How long will it take to develop my business plan and get financing?
January 10th, 2014 by Gwen Green
The length of time needed to craft a business plan and get a loan varies from plan to plan and person to person. Several factors that affect how quickly your business plan can be completed include the scope of the research required for the plan and the length of time a bank will take reviewing the plan.
There is no one right way to write a business plan, so don’t get caught up in trying to make your plan look like someone else’s. The goal is not to produce a boring document. Instead, focus on assessing key areas of your business and developing a strategy for success.
The loan application and approval process differs in each situation. The size of the loan request, complexity of the project, and participation in guaranty programs are factors that may affect the length of the application and approval process.