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How to Write a Successful Business Plan for a Loan

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Table of Contents

What does a loan business plan include?

What lenders look for in a business plan, business plan for loan examples, resources for writing a business plan.

A comprehensive and well-written business plan can be used to persuade lenders that your business is worth investing in and hopefully, improve your chances of getting approved for a small-business loan . Many lenders will ask that you include a business plan along with other documents as part of your loan application.

When writing a business plan for a loan, you’ll want to highlight your abilities, justify your need for capital and prove your ability to repay the debt. 

Here’s everything you need to know to get started.

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Once we uncover your personalized matches, our team will consult you on the process moving forward.

A successful business plan for a loan describes your financial goals and how you’ll achieve them. Although business plan components can vary from company to company, there are a few sections that are typically included in most plans.

These sections will help provide lenders with an overview of your business and explain why they should approve you for a loan.  

Executive summary

The executive summary is used to spark interest in your business. It may include high-level information about you, your products and services, your management team, employees, business location and financial details. Your mission statement can be added here as well.

To help build a lender’s confidence in your business, you can also include a concise overview of your growth plans in this section.

Company overview

The company overview is an area to describe the strengths of your business. If you didn’t explain what problems your business will solve in the executive summary, do it here. 

Highlight any experts on your team and what gives you a competitive advantage. You can also include specific details about your business such as when it was founded, your business entity type and history.

Products and services

Use this section to demonstrate the need for what you’re offering. Describe your products and services and explain how customers will benefit from having them. 

Detail any equipment or materials that you need to provide your goods and services — this may be particularly helpful if you’re looking for equipment or inventory financing . You’ll also want to disclose any patents or copyrights in this section.

Market analysis

Here you can demonstrate that you’ve done your homework and showcase your understanding of your industry, current outlook, trends, target market and competitors.

You can add details about your target market that include where you’ll find customers, ways you plan to market to them and how your products and services will be delivered to them.

» MORE: How to write a market analysis for a business plan

Marketing and sales plan

Your marketing and sales plan provides details on how you intend to attract your customers and build a client base. You can also explain the steps involved in the sale and delivery of your product or service.

At a high level, this section should identify your sales goals and how you plan to achieve them — showing a lender how you’re going to make money to repay potential debt.

Operational plan

The operational plan section covers the physical requirements of operating your business on a day-to-day basis. Depending on your type of business, this may include location, facility requirements, equipment, vehicles, inventory needs and supplies. Production goals, timelines, quality control and customer service details may also be included.

Management team

This section illustrates how your business will be organized. You can list the management team, owners, board of directors and consultants with details about their experience and the role they will play at your company. This is also a good place to include an organizational chart .

From this section, a lender should understand why you and your team are qualified to run a business and why they should feel confident lending you money — even if you’re a startup.

Funding request

In this section, you’ll explain the amount of money you’re requesting from the lender and why you need it. You’ll describe how the funds will be used and how you intend to repay the loan.

You may also discuss any funding requirements you anticipate over the next five years and your strategic financial plans for the future.

» Need help writing? Learn about the best business plan software .

Financial statements

When you’re writing a business plan for a loan, this is one of the most important sections. The goal is to use your financial statements to prove to a lender that your business is stable and will be able to repay any potential debt. 

In this section, you’ll want to include three to five years of income statements, cash flow statements and balance sheets. It can also be helpful to include an expense analysis, break-even analysis, capital expenditure budgets, projected income statements and projected cash flow statements. If you have collateral that you could put up to secure a loan, you should list it in this section as well.

If you’re a startup that doesn’t have much historical data to provide, you’ll want to include estimated costs, revenue and any other future projections you may have. Graphs and charts can be useful visual aids here.

In general, the more data you can use to show a lender your financial security, the better.

Finally, if necessary, supporting information and documents can be added in an appendix section. This may include credit histories, resumes, letters of reference, product pictures, licenses, permits, contracts and other legal documents.

Lenders will typically evaluate your loan application based on the five C’s — or characteristics — of credit : character, capacity, capital, conditions and collateral. Although your business plan won't contain everything a lender needs to complete its assessment, the document can highlight your strengths in each of these areas.

A lender will assess your character by reviewing your education, business experience and credit history. This assessment may also be extended to board members and your management team. Highlights of your strengths can be worked into the following sections of your business plan:

Executive summary.

Company overview.

Management team.

Capacity centers on your ability to repay the loan. Lenders will be looking at the revenue you plan to generate, your expenses, cash flow and your loan payment plan. This information can be included in the following sections:

Funding request.

Financial statements.

Capital is the amount of money you have invested in your business. Lenders can use it to judge your financial commitment to the business. You can use any of the following sections to highlight your financial commitment:

Operational plan.

Conditions refers to the purpose and market for your products and services. Lenders will be looking for information such as product demand, competition and industry trends. Information for this can be included in the following sections:

Market analysis.

Products and services.

Marketing and sales plan.

Collateral is an asset pledged to a lender to guarantee the repayment of a loan. This can be equipment, inventory, vehicles or something else of value. Use the following sections to include information on assets:

» MORE: How to get a business loan

Writing a business plan for a loan application can be intimidating, especially when you’re just getting started. It may be helpful to use a business plan template or refer to an existing sample as you’re going through the draft process.

Here are a few examples that you may find useful:

Business Plan Outline — Colorado Small Business Development Center

Business Plan Template — Iowa Small Business Development Center

Writing a Business Plan — Maine Small Business Development Center

Business Plan Workbook — Capital One

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U.S. Small Business Administration. The SBA offers a free self-paced course on writing a business plan. The course includes several videos, objectives for you to accomplish, as well as worksheets you can complete.

SCORE. SCORE, a nonprofit organization and resource partner of the SBA, offers free assistance that includes a step-by-step downloadable template to help startups create a business plan, and mentors who can review and refine your plan virtually or in person.

Small Business Development Centers. Similarly, your local SBDC can provide assistance with business planning and finding access to capital. These organizations also have virtual and in-person training courses, as well as opportunities to consult with business experts.

Business plan software. Although many business plan software platforms require a subscription, these tools can be useful if you want a templated approach that can break the process down for you step-by-step. Many of these services include a range of examples and templates, instruction videos and guides, and financial dashboards, among other features. You may also be able to use a free trial before committing to one of these software options.

A loan business plan outlines your business’s objectives, products or services, funding needs and finances. The goal of this document is to convince lenders that they should approve you for a business loan.

Not all lenders will require a business plan, but you’ll likely need one for bank and SBA loans. Even if it isn’t required, however, a lean business plan can be used to bolster your loan application.

Lenders ask for a business plan because they want to know that your business is and will continue to be financially stable. They want to know how you make money, spend money and plan to achieve your financial goals. All of this information allows them to assess whether you’ll be able to repay a loan and decide if they should approve your application.

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• Is a Loan Business Right for You?

Develop a Business Plan

Form a legal entity, register your business with the irs, figure out financing.

• Get the Required Licenses & Permits

Set Up Business Accounting

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• What to Expect

The Bottom Line

• Personal Loans

How to Start a Personal Loan Business

Before you start a moneylender business, learn more about what’s involved

If you’re hoping to start a business , one of the most profitable is offering personal loans to others. However, getting the startup cash and investors required can be challenging.

Before you decide to start a personal loan business, it’s important to understand the ins and outs and be prepared for potential setbacks.

Key Takeaways

• A personal loan business can be flexible and profitable.
• You need investors to back a personal loan business, and it can be challenging to find them.
• It’s important to prepare ahead of time with paperwork, including loan documents.
• Federal, state, and local laws can make starting a personal loan business challenging, and you should review necessary information before moving forward.

Decide Whether a Personal Loan Business Is Right for You

Before you move forward with a personal loan business, you need to decide if it’s the right path for you. There are different potential ways to move forward with a personal loan business. Some potential options include:

• Your own money : You lend your own money to others. You can choose to provide secured loans or unsecured loans . However, you need to have a large amount of capital to get started, since you’re using your own money to move forward. In this case, though, you keep all the interest paid on the loan and can charge what fees you wish.
• Investor money : With this type of business, investors provide you with the funds to make loans. The investors receive the interest from the payments, and you receive compensation in the form of a loan fee charge at origination.
• Peer-to-peer (P2P) lending : Rather than directly lending money, you provide the means to connect borrowers and lenders . You might do it through an app or website. You take a cut of the deal but aren’t putting up your own money to get started.

A personal loan business can be profitable since you have the chance to earn money upfront from origination and administration fees. Plus, depending on how you set up your business, you might be able to benefit from the interest earned on repayments .

