State Savings Bank

Must I have a business plan to obtain a loan?

If your business is already in operation, providing business and personal income tax returns, a current personal financial statement, a year-to-date profit/loss statement and a current balance sheet may be sufficient. If you need a loan to start a new business, having a business plan is highly advised. This helps our lenders see how you plan to use the money, determine your ability to repay a loan and whether to recommend that your request be approved. It also allows our lender to share with you information you may not have considered or other available resources to help you as you prepare to start your business.

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