What “ready to show a lender or partner” means
By Scott McKenzie, founder of Home Care Agency Blueprint · Updated
A plan is ready to share when it is complete, consistent and sourced: every section answers its question, the funding request matches the financials, and you can explain where each number came from. Ready does not mean approved. Each lender makes its own decision, and no plan can promise one.
A readiness check
Every number has a source
Each amount in the financial section has a quote, a published fee or a calculation behind it, noted next to it.
The request matches the financials
The amount you ask for equals what your financial section shows you need, and the use of funds is itemized.
Source: SBA, Write your business plan
Projections are attached and explained
Income statement, balance sheet and cash flow projections are attached, with the assumptions written out.
Source: SBA, Write your business plan
You have checked your own credit
You have pulled your credit reports for free and corrected any errors before a lender sees them.
Source: AnnualCreditReport.com
Your business structure is decided
You know your legal structure and have registered the business where your state requires it.
Source: SBA, Choose a business structure
Your licensing path is clear
You know whether your services need a state license, and which one and where you are in getting it. Check with your state licensing agency.
Your own planning
Your payer plan is realistic
You know which payers you will accept at opening and have confirmed any program rules and rates you rely on.
Your own planning
You can explain it out loud
You can walk a lender through the plan and answer questions without reading from it.
Your own planning
Funding paths the SBA describes
| Path | What it means |
|---|---|
| Self-funding | Your own money, or money from family and friends. You keep control and take on all the risk. |
| Bank or credit union loan | A loan you repay with interest. The SBA suggests comparing offers from several lenders. |
| SBA-backed loan | A loan from a participating lender that the SBA backs, which lowers the lender’s risk. The SBA’s Lender Match tool connects you with participating lenders. |
| Investors | Money in exchange for a share of ownership, and usually a say in how the business is run. |
This is a summary of the SBA’s funding guide, not a recommendation. Which path fits depends on your situation; an accountant or financial adviser can help.
Free or low-cost help before you apply
The SBA’s resource partners, including Small Business Development Centers and SCORE mentors, offer free or low-cost counseling, and you can ask a counselor for feedback on your plan before a lender sees it. Find them on the SBA’s local assistance page. You can get your credit reports for free at AnnualCreditReport.com, and the Consumer Financial Protection Bureau explains how credit reports and scores work.
What we cannot tell you
We do not know how any particular lender will decide, how long it will take, or what terms it will offer, so we do not guess. Ask the lender for its requirements and timeline.
Your lender sets the details. Each lender and loan program decides what it asks for and how it decides. The SBA says the lender will give you the full list of eligibility requirements for your loan. Ask each lender for its list before you finalize your plan, and confirm licensing questions with your state agency.
What to do next
Frequently asked questions
How do I know which lenders offer SBA-backed loans?
The SBA’s Lender Match tool connects small businesses with participating lenders. Each lender sets its own requirements.
Should I show my plan to anyone before a lender?
It helps. An SBA resource partner, such as a Small Business Development Center or a SCORE mentor, offers free or low-cost counseling where you can get feedback, and an accountant can check your projections.
Want to talk through your options?
A free 15-minute clarity call with Home Care Agency Blueprint. It helps people start home care agencies, so expect that perspective. You do not need a finished plan first.
Book a free 15-minute clarity call