On the other hand, though, you have to be prepared to shoulder some of the risks. If a borrower misses payments or defaults , you could lose money—especially if you’re lending out your own money.

Don’t forget to consider the market potential as well. Loans are popular, and it’s possible to find customers all over the world. Even so, the industry has slowed in recent years, and there are concerns that increased scrutiny for moneylenders could lead to more challenges for those who want to start a personal loan business.

Pros and Cons of a Personal Loan Business

Potential for good profits, including upfront cash flow from charging fees

Flexible business model that can be managed from home if you choose

Customers available from a variety of markets, since many people need loans

Regulations can differ at the federal, state, and local levels, and it’s hard to predict how you need to comply.

It can be difficult to get enough capital to start, whether you use your own money or look for investors.

Growth in the installment loan industry has been slowing in the last few years.

Make sure to carefully consider the pros and cons of a personal loan business before you get started. Realize that regulations and the need for capital can make this a challenging business, even if you have the potential to make a good profit.

Don’t forget that heavy regulation at various levels of government can regulate how you collect interest, who you can lend to, and other aspects of personal loans. Working through the different regulations can be challenging, and it’s important to remember that financial services come with a lot of red tape. In fact, it’s important to note that there’s no one-size-fits-all approach to a moneylender business. You probably won’t be able to take one business template from one place and apply it to the same loan business in another location.

Next, you need to create a business plan . Unless you’re using your own money to fund the loans you make, you’ll need investors and other backers. Most of them aren’t likely to provide you with the money you need to get started unless you have a good business plan.

Some of the main elements of a business plan include the following:

• Executive summary : This is the overview of your business plan. It provides a way for investors and others to quickly understand the basics of your idea and how you expect to make money. It should be the last thing you write, even though it will be at the beginning of your overall plan.
• Business summary : Describe your business in this section. It should be an overview of what you hope to accomplish with your business and your goals. Key people in your company should be recognized here, along with their skills and what they contribute to the success of your business.
• Products : Be clear about what you’re providing and how you plan to deliver. Make sure you’re clear about the types of loans you’ll provide. This can include whether you plan to focus on microlending , traditional personal installment loans , cash advances , or some other type of loan . You can also share whether you plan to provide options such as allowing co-signers or accepting collateral .
• Market analysis : Next, you need to provide an analysis of your target market and potential demand. You’ll need to back this up with research and have an analysis of what type of growth you can reasonably expect, in addition to potential challenges.
• Competitive analysis : Take a look at your likely competitors in the space. You should be able to compare their strengths and weaknesses to your own and provide an overview of how your product and business will be advantageous compared to your competitors.
• Marketing plan : Provide a marketing plan . How will you reach your target market? What channels will you use, and do you have any promotional strategies? Flesh out a plan to show how you will reach customers and convert them.
• Operations plan : This section is all about logistics . Where will you be located? Will you have offices or operate online? Do you have special equipment or people who can be used to make this business a success?
• Financial plan : Don’t forget to lay out the numbers. In general, you should plan to have projects for startup costs and the type of investment you’ll need. Provide profit and loss estimates, and detail your expected cash flow . You should be able to estimate three to five years.
• Appendix : If you have any supplementary materials and documentation, it should go in this section of your business plan.

Once you have your business plan and a roadmap for the future, you need to form your legal entity. Decide whether you should be a sole proprietor or if it makes sense for you to form a limited liability company (LLC) or some other partnership . You can also form a corporation . An accountant or a business attorney can help you figure out what type of structure makes sense for you.

If you think you’ll hire others to work in the business, or if you have investors who might want to be partners, you’ll need to keep that in mind as you form a legal business entity. Depending on your state, you might need to file articles of organization and register your business with a city or state office.

You’ll need an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) as you move forward. This will be used when you file your business or partnership tax returns . You can go to the IRS website and get an EIN and register your business within a matter of minutes. It’s also possible to complete this step by mail or fax.

One of the most challenging parts of starting a personal loan business is making sure you have the financing you need. If you’re going to loan money, you need a significant amount of capital.

If you’re using investors’ funds, you’ll need to build relationships and convince others to provide you with capital to lend to others. You’ll need to have agreements in place with your backers so that they know how much they can expect, including what types of returns they’re likely to receive.

All of this can require a lot of expense as you consult with lawyers and make sure you’re in compliance with federal, state, and local regulations.

Get the Required Licenses and Permits

Next, you need to figure out what licenses you need to operate a lending business. You might need permits as well, especially if you’re occupying a building. States, counties, and cities might have their own rules. These rules will be based on whether you operate out of your home or another location. Make sure you understand the requirements before you move forward and get the appropriate paperwork filed to operate legally.

Remember, too, that you might have to get certain licenses for financial services, depending on where you operate. Taking the appropriate tests and paying for the licenses can be costly, so evaluate whether this is something you want to pursue.

Don’t forget to set up business accounting. You should have a separate system from your personal finances. You’ll need bookkeeping and payroll for employees. You also need a way to keep track of when borrowers make payments and how much of each payment should go toward the principal and how much should go toward interest. And, if you have investors, your accounting should also take into account what’s going to them.

As a moneylender, you need business insurance to protect you if too many borrowers default or something else happens. Often, you might need business insurance to protect you in the case of lawsuits as well. If you have a building, you’ll need insurance to protect your premises. Don’t forget about workers’ compensation as well. There are many different types of business insurance, and you need to make sure you’re paying for policies that fit your needs and can help protect your assets.

What to Expect When Opening a Personal Loan Business

When you open a personal loan business, you should be prepared to work long hours and be ready to market yourself and your business. It’s also important to make sure you have enough capital available to fulfill the loans you plan to make to others, as well as meet all federal, state, and local regulatory requirements.

Understand how to put processes in place when deciding whom to lend to. Check with local regulations on how to evaluate someone’s creditworthiness and the types of agreements you need to have borrowers sign. Don’t forget that some states have caps on the interest you can charge on loans, so you should know how to set annual percentage rates (APRs) (which include origination and other fees) to be compliant.

You also need to set up payment systems to collect payment (plus interest) from your borrowers. This can include online systems, mail-in, or other arrangements. If you plan to automatically deduct from accounts, you need to have the right agreements in place and get permission for auto-drafts from bank accounts. All of this needs to be done with regulation in mind and best practices for security. You must be prepared to issue account statements to each borrower, showing them how much of each payment is going to the principal and how much is going to interest.

Don’t forget to create a collections policy. You need to have an idea of how to pursue nonpayment if someone falls behind. Once again, it’s important to make sure that how you approach collections is according to federal, state, and local regulations on personal lending businesses.

You should also have insurance and investors prepared to help you manage your business finances if you have people defaulting. To reduce the chances of default, you might need to consider how you will vet borrowers, including running credit checks and deciding what minimum credit score you’ll require.

Additionally, you’ll need to have policies for handling sensitive personal finance information. You’ll likely have to collect information regarding Social Security numbers (SSNs) , bank accounts, and other sensitive matters. You’ll need a way to protect your database and have protocols in place for keeping personal data secure.

How Do I Start a Private Lending Business?

In many cases, you need access to a large amount of capital to start a private lending business. This can come from your own finances, or you might need to get money from investors. You also need to meet specific regulations in your state and get the appropriate licenses, insurance, and permits to start a lending business.

How Does a Moneylender Business Work?

In a moneylender business, a lender provides cash to a borrower. The borrower pays interest, and they might even pay origination fees and other costs. As the borrower repays the loan, more capital is available for other loans, and the lender makes a profit from the interest they receive.

How Do Loan Providers Make Money?

Loan providers usually make money by charging interest on loans. The interest charge is normally part of the repayment process, and how the lender is compensated. Loan providers might also make money from fees they charge, including origination and administrative fees.

A personal loan business can be a profitable way to earn money. It’s relatively easy to manage, as long as you have a good system for keeping track of the progress of loan repayment. However, you need access to capital and need to be prepared to go through the regulatory process. Also, many loan businesses need good legal representation to help them navigate laws and regulations, in addition to drafting loan agreements and other documents.

Before you decide to lend money to others, carefully consider your situation and whether it makes sense for you to get involved with a personal loan business.

This article represents general guidance on setting up a personal lending business. Federal, state, and local regulations affect how a personal loan business works in each location, and you should check requirements before starting a new lending business. Consider working with an attorney or other professional to navigate the extensive regulation in the financial services industry.

IBISWorld. “ Installment Lenders Industry in the U.S.—Market Research Report .”

Internal Revenue Service. “ Apply for an Employer Identification Number (EIN) Online .”

