrumental if you’re to win funding from the bank. Make it as detailed as you possibly can – talk about market research, your team, how you’ve validated your idea, your sales track record if available, and the support of any advisors or investors who are onboard.
Ensure you provide as much information as possible about how the money will be used. As many costs as possible should be accounted for – show that you’ve really done your homework, know exactly where each bit of the funding will go, and that you definitely need the full amount. Look as well at how much money you will be making to prove you will be able to meet the loan demands. In creating such a comprehensive financial forecast, you’ll also hopefully bring any roadblocks to light – you might even find you need less money than you realise.