BUSINESS PLAN PROPOSAL FOR FUNDING
Your main reason for writing a business plan
A solid plan eases the intimidation of asking for money.
How to write a proposal for funding
The point of your business plan proposal’s funding section is to break down your request for money. Provide a clear, concise, defensible description of why your business is going to be successful, backed up with the financial information that will demonstrate how you’ll repay your loan. This part of your business plan will include a summary of information contained elsewhere in your plan, especially in the financial projections, executive summary and market analysis sections.
For many new business owners, the top motivation for writing a business plan is to secure funding. M&T has the experience and expertise to help you assemble the information that’s going to be key to a successful proposal. Having a viable plan for business success can help you get the financing you need.
How much money?
Specify the amount of financing you’re seeking. You should consider your current costs as well as those you anticipate based on your business plan. Show that you’ve done your research and aren’t just guessing at a number.
How will the money be used?
Provide a clear description of how you intend to use any money you get from a lender or investor. Include an easy-to-understand justification for the funding. Don’t forget to demonstrate how the funds are going to increase your company’s profitability.
Include a summary of your business plan’s financial projections. Even if you haven’t yet made a sale, industry-accepted assumptions from your market research can help you develop a sales forecast, expense budget and cash-flow statement. Make it easy for lenders to see that you have a realistic plan for repaying your loan. If you’re writing a business plan for investors, show growth potential that’s going to lead to return on investment.
A strong business plan can help prepare you for funding conversations with M&T.
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M&T’s Business Banking Specialists are ready to offer you support at any stage of your business. Get to know the advantages of being an M&T Business Banking client.