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Loan Officer Business Plan Guide

Jul.05, 2023

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Table of Content

1. What are loan officers’ services?

Loan officers serve both home buyers and busine­sses. When e­valuating clients’ eligibility for loans, they care­fully assess their credit history and financial status. Additionally, the­y offer expert guidance­ in selecting mortgage products that cate­r to the unique nee­ds of each client. Loan officers collaborate­ with lenders, streamlining the application process, negotiating terms, and facilitating closing.

2. Executive Summary

Why do you need a business plan for a loan officer business.

A business plan holds imme­nse importance for the success of a Loan Officer business. A comprehe­nsive guide on crafting a loan officer business plan acts as a roadmap leading to operational and financial success for the Loan Officer business. It should identify not only milestones but also the processes and strategies needed to achieve those goals.

The business plan should outline the company’s overall mission and objectives, its financials (including a budget and a pro forma income statement), market analysis, organizational structure, and customer acquisition strategies.

How to write an executive summary for a Loan officer business plan?

The e­xecutive summary of a loan officer business plan worksheet provides a compre­hensive overvie­w of the entire plan. The provide­d sentence lists various compone­nts of a summary, including the mission, goals, products and services, financial proje­ctions, and competitive analysis. It also mentions that the qualifications and experience of the loan officer are highlighted.

The e­xecutive summary should prioritize the loan officer’s objectives and strategies for acquiring and fulfilling client reque­sts. It should outline how the loan officer plans to reach these goals effectively while explaining the specific techniques they will utilize.

The e­xecutive summary of the comme­rcial loan officer business plan template­ should provide a concise overvie­w of the products and services offered by the loan officer. Additionally, it should include anticipated financial projections and competitive­ analysis. This section aims to present an outline­ of available loans, associated fee­s, charges, and estimated total re­venue for the loan office­r’s business.

The e­xecutive summary should provide a concise­ overview of the loan office­r’s qualifications and experience. This section briefly highlights the loan office­r’s education, professional certifications, and pe­rtinent industry expertise­ within lending.

3. Company Overview

History of loan officer company.

Loan Officer Company was founded in 2021 to become a top-tier mortgage loan provider. The company offers specialized mortgage loan services to its customers. These services are provide­d through a team of experie­nced and knowledgeable­ loan officers.

Moreover, our organization takes great pride in being a me­mber of estee­med professional associations such as the National Association of Mortgage­ Professionals , the Mortgage Banke­rs Association of America, and the National Reve­rse Mortgage Lende­rs Association.

Our range of loan products e­ncompasses conventional loans, governme­nt-backed loans, jumbo loans, and refinancing. Loan officers unde­rgo ongoing training and must pass a stringent certification process to guarantee exceptional customer service quality.

The company’s main obje­ctive is to provide personalize­d creditworthy loans to every custome­r. Transparency and fairness are our core­ principles, ensuring that each custome­r receives the­ loan that suits their unique circumstances. Additionally, we­ prioritize clarity and understanding by guiding customers through the­ entire loan process from start to finish.

4. Services and pricing

• Conventional Loans: Fixed or adjustable rate mortgages as low as 3.875%, Low or no down payments, Flexible qualification criteria
• Government-Backed Loans: VA, FHA, and USDA loans with competitive rates and flexible qualifications
• Jumbo Loans: Loan limits up to $3.5 million with competitive rates and flexible qualifications
• Refinancing: Lower rates, cash-out options, and the ability to consolidate debt
• Mortgage Consultations: Comprehensive assessment of your financial situation and personalized advice
• Loan Packaging: Comprehensive loan packaging and presentation services to ensure competitive offers
• Loan Servicing: Professional loan servicing that includes payment processing, collections, and customer service

5. Customer Analysis

Customer segmentation.

The customer base for the loan officer business plan example can be segmented as follows:

• Homeowners: This segment comprises existing homeowners looking to obtain or refinance a mortgage loan. They are likely between the ages of 35-55 and have a higher net worth than the average consumer.
• First-time Home Buyers: This segment consists mostly of younger people who are first becoming homeowners. They may have lower credit scores or more limited finances and require more assistance in obtaining a mortgage loan.
• Real Estate Investors: This segment typically consists of experienced investors or business-minded individuals looking to purchase property as an income-generating tool.
• Small Business Owners: Small business owners may be interested in obtaining a commercial loan to purchase a building or expand their business operations.
• Homeowners with Equity: This segment comprises existing homeowners looking to access the built-up equity in their homes to finance a large purchase or investment.

6. SWOT Analysis

• The knowledgeable and experienced loan officer
• Access to data and analytics to better determine loanworthiness
• Established relationships with lenders
• Long-term relationships with customers

Weaknesses:

• Lack of resources, such as access to capital or the ability to hire new loan officers
• Lack of technology to efficiently process and monitor loan applications

Opportunities:

• Expansion into new geographic areas
• Leveraging new technology to increase efficiency and effectiveness in the loan process
• Establishing relationships with new lenders and financial service providers
• Increasing competition in the loan officer business
• Strained lending regulations that may limit loan products or terms
• Changing economic environment and interest rate markets that may inhibit borrower demand

7. Marketing Analysis

The Mortage Broker Business Plan industry is highly competitive, dominated by traditional banks and large financial institutions.

Competitors

Business plan for investors.

The primary competitors of our Payday Loan officer services are other loan officers, mortgage brokers, banks, credit unions, mortgage lenders, and real estate agents. They offer services similar to our company, such as home loans, refinancing options, loan terms and conditions, etc.

Market trends

Recent market trends in the loan officer industry have seen an increase in demand and competition as the US housing market has continued to boom.

Competitive Advantage (USPs)

Our commitment lie­s in providing a comprehensive loan se­rvice, giving us a competitive e­dge. We dedicate­ ourselves to understanding the unique needs and financial goals of each client, allowing us to offer personalize­d loan advice and tailored solutions. Rather than se­ttling for standard options, we go the extra mile­ to ensure our clients receive the absolute­ best choices available.

8. Marketing Plan

Create a commercial loan officer business plan marketing plan that includes a mix of promotional strategies and goals, an organizational structure for tracking and measuring effectiveness, and a budget.

Promotions Strategy

The promotional strategy for a loan officer business plan involves several activities, including direct mail advertising, personal contacts and referrals, print media, and social media.

• Direct Mail Advertising: Direct mailers are a great way to reach potential clients and remind existing clients of your services. When preparing a direct mailer, it is important to tailor the message and design to the target market.
• Print Media: Print media provides an effective way to showcase the qualifications of a loan officer and the services provided.
• Social Media: Social media pre­sents a powerful opportunity for businesse­s to connect with potential clients.

9. Management Team

Organizational structure.

An organizational structure for a loan officer 1-year business plan includes the following components:

• Accounting and Financial Support Team
• Loan Processing Team
• Customer Service Team
• Loan Administration Team
• Compliance and Regulatory Team
• Sales and Marketing Team

10. Financial Plan

Startup costs.

Developing a loan officer Finance Business Plan requires an initial investment of capital. These costs may be broken down into the following categories:

• Technology and Equipment: $2,500
• Legal and Regulatory Fees: $2,500
• Insurance: $2,500
• Licensing: $1,000
• Office Expenses: $2,000
• Marketing and Advertising: $1,000

Total Startup Costs: $11,000

Financial Projections

Assuming a loan officer is loaned out at an average of $250 per hour yearly, the following financial projections may be made:

• Year 1: $60,000
• Year 2: $75,000
• Year 3: $90,000
• Year 1: $25,000
• Year 2: $30,000
• Year 3: $35,000
• Year 1: $35,000
• Year 2: $45,000
• Year 3: $55,000

Funding Ask

Initial funding for the loan officer business plan can be obtained through a variety of sources, including personal savings, friends and family, business loans, or venture capital. Depending on the sources, the owner may need to provide collateral or a personal guarantee.

11. Accelerate Your Loan Officer Business Goals with OGS Capital

Are you a Loan Officer looking to get ahead?

OGS Capital has the e­xpertise to accele­rate your business growth. Our team comprise­s experience­d financial and marketing professionals with exte­nsive knowledge in the­ mortgage and banking sector. They are­ dedicated to supporting Loan Officers, like­ yourself, in achieving their busine­ss goals.

Note”

The OGS Capital te­am of advisors possesses exte­nsive experie­nce and expertise­ in the realms of business strate­gy and management. They have­ collaborated with a diverse array of companie­s, ranging from fledgling startups to reputable Fortune­ 500 corporations.

Our strategy plans are­ customized to align with the unique goals and obje­ctives of your loan office business. The­y provide valuable insights and guidance for e­ffectively targeting niche­ markets and reaching your desire­d audience. By employing data-drive­n methods, our plans prioritize actionable insights for your marke­ting campaigns, optimize spending, and drive sale­s and revenue growth in a cost-e­fficient manner.

Whether you’re looking for an effective growth strategy or a comprehensive roadmap to success, the experienced consultants at OGS Capital are on hand to provide the knowledge and expertise to turn your vision into reality.

Are you looking for e­xpert guidance on business growth? Re­ach out to OGS Capital today to obtain your personalized roadmap towards achieving your goals.

Q. What is the easiest way to finalize a loan officer business plan?

The easiest way to finalize a loan officer business plan is to utilize online resources or templates to customize it to meet your needs. Templates are typically available online for free or at nominal costs and often include sections like a mission statement, financial goals, target audience, risk assessment, and more. Additionally, consider seeking professional help from a financial advisor who can provide additional guidance and advice.

Q. Where can I download the loan officer business plan in PDF format?

You can download a Loan Officer Business Plan Template in PDF format from websites such as SCORE, HubSpot, OGS Capital, and BizPlanBuilder.

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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Loan Officer Business Plan Template

Written by Dave Lavinsky

Loan Officer Business Plan

You’ve come to the right place to create your Loan Officer business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Loan Officer business.

Below is a loan officer business plan template to help you create each section of your Loan Officer business plan.

Executive Summary

Business overview.

Montgomery Mortgage Loan Company is a startup mortgage loan company based in Newton, Massachusetts. The company is founded by Trent Hawthorn, a loan officer who has successfully completed over seven hundred loan packages for individuals during the past fifteen years while working for a large mortgage loan company in nearby Boston, Massachusetts.

Montgomery Mortgage Loan Company will provide loan officers experienced in the full spectrum of lending and mortgage coaching services for individuals or families. Montgomery Mortgage Loan Company will become known for their friendly and experienced loan officers, and also for the results-driven attitudes and affirming responsiveness to applicants who are served by Montgomery Mortgage Loan Company. Montgomery Mortgage Loan Company will project at least 1M in lending business within the first year.

Product Offering

The following are the services that Montgomery Mortgage Loan Company loan officers will provide:

• Conduct initial client meetings to determine lending needs, including refinancing existing loans and first-time mortgages
• Review customer applications; prepares and presents lending packages based on the client specifications
• Assist clients with completion of mortgage applications
• Review applications, research credit histories, report, assess capacities to pay and default risks
• Officers will view or visit properties for real estate purchase or refinance
• Develop and maintain contact with potential clients: realtors, developers, builders and banks or other financial institutions

Customer Focus

Montgomery Mortgage Loan Company will target individuals within the greater Boston region, including nearby townships or smaller areas near Newton.

Management Team

Montgomery Mortgage Loan Company will be owned and operated by Trent Hawthorn, a loan officer who has successfully completed over 450 loan packages for individuals during the past fifteen years while working for a large mortgage loan company in nearby Boston, Massachusetts. He has recruited two key management employees from other loan companies in the area.

Clay Singleton is a mortgage loan officer with ten years of experience in a large, nationally-recognized mortgage loan company. While with his former employer, Clay instituted a streamlined process of analyzing credit worthiness, resulting in a 28% increase in speed and, thereby, a significant reduction in package preparation time. Clay successfully completed over 300 loan packages for individuals and families during the time he was employed by the former mortgage company.

Success Factors

Montgomery Mortgage Loan Company will be able to achieve success by offering the following competitive advantages:

• Friendly, knowledgeable, and highly qualified team of Montgomery Mortgage Loan Company loan officers
• Comprehensive menu of services provided by loan officers who actively work to best represent clients in the lending process–every time on time.
• Montgomery Mortgage Loan Company offers the best pricing in town. Their pricing structure is the most cost effective compared to the competition.

Financial Highlights

Montgomery Mortgage Loan Company is seeking $200,000 in debt financing to launch its Montgomery Mortgage Loan Company. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the social media campaign and website development. The breakout of the funding is below:

• Office space build-out: $20,000
• Office equipment, supplies, and materials: $10,000
• Three months of overhead expenses (payroll, rent, utilities): $150,000
• Marketing costs: $10,000
• Working capital: $10,000

The following graph below outlines the financial projections for Montgomery Mortgage Loan Company.

Company Overview

Who is montgomery mortgage loan company.

Montgomery Mortgage Loan Company is a newly established full-service mortgage loan company in Newton, Massachusetts. Montgomery Mortgage Loan Company will be the most reliable, cost-effective, and efficient choice for individuals in greater Boston and the surrounding communities. Montgomery Mortgage Loan Company will provide a comprehensive menu of mortgage loan officer services for any individual customer to utilize. Their full-service approach includes a comprehensive set of loan package services, application oversight and completion of mortgage loans, refinancing or first-time mortgage loan needs.

  Montgomery Mortgage Loan Company loan officers will be able to manage all aspects of the mortgage application process, including refinancing and servicing of loans due to the superior customer service offered to individuals and families who seek mortgage loans in a process that can often be daunting and unfamiliar. The team of loan officer professionals are highly qualified and well-experienced in evaluating and processing loan applications and, in particular, assisting individuals through the various mortgage types and options, as well as the thorny questions found within applications and additional requirements of applicants. Montgomery Mortgage Loan Company removes all headaches and issues surrounding mortgages on behalf of their customers and ensures all issues are taken care off expeditiously, while delivering the best customer service.

Montgomery Mortgage Loan Company History

Since incorporation, Montgomery Mortgage Loan Company has achieved the following milestones:

• Registered Montgomery Mortgage Loan Company as a C-corporation to transact business in the state of Massachusetts.
• Has completed the training required for the Nationwide Mortgage Licensing System and Registry (NMLS) and is now licensed to operate in the U.S.
• Has negotiated office space in a corporate office building to set up the services of a mortgage loan company in the 10,000 square foot location.
• Reached out to numerous contacts to include Montgomery Mortgage Loan Company in the databases of available, highly-experienced loan officers.
• Began recruiting a staff of Montgomery Mortgage Loan Company and office personnel to assist and support the mortgage loan officers.

Montgomery Mortgage Loan Company Services

The following will be the services Montgomery Mortgage Loan Company will provide:

• Friendly and highly-experienced loan officers will conduct initial client meetings to determine lending needs, including refinancing existing loans or first-time mortgages
• Confidential and private review of customer applications, customer protections in place to avoid identity theft, and trust-building processes that ensure the customers are comfortable with the overall experience.
• Highly-experienced loan officer conducts application preparation and presents lending packages based on the client specifications
• Review applications, conducts research, may approve loans
• Loan officer views or visits properties for real estate purchase or refinance
• Loan officers develop and maintain contact with potential networking affiliations or collaborations: realtors, developers, builders and banks or other financial institutions

Industry Analysis

The mortgage industry is expected to grow over 7% during the next five years to over $423M. This stable growth will be driven by economic conditions that lead to increased homebuyer or homeowner trust, resulting in refinancing and first-time mortgages, in addition to traditional mortgages for homebuyers. Costs may be reduced in the future, depending on supply chain issues. It is probable that, as supply chain issues are solved and more materials become available, the costs for a loan or mortgage package will be correspondingly reduced. The cost of living expenses for the median of the population in middle-to-upper economic ranges has been steady and will likely continue to be, which stabilizes and supports the mortgage industry growth. As various materials are adapted to green or environmental standards within state laws, construction supplies and new home amenities will also change, reducing the costs of homeownership, which will invite a larger pool of mortgage applicants in the process.

Customer Analysis

Demographic profile of target market.

Montgomery Mortgage Loan Company will target those individuals and corporations in the greater region of Boston, Massachusetts in need of a mortgage or refinance package. They will also target first-time homebuyers with a strategic effort to take university graduates and other young adults into condominiums and other attached home scenarios as first-time homebuyers.

Customer Segmentation

Montgomery Mortgage Loan Company will primarily target the following customer profiles:

• Individuals and families who are refinancing or applying for a new mortgage
• First-time homebuyers who have never applied for a mortgage or large loan
• Corporations with affiliation or collaboration potential
• Community, civic or governmental agencies with specific loan funding needs

Competitive Analysis

Direct and indirect competitors.

Montgomery Mortgage Loan Company will face competition from other companies with similar business profiles. A description of each competitor company is below.

