A strong economy can mask underlying problems at a small business. When the next recession hits — and historically speaking, it's already overdue — will your business be healthy enough to not only survive, but possibly even thrive? It can be — but only if you have the right plan in place.
Be Ready When Opportunity Knocks
Every small-business owner says they want to grow their company. But how many are really prepared for the challenge?
Often, a vital step in growing your business is being able to raise cash quickly to capitalize on a sudden opportunity. Oddly enough, a recession can present some prime opportunities for growth, as some of your competitors might decide to sell off their assets at an attractive rate when faced with financial distress.
And the first step in raising cash is to have a lender-ready business plan.
SBA Loan Basics
Anytime you apply for an SBA loan, your package must include a business plan that meets the underwriter's requirements. Those minimum requirements include 12 to 36 months of: