3 "Don’ts" When Writing a Business Plan for an SBA Loan

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Starting a new business is exhilarating, but when it comes to securing an SBA loan, the business plan can feel like a mountain to climb. As I dig into the three biggest mistakes to avoid, my goal is to help you shape a plan that gives lenders confidence in you and your business. Whether it's an SBA microloan, 7(a) loan, or another type, the right approach to your business plan can be a game-changer.

In this video, I’ll walk you through the essential don’ts: areas that are easy to overlook but crucial for standing out. I’ve been on both sides of the loan process, so I know what catches a lender’s eye and what raises red flags. By the end, you’ll know how to avoid these common pitfalls and create a plan that makes lenders feel secure in your vision.

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0:00 Introduction to SBA Loan Business Plan Tips
02:08 Tip 1: Don’t Forget to Include Your Background
05:44 Tip 2: Don’t Half-Bake Financial Projections
9:00 Tip 3: Don’t Bore or Overwhelm the Reader
10:54 How to Get Help with Your SBA Loan and Business Plan

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ProjectionHub has helped more than 50,000 founders and entrepreneurs to create financial projections so they can raise investment, apply for loans, and plan for expansions/growth. From budget-friendly DIY financial projection tools to high-touch custom consulting with a CPA expert, ProjectionHub has the financial forecasting solutions your business needs.