TRS Mortgage Services

TRS Mortgage Services is a mortgage loan company based in Newton, Massachusetts. It is a direct competitor to the Montgomery Mortgage Loan Company, with the primary focus on first-time homebuyers who may have little to no knowledge of the homebuying process.

TRS Mortgage Services is a C-corporation and is owned by a family group with ten siblings and cousins included on the corporate register. It has 20 employees and advertises heavily to the young adult demographic, targeting under-represented nationalities within the American home buyer statistical experience. Their motto is, “Let Us Find Your First and Last Home,” and the target audience is directed toward “security” and “safety” for homeowners in the marketing strategies applied.

Silver Estates Home Loans

Silver Estates Home Loans is a direct competitor to the Montgomery Mortgage Loan Company. The company has segmented one portion of the mortgage loan industry, however, within the mobile or manufactured home mortgage loan services arena. Manufactured or mobile homes are not typically included in federal or state buying incentive programs due to the rent payments owed on a monthly basis for the land on which the manufactured homes sit. While this fact invalidates much of the mortgage loan market, Silver Estates Home Loans and others focus on meeting that niche target market and excelling within it.

Silver Estates Home Loans is an S-corporation owned by Connie Lyn and Heidi Matthews, who started the home loan company in 2015 as a result of being unable to secure a loan for their own purposes in purchasing a mobile home. Silver Estates Home Loans now services “kit” or pre-manufactured homes, as well, whether on land that is owned or leased.

Sunnyside Home Loans

Sunnyside Home Loans is a direct competitor and is owned by Hank and Mae Marsten, who formed a Limited Liability Company as the legal entity under which it operates. Sunnyside Home Loans has targeted home refinancing, first-time buyer mortgages and second mortgages for homeowners within the Boston region. A target area is that of seniors who need second mortgages for homes with no mortgages and reverse mortgage loans for seniors who need liquid assets for living expenses. Sunnyside Home Loans collaborates with federal senior agencies and the American Association of Retired Persons (AARP) to provide mortgage application education seminars and other support systems so seniors can better understand mortgage processes. They also provide application support and expanded communication for seniors in need of comprehensive assistance.

Competitive Advantage

Montgomery Mortgage Loan Company will be able to offer the following advantages over their competition:

• Confidential and private review by loan officers of customer applications, customer protections in place to avoid identity theft, and trust-building processes that ensure the customers are comfortable with the process.
• Highly-experienced mortgage loan officers will conduct application preparation and present lending packages based on the client specification
• Loan officers will assist clients with completion of mortgage applications
• Loan officers will view or visit properties for real estate purchase or refinance
• Loan officers will develop and maintain contact with potential networking affiliations or collaborations: realtors, developers, builders and banks or other financial institutions

Loan Officer Marketing Plan

Brand & value proposition.

Montgomery Mortgage Loan Company will offer the unique value proposition to its clientele:

• Highly-qualified team of skilled loan officers who are able to provide comprehensive assistance to applicants in the home loan market sector.
• Unbeatable service in pricing for its clients. Montgomery Mortgage Loan Company loan officers will offer the lowest prices and percentage rates for the services offered and the ancillary costs attached to the loan processes.

Promotions Strategy

The promotions strategy for Montgomery Mortgage Loan Company is as follows:

Referral Marketing

Trent Hawthorn has built up an extensive list of contacts over the years by providing exceptional service and expertise to his clients. They have communicated to Trent that they kept returning for all their home mortgage needs because they were happy with the services Trent was providing as a loan officer. Once Trent advised them he was leaving to open his own mortgage loan business, they signaled their commitment to follow him to his new company and help spread the word of the Montgomery Mortgage Loan Company. This audience will be a great source of referral marketing.

Professional Associations and Networking

The pivotal area of networking will be attended to by both Trent Hawthorn and Clay Singleton, who together have over 25 years of mortgage loan officer experience. The potential for networking or joining association memberships is found in the affiliations that make sense for mortgage loan officers: real estate brokers, commercial brokers, mortgage companies, and banks or other financial institutions. These associations and networking opportunities pave the way for business, both in the immediate and long-term future.

Social Media Marketing

The oversight of social media marketing will be handled on a short-term basis by a part-time social media manager. This will include posting on social media, adding video reels, podcasts, images and other announcements that intrigue potential customers to contact the firm. The entities involved will be converted to followers on social media, who will continue to follow if material is relevant, timely and well-executed. Young adults are the largest target for this medium and they are also first-time buyers who will be researching mortgage loans and loan officers.

Website/SEO Marketing

Montgomery Mortgage Loan Company will utilize their short-term social media marketing manager who oversees the social platforms to also design their website. The website will be well organized, informative, and list all the services that the Montgomery Mortgage Loan Company is able to provide. The website will also list their contact information and list their available interest rates and other salient information for homebuyers who are watching economic indicators.

The social media manager will also manage the website presence with SEO marketing tactics so that anytime someone types in the Google or Bing search engine, “Boston mortgage loan company” or “mortgage loan company near me”, Montgomery Mortgage Loan Company will be listed at the top of the search results.

The pricing of Montgomery Mortgage Loan Company will be moderate and on par with competitors so customers feel they receive excellent value when purchasing their services.

Operations Plan

The following will be the operations plan for Montgomery Mortgage Loan Company. Operation Functions:

• Trent Hawthorn will be the Owner and President of the company. He will oversee all staff and manage client relations. Trent has recruited the following staff:
• Clay Singleton – General Manager and Senior Loan Officer who will oversee the loan officers and handle human resources onboarding and other day-to-day operations.
• Stuart Asbury – Loan Officer, who will advise and assist corporations with mortgage loan packages.
• Elizabeth Stanton – Loan Officer, who will advise and assist homebuyers in loan packages and application processes.

Milestones:

Montgomery Mortgage Loan Company will have the following milestones complete in the next six months.

• 5/1/202X – Finalize contract to lease office space
• 5/15/202X – Finalize personnel and staff employment contracts for the Montgomery Mortgage Loan Company
• <6/1/202X - Begin networking at corporate levels
• 6/15/202X – Begin networking at mortgage industry events
• 6/22/202X – Begin moving into Montgomery Mortgage Loan Company office
• 7/1/202X – Montgomery Mortgage Loan Company opens its office for business

Montgomery Mortgage Loan Company will be owned and operated by Trent Hawthorn, a mortgage loan officer who has successfully completed over 450 loan packages for individuals during the past fifteen years while working for a large mortgage loan company in nearby Boston, Massachusetts. He has recruited two key management employees from other loan companies in the area.

Financial Plan

Key revenue & costs.

The revenue drivers for Montgomery Mortgage Loan Company are the loan origination fees and associated costs charged to the customers for their services. .

The cost drivers will be the overhead costs required in order to staff the Montgomery Mortgage Loan Company. The expenses will be the payroll cost, rent, utilities, office supplies, and marketing materials.

Funding Requirements and Use of Funds

Montgomery Mortgage Loan Company is seeking $200,000 in debt financing to launch its mortgage loan business. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the marketing campaign and association memberships. The breakout of the funding is below:

Key Assumptions

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Number of Applications Processed and Closed Per Month: 90
• Average Costs per Month: $65,000
• Office Lease per Year: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, loan officer business plan faqs, what is a loan officer business plan.

A loan officer business plan is a plan to start and/or grow your loan officer business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Loan Officer business plan using our Loan Officer Business Plan Template here .

What are the Main Types of Loan Officer Businesses?

There are a number of different kinds of loan officer businesses , some examples include: Commercial Loan Officer, Consumer Loan Officer, and Mortgage Loan Officer.

How Do You Get Funding for Your Loan Officer Business Plan?

Loan Officer business plans  are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Loan Officer Business?

Starting a loan officer business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Loan Officer Business Plan - The first step in starting a business is to create a detailed loan officer business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your loan officer business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your loan officer business is in compliance with local laws.

3. Register Your Loan Officer Business - Once you have chosen a legal structure, the next step is to register your loan officer business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your loan officer business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Loan Officer Equipment & Supplies - In order to start your loan officer business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your loan officer business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

How to Write an SBA Business Plan + Template

Noah Parsons

10 min. read

Updated November 21, 2023

Applying for a Small Business Administration loan typically requires a business plan.

Unfortunately, there’s no SBA loan business plan format that guarantees approval. The SBA even states you should “pick a business plan format that works for you.” 

While I agree with this sentiment, I’ve found that entrepreneurs who explain how funds will be used and how they will repay the loan tend to be more successful. 

Luckily, these details can be covered using our SBA-lender-approved business plan format . I’ll go over that structure in this article, and focus on the sections that the SBA prioritizes, so you can maximize your chances of getting funded .

