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We own a retail food & catering co. & need to expand. What kind of plan do we present to the bank for a loan?
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We are a family owned business that has a retail food operation and a catering division. We have maxed out our kitchen space. The catering is the fastest growing sector of our business. We have signed a lease for a space for a bigger kitchen and catering offices. We now need to get a loan. What sort of paperwork should we submit to the bank as far as a business plan? How in depth does it have to go? We have a metting on Wednesday.
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1 Comments
May 25th, 2010 at 7:14 am
Take last years tax returns and a copy of this years books.
Also have in mind how much you want to spend on your up grade. A good book to have is RS Means Building Construction Data. It is somewhat pricey but worth the cost. RS MEANS will break down the cost by trade and item. Allow $$ for continuances. IF you do not have a Contractor PLEASE do a back ground check on them and the person running the work. NEVER give money up front and have a contract out lining what is to be done by whom and a time line for completion. You can and may want to insert a penalty clause if the project is not completed on time. Good luck!