Arnold approached a bank to get a loan for a business he planned to launch later in that year. He explained his business idea and its capital requirements to the bank manager. The manager listened to the plan and asked Arnold to provide a formal document that included a rationale for the business, an explanation of how it will achieve its goals, an analysis of the competition, and estimates of income and expenses among other information. Which of the following documents does the bank expect from Arnold in this scenario?

Question

Georgia Sheppard

Business

23 July, 10:03

Arnold approached a bank to get a loan for a business he planned to launch later in that year. He explained his business idea and its capital requirements to the bank manager. The manager listened to the plan and asked Arnold to provide a formal document that included a rationale for the business, an explanation of how it will achieve its goals, an analysis of the competition, and estimates of income and expenses among other information. Which of the following documents does the bank expect from Arnold in this scenario?

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Answers (1)

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Alissa Li · Answer 1

A business plan

Explanation:

A business plan usually includes:

a short description of the nature of your business (either existing or proposed), projected revenues and total sales in units, basic marketing strategy, estimated costs (both production, and sales and administrative), financial background of the existing company or the financial background of the entrepreneur, short term and long term business goals.