You can even download a free SBA-lender-approved business plan template to fill out as you read. 

Let’s get started.

• Why you need a business plan for SBA loans

SBA loans require good documentation of your business and personal finances. You’ll need to pull together your past tax returns, bank statements, and various application forms depending on the type of SBA loan you apply for.

The bank issuing the loan will also want to know about the future of your business. 

They’ll want to see how the loan will be used and if future cash flow projections are realistic and indicate you can afford loan payments.

That’s where writing an SBA business plan comes in. 

Not only will your business plan describe your business to the lender, but it will include the financial projections the bank will use to determine if you qualify for the loan .

• What your business plan should include, according to the SBA

Business plans for SBA loans follow a fairly standard structure, but that doesn’t mean you need to follow it exactly. 

The SBA even recommends adjusting the plan outline to serve your needs. If a section does not apply to your business, it’s fine just to remove it.

Here’s the successful business plan structure I recommend for SBA loans:

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1. Executive summary

A great executive summary is a short, simple overview of your business. It should be easy for a loan officer to read and clearly understand what your business does. 

When applying for an SBA loan, highlight your: 

• Business opportunity
• Financial forecast
• How much money you want to borrow and how it will be used

Remember, an executive summary should be short and to the point. The rest of your business plan will provide additional details.

[Dig deeper: How to write an executive summary ]

2. Company description

Some people call this section “Products and Services.” Either option is fine. The important thing is that you use this section to explain what your business opportunity is. 

You need to cover: 

• The problem you solve
• Who you’re solving it for
• What your solution is and why it’s better

Be specific and tell the story of your business and your customers. Focus on your strengths and what sets you apart from competitors. 

If your company is developing a product, include information on:

• What the product life cycle looks like
• Intellectual property filings
• Current research and development

If these topics don’t apply to your product, that’s fine. Just be sure that the description of what you sell is clear.

3. Market analysis

The market analysis chapter explains who your customers are. It provides an overview of your target market, competition, and industry.

Your target market is essentially a description of your ideal customers. Be sure to include specific demographic information (like age, gender, location, income) and psychographic information (hobbies, purchasing behaviors). 

This data should reinforce that your target market needs your solution .

It’s helpful to also include information on the size of your target market . Lenders will want to see evidence of enough potential customers to drive growth. 

While your target market information describes your customers, an industry overview discusses the type of business you’re in and its potential for growth. 

For example: If you’re starting a fast-casual restaurant, your industry overview might discuss the increased interest in fast-casual dining and how more people are eating in these types of restaurants every year. 

Finally, you’ll need to include a competitive analysis . This is a list of current competitors and alternatives, with explanations of why your business is a better option. 

Your goal is to show how your business is unique, what opportunities and threats there are, and how you plan to address the competition.

4. Organization and management

Also known as your company overview, this section is where you describe your legal structure, history, and team .

For your SBA loan application, you should focus on describing who is managing the business as clearly as possible. 

You may want to include an organizational chart. You should provide detailed resumes for everyone in leadership positions. Each team member’s experience, skills and professional qualifications can mitigate risk in the eyes of a lender .

To show you’re thinking ahead, it’s also helpful to include key positions you plan to fill as you grow. 

5. Sales and marketing plan

Your goal in this section is to summarize how you will attract, retain, and sell to your customers.

The marketing strategies and sales methods you describe should always have the customer top of mind, and demonstrate that you know how to connect with them. 

To help a loan officer visualize this, you can provide examples of marketing messaging, visuals, and promotions. If you have any research or results to show that your strategy has merit, include those as well. 

6. Financial projections

SBA lenders typically require 5 years of financial projections — including profit and loss statements , balance sheets , and cash flow statements . 

Be sure to include the SBA loan in your projections in the following areas: 

• A liability on your balance sheet.
• Payments on your cash flow.
• Interest expenses on your profit and loss statement. 

I’ll dive into specific details of what you should focus on in the “how to improve your chances” section.

Your first year of financial projections should include monthly details. After that, annual summaries are usually sufficient for most SBA lenders. Occasionally, a lender might require 24 months of monthly projections, so check with your bank before submitting your business plan. 

If your business is up and running, you must also provide historical financial reports for the past 12-24 months of operations—including income statements and a current balance sheet.

Typically, you will also need to provide reports on your personal finances , including any assets you have, such as a home or car. 

Finally, include a section explaining your use of funds—what exactly you plan to use the loan for.

7. Appendix

The appendix is your chance to provide additional documents that support sections of your business plan. 

When applying for a loan, these may include:

• Employee resumes
• Licenses and permits
• Patents and other legal documents
• Historical financial statements
• Credit histories

Don’t worry about stuffing your appendix full of additional documentation. Only include information if you believe it will strengthen your approval chances, or if your lender specifically asks for it.

• How to improve your chances of being approved for an SBA loan

Your SBA business plan needs to focus on the loan you are applying for and how that will impact your business financially. 

Make sure to include the following information in your financial plan to increase your chances of success with your lender:

Funding request 

In your executive summary, document how much money you are asking for. It’s best to put your number where it can be clearly read, instead of trying to bury it deep within your business plan.

Remember, there are limitations to how much you can borrow through SBA-backed loans.  Most have a maximum loan amount of $5 million, while SBA Express loans have a maximum loan amount of $350,000. 

Use of funds

You should also describe how you plan to use the loan and which aspects of the business you want to invest in. 

Some SBA loans are designed specifically for expanding export businesses or funding real estate transactions. So, make sure your use of funds description is appropriate for the loan you are applying for.

Cash flow forecast

Be sure to include the loan in your cash flow statements and projections . You want to demonstrate that you’ve planned how you will use and repay the loan.

You need to show:

• When you anticipate receiving the loan.
• How the loan will impact your finances. 
• Loan payments for the life of the loan. 

Having this prepared won’t just increase the chances of your application being approved—It  will make it much easier to manage the loan after you receive funding . 

Balance sheet 

You’ll also want to put the loan on your projected balance sheet , and show how the loan will get paid down over time. 

The money you owe will show up on your balance sheet as a liability, while the cash you receive from the loan will be an asset. Over time, your forecasted balance sheet will show that the loan is getting paid back. 

Your lender will want to see that you have forecasted this repayment properly.

Profit & Loss forecast

Your P&L should include the interest expenses for the loan, and show how the interest will impact your profitability in the coming months and years.

• How long does an SBA business plan need to be?

The SBA doesn’t have an official recommended or required business plan length . As a general rule of thumb, you should make your business plan as short and concise as possible. 

Your business plan is going to be reviewed by a bank loan officer, and they will be less than excited about the prospect of reading a 50-page business plan.

If possible, keep the written portion of your business plan between 10-15 pages. Your financial forecasts will take up several additional pages. 

If you’re struggling to keep it short, try a one-page plan

A great way to start your business plan is with a simple, one-page business plan that provides a brief and compelling overview of your business. 

A good one-page plan is easy to read and visually appealing. Once you have your one-page plan, you can expand on the ideas to develop your complete written business plan, and use the one-page plan as your executive summary. 

Loan officers will appreciate a concise overview of your business that provides the summary they need before they start looking at your complete business plan and financial plan .

• Resources and tools for writing an SBA business plan

Remember, you can download a free SBA-lender-approved business plan template . It includes detailed instructions to help you write each section, expert guidance and tips, and is formatted as lenders and investors expect.

If you’re looking for a more powerful plan writing tool, one that can also help you create financial forecasts for the use of your loan, I recommend you check out LivePlan . 

With LivePlan, you get:

• AI-powered recommendations: Generate and rewrite sections of your plan to be more professional and persuasive.
• Step-by-step instructions: In-app examples, tutorials, and tips to help you write an impressive business plan.
• Automatic financials: Skip the spreadsheets and complex formulas, and quickly create accurate financial forecasts with everything a lender needs.
• A built-in pitch presentation: Print or share your full business plan, one-page pitch, and financial reports—all with a professional and polished look.

Whether you use the template, LivePlan, or try writing a business plan yourself, following the structure and tips from this article will improve your chances of getting an SBA-backed loan. 

And for additional SBA-focused resources, check out our guide on how to get an SBA loan .   

Create a business plan that maximizes your chances of securing funding

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

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Financing | Templates

How To Write an SBA Business Plan [+Free Template]

Published June 13, 2023

Published Jun 13, 2023

REVIEWED BY: Tricia Jones

WRITTEN BY: Andrew Wan

This article is part of a larger series on Business Financing .

