are SBA loans guranteed and what do I need to get one?
To get an SBA loan you need:
1) a sound business plan
2) good credit
3) you must first be denied a business loan by a private bank
4) to apply for the SBA loan.
business plans for sba loans?
we want to buy a existing rv park in the future, must we wait till we find the exact park we want to buy before creating a business plan for a sba loan?
As someone who used to work for an SBDC ( http://www.sba.gov/sbdc/ ) let me tell you what you should do, if I may. Write what you can now and then fill in the rest when you know which park you want.
Your B-Plan will consist roughly of the following sections:
1 – Executive Summary
2 – Introduction
>>>Future Plans and Goals for 3 years
3 – Marketing
>>>Major Goals and Objectives
>>>Place of Business
~~~Begin writing the sections that you now have the ability to write. Even though you do not have an exact park, things such as prices, promo, target market can be researched and desrciptions can be written. If you know a general area where you would like to purchase, begin compiling a list of all RV parks, their websites and research on each one.
4 – Management
>>>Goals and Objectives
>>>Human Resources Management
~~~Much of this section can be written now. It is the MOST IMPORTANT section of your business plan. This is where you stress every detail of your management skills, all history managing anything in your previous work experience and the amount managed. (both in quantity of dollars and people)
Who will be resposiblefor what functions?
What wage/salary structure?
List all of insurances.
What legal strucute? LLC…, licenses, trademarks…
Some of this will, of course, come with the existing park, but it is good to familiarize yourself with them now.
5 – Financial Information
>>>Equity & Collateral
>>>Projected Cash Flow
>>>Pro forma Income Statement
>>>Pro forma Balance Sheet
~~~Obviously, this will be specific to the one you buy. However, it is good to get cost estimates so that you can start formualting general numbers. Decide how much of your own money you will be willing to put up.
Go to the local library and get the RMA Annual Statement Studies. You will find average financial statements for RV parks. You will probably need the business librarian to help you if you are not familiar with them. Bankers will have this information. They will know if your financial data looks screwy.
Contatc RV Park Associations
Go to the local offices of these for free trustworthy help:
Yes, it is a pain in the behind. But the earlier you start, the easier it will be.
How can I get SBA loan?
I’ve been to the web site but they just explain the various loans.
Banks offer to make SBA loans but expect you to make $250,000/yr? How can an ordinary person get a low-interest $5000 loan for start-up capital. If not SBA, then who?
For that low of an amount you need to apply for a personal loan.
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