• 1. Write the Company Description
• 2. Identify Organization & Management
• 3. Specify the Market Analysis
• 4. Write Descriptions of the Products or Services
• 5. Indicate the Marketing & Sales Strategy
• 6. List Financial Data & Projections
• 7. Write the Financing Request
• 8. Fill In the Appendix & Supplemental Information
• 9. Complete the Executive Summary
• Additional Resources

Bottom Line

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SBA Business Plan Template Download

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If you’re applying for a loan from the Small Business Administration (SBA), there’s a good chance that you’ll need a business plan to get approved. An SBA business plan provides a summary of the various aspects of your business, and we will guide you through the process of creating it, from writing your company description and marketing and sales strategies to completing financial data and projections and your executive summary.

Although there is no standard format, and to help you ensure nothing is overlooked, you can use our SBA business plan template above to ensure you cover the most important areas of your company. A well-prepared business plan can improve your chances of getting an SBA loan.

Step 1: Write the Company Description

This section should contain information about the purpose of your business. It should include a description of the problem or challenge your product or service aims to solve and what types of individuals or organizations will benefit.

A strong company description should also address the following questions:

• Why does your company exist?
• What problems does your business aim to address?
• What prompted you to start your business?
• What organizations or individuals will benefit from your company’s product or service?
• What makes your company different from others?
• What competitive advantages does your business offer?
• What would a successful product launch look like?
• Does your company have strategic partnerships with other vendors?

Step 2: Identify Organization & Management

Details about the legal and tax structure of your business should be included in this section. It can also be helpful to include an organizational chart of your company. You can include information about each team member’s background and experience and how it is relevant to your company:

• Highlight what business structure you have selected and why. Examples commonly include a sole proprietorship, limited liability company (LLC), partnership, S corporation (S-corp), and C corporation (C-corp)
• Include an organizational chart showing which team members are responsible for the various aspects of your company
• You can include resumes for members of your leadership team highlighting their experience and background

Step 3: Specify the Market Analysis

The market analysis section of your SBA business plan should look at who your competitors will be. Look at what they are doing well, what their weaknesses are, and how your company compares.

The SBA’s market analysis page contains information on how you can approach this. Questions you should also consider addressing should include:

• Who are the major competitors in the market?
• What are competitors doing well and are there areas for improvement?
• How does your company compare to the top competitors?
• How has the product or service evolved over time?
• Are there any trends for supply and demand throughout the year?
• What can your company do to stand apart from the top competitors?

Step 4: Write Descriptions of the Products or Services

In this section, you should detail the product or service offered by your business. You should explain what it does, how it helps your customers, and its expected lifecycle. You can also include things like any expected research and development costs, intellectual property concerns such as patents, what the lifecycle of your product looks like, and what is needed to manufacture or assemble it.

Here are some things to consider as you are working on this section:

• Description of what your product or service does
• How your product or service works
• How your customers will benefit from your product or service
• Illustration of the typical lifecycle
• Any patents or intellectual property you or your competitors have
• Pricing structure
• Plans for research and development
• Discuss plans for handling intellectual property, copyright, and patent filings

Step 5: Indicate the Marketing & Sales Strategy

Details of your marketing and sales strategy will be highly dependent on your business. It’s also something that may evolve and change over time in response to things like the overall economic environment, release of competitor’s products or services, and changes in pricing.

With that being said, here is a list of some items that should be addressed:

• Who is your target audience?
• How will you attract customers?
• How and where will sales be made?
• If applicable, what will the sales process look like?
• Where will you market and advertise your product or service?
• How does your marketing strategy compare to other companies in the industry?
• How much should you spend on marketing?
• What is the expected return on investment for marketing?
• Do you have any data showing the effect of marketing?

Step 6: List Financial Data & Projections

If your business has been running, you should include information about its finances. This should include all streams of revenue and expenses. Data for financial projections should also be included, along with a description of the methodology you used to reach those conclusions.

If available, you should be prepared to provide the following financial documents for at least the last three years to five years:

• Personal and business tax returns
• Balance sheets
• Profit and loss (P&L) statements
• Cash flow statements
• Hard and soft collateral owned by your business
• Business bank statements for the last six to 12 months

Financial projections should include enough data to offer some confidence that your business is viable and will succeed. It’s recommended that you provide monthly projections looking forward at least three years, with annual projections for years four and five.

• Projections for revenue and methodology used in arriving at these figures
• Expected shifts in revenue or expenses as a result of seasonality or other factors affecting supply and demand
• Expected expenses from loan payments, rent, lease payments, marketing and advertising fees, employee salaries, benefits, legal fees, warranty expenses, and more

You can use our SBA loan calculator to help you estimate monthly payments for the funding you’re currently looking for and projections for any additional loans you may need. Monthly payments can fluctuate depending on the terms of your loan. If you’re looking for accurate estimates, you can read our article on SBA loan rates .

Step 7: Write the Financing Request

This section is where you should specify how much funding you need, why you need it, what you’ll use it for, and the impact you expect it will have on your business. It’s also a good idea to indicate when you expect to use the funds over the course of the next three to five years.

Here is a checklist of some important items you should cover:

• How much funding you need and why
• When you will use the funds over the next three to five years
• What you will use the funds for
• The expected impact this will have on your business and how it will help reach your business goals
• The anticipation of any recurring needs for additional funding
• Your strategy for how you expect to pay off the loan
• Any future financial plans for your business

Step 8: Fill In the Appendix & Supplemental Information

This last section of your SBA business plan should include any additional information that may be helpful for lenders. This can include more detailed explanations or clarifications of data from other sections of your business plan.

Here are some examples of documents you can include:

• Business licenses
• Certifications or permits
• Letters of reference
• Photos of products
• Resumes of business owners
• Contractual agreements and other legal documents

Step 9: Complete the Executive Summary

The executive summary, which is the first section in a business plan, should be no more than one to two pages and provide a high-level overview of the items listed below. Since each section above is already detailed, a brief description of those sections will be sufficient:

• Your company’s mission statement
• The background and experience of your leadership team
• The product or service and what purpose it serves
• Your target market for the product or service
• Competitive analysis of other products and services
• Your competitive advantage or why your company will succeed
• Marketing and sales strategy
• Financial projections and funding needs

Depending on the type of SBA loan you’re applying for, certain areas of your business plan may be weighed more heavily than others. You can learn about the SBA loan options you can choose from in our guide on the different types of SBA loans .

Additional Resources for Writing an SBA Business Plan

If you’re looking for additional resources to help you write a business plan, you can consider the options below. Since a business plan is just one of many documents you’ll need, you can also read our guide on how to get an SBA loan if you need help with other areas of the loan process:

• SBA: SBA’s business guide contains information on how you can start a small business. It includes steps on creating a business plan, funding your company, and launching a business.
• SCORE: Through SCORE, you can request to be paired with a mentor and get business-related education. Educational courses come in several formats, including webinars, live events, and online courses.
• Small Business Development Center (SBDC): SBDCs provide training and counseling to small business owners. This can help with various aspects of your company such as getting access to working capital, business planning, financial management, and more. You can use the SBA’s tool to find your closest SBDC .

Having a strong SBA business plan can improve your chances of getting approved for an SBA loan. If you’re unsure where to start, you can use our guide and template to cover the most important aspects of your business. You can also see our tips on how to get a small business loan . To get even more ideas on creating a strong business plan, you can also utilize resources through organizations such as SCORE and the SBA itself.

About the Author

Find Andrew On LinkedIn

Andrew Wan is a staff writer at Fit Small Business, specializing in Small Business Finance. He has over a decade of experience in mortgage lending, having held roles as a loan officer, processor, and underwriter. He is experienced with various types of mortgage loans, including Federal Housing Administration government mortgages as a Direct Endorsement (DE) underwriter. Andrew received an M.B.A. from the University of California at Irvine, a Master of Studies in Law from the University of Southern California, and holds a California real estate broker license.

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How to write a business plan

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Every business owner can benefit from writing a business plan, including those in the early stages of launching a business . A well-crafted business plan communicates the business’s strategy for growth to key leaders and investors. It’s also an important step to getting a business loan since many lenders require it.

Let’s walk through the steps and elements of writing your ideal business plan.

Key takeaways

• A business plan outlines how you plan to bring products or services to market
• Many lenders require a business plan be included with a loan application
• You can choose to write a lean or traditional business plan
• It covers everything from market research to your marketing and financial plan.

What is a business plan?

A business plan is a document that outlines a business’s strategy for bringing a product or service to market. It describes the company, product idea and goals or steps that the business will take to achieve growth. The document includes multiple sections that provide insight into each part of the strategy.

The business plan can be a simple document called a lean business plan or a more detailed traditional business plan. The lean business plan covers the basics of the company, product, target customers and how it will get revenue. It may only be one page with short descriptions for each part.

The traditional business plan includes more depth on the goals, measurements, research and marketing strategies to get the business where it’s going. Here are key differences in the information written for each type of business plan:

Although there’s no one-size-fits-all approach, follow these steps to create a strong business plan.

Write an executive summary

An executive summary is the introduction to a business plan, giving the key details about your business model and the product or service you’re offering. While there’s no strict formula for writing this section, you should include all the relevant details that you’d want a key partner or investor to know.

It should describe your product or service idea, target market and key objectives for growth within the next few years. It may also summarize your marketing and sources of revenue or funding.

You can adjust what to include based on the exact business you’re starting and its business model. Most business plans keep the executive summary to one to two pages.

Create a company description

The company description should overview important details about your company. It can state your company’s name, location and type of entity as well as describe its history. It should also clearly define the vision that you have for your company’s future in the form of a mission or vision statement.

You may also outline the structure for managing the business, listing key roles and responsibilities and the people filling those roles. Depending on the details you included in the executive summary, you might include information about your product or service.

Describe your value proposition

The value proposition is your chance to pitch what makes your business stand out. It identifies the customer’s problem or gap in the market for the product or service you’re offering. It then goes into detail about how your business will solve the problem.

The value proposition can also explain major barriers that customers have before making a decision and what your business will do to break through those barriers. It shows leaders and investors that you have a thoughtful purpose behind the business you’re creating.

State your business goals

The path to achieving success starts with knowing what success looks like. Many business plans state its main objectives in the company description. Others describe those goals in a separate part of the business plan to dive deeper into the specific goals.

You can also include key measurements you’ll use to gauge whether your business is achieving its goals. You would then use these goals in other business planning documents, further breaking them down into defined short-term steps that ladder up to the larger goals.

Outline your product and service

Next, you want to dive into the main product or service that your business is offering. Explain what the product is, how it works and the benefits that it brings to customers. If you’re planning to make multiple products, you can include a description of each product line. Show how this product or service is set apart from similar products from competitors.

You can also use this section to show how the product or service is produced, including cost of supplies and the price at which you plan to sell. Let the investors and stakeholders know if you have a trademark or patent for the products you’re creating.

Give a summary of market research

Next comes market research, the part of the plan where you do your due diligence to gather information and understand your target customers and competitors. First, you want to understand your target customers’ needs and any barriers they might have to buying your product.

You want to look for information about their demographics and how they might respond to the product you’re offering. This information will help you when designing your product and marketing it in a way that resonates with customers.

Then, you can look at the economy around your product, such as average pricing and sales revenue. This also includes research about your competitors, the market share that they hold and the barriers to entering your market. This section may include data from data research companies, surveys, focus groups and interviews.

According to the U.S. Small Business Administration , the questions you’re trying to answer include:

• Market size, or how many people may want to buy your product
• What people are willing to pay for your product
• Similar products already available
• Who your competitors are
• How your industry is doing
• Typical revenue gained by small businesses in your industry

Summarize a marketing strategy

Once you’ve clearly defined your product and who you’re selling to, you can come up with a strategy for how you’ll reach and sell to customers. In this section, you’ll include the different marketing channels you’ll use to promote your products and services.

These may include direct mailers, social media, traditional or online advertising or media events. The exact channels you use will depend on where you can easily find your target customers.

You can also describe the key messaging that you plan to use during marketing, which will pinpoint the value that it offers to customers. The marketing plan should also include the cost of marketing to different channels and your marketing budget. You can then outline the marketing goals and measurements you’ll use to see if you’re meeting those goals.

Create a logistics and operations plan

The logistics and operations section of your business plan is a detailed description of how your business will bring products and services to market. It explains how the business will run on a day-to-day basis. It should highlight your company’s management structure, give an overview of processes and describe the workflow from end to end. It can also include data on how many products you can make or how long it will take to make products or offer services.

Create a financial plan

Now that you’ve laid out the research, goals and planning, you can use that information to forecast revenue and build a financial plan. Use any past revenue or sales history as a starting point. Then, refer to your company’s recent growth and goals to calculate future financial growth.

If you’re a startup , you can use market research to estimate revenue for a startup in your industry. You can either forecast revenue manually or find software that projects revenue for you.

In your financial plan, you also want to create and track your business budget . You’ll track your estimated and actual revenue, updating regularly to keep the revenue forecast accurate and realistic. Next, you’ll list all expenses and their amounts, including one-time, variable, fixed or seasonal expenses. Here are some examples of different business expenses:

• One-time or capital expenses: Equipment, real estate, furniture, commercial vehicles, business licenses
• Variable expenses: Inventory, utilities, fuel, office supplies, shipping services, card processing fees
• Fixed expenses: Employee salaries and benefits, software, web hosting, office or equipment leases, business loan repayments

Business plan resources

Writing your business plan will take more than putting pen to paper. Try these resources to help you gather data, set up your finances and more:

• Business plan templates. Creating a business plan for the first time? Learn by looking up examples of other business plans or templates like these from Smartsheet .
• Software for accounting and financial planning. Many small businesses use Quickbooks, Xero or Netsuite to track revenue and expenses. These may also forecast revenue based on sales history.
• Business loan resources. To cover your funding needs, think through the types of business loans that would best serve your business. Once you’ve landed on a loan, compare features and interest rates to help you make a decision.
• Survey tools. For in-depth market research, you can build a survey and send to your target customers through a data research company like GWI.

Small business mentoring

Experienced mentors can guide you to making effective business decisions and unlock new potential for growth. Where to find small business mentors:

• SBA. You can find resources and free or low-cost mentors through the SBA’s local assistance tool .
• Small Business Development Centers. SBDCs provide specialized training programs in your local area covering specialized topics like marketing, data research and business management.
• Community Development Financial Institutions. CDFIs   are financial organizations like banks and credit unions that are built to develop the community. Alongside banking and lending services, CDFIs offer training programs and resources.
• SCORE. SCORE is an organization that partners with the SBA to bring resources to small business owners. Mentorship is at the core of what the organization does, and it can match you with a local mentor through its online locator tool.
• Local Chamber of Commerce. These local organizations are known for supporting business networking. They may help you find a mentorship program, or you may build a relationship with another successful entrepreneur through networking events.
• Nonprofit organizations. Some nonprofit organizations are dedicated to supporting small business owners with funding, trainings and mentorship programs. These are typically local programs. For example, NYPACE is a nonprofit that offers free consulting to underserved entrepreneurs in New York.

Bottom line

Your business plan should outline key information about your company, products and the strategy for getting those products in the hands of your customers. Every business plan looks different, but there is essential information to include in every plan, such as who your target customer is and your expected revenue. The business plan serves to help you get business funding and outline exact goals and steps to growing your company.

Frequently asked questions

Do i need a business plan to apply for a business loan, how do i write a simple business plan, what basic items should be included in a business plan.

Related Articles

How to get a business loan in 6 steps

How to get a business line of credit

SBA vs. conventional loan: What you need to know

What is a business line of credit and how does it work?

How to Write a Business Plan for a Loan

Business plans are often required when applying for funds from venture capitalists or other private investors, but even if you are seeking a bank loan for your company it is very helpful to prepare one since the lender wants to be confident that he is taking on an investment with growth potential so that you can repay the loan.

In this article, you will learn about the types of business loans, the importance of the business plan in your application for a loan, and how to write a business plan that will help you get the funding you need for your company.

Download our Ultimate Business Plan Template here

What Is a Business Loan?

A business loan is funding that is provided by a financial institution to a company for it to carry out its day-to-day operational activities. It also supports the purchase of equipment, refinancing of debt, and other purposes. Small businesses might need these loans because they may not have enough funds to buy equipment, refinance debt, or because they encounter financial difficulties.  

Your Loan Application

You can apply for a commercial loan with your local bank, credit union, Small Business Administration (SBA) lender, or community development financial institution like Capital Impact. You should expect that the lender will ask you detailed questions about all aspects of your business to ensure that he or she is lending you money that will be repaid.

In addition, if you are looking to purchase a business or commercial real estate, the lender may ask for additional information and documentation to assess your qualifications and ability to repay the loan.

Before applying for a business loan it can be helpful to research different types of loans so you understand what is available and what you will need to pay attention to in your loan proposal.

Common Types of Business Loans

There are many types of loans for small businesses, including:

• lines of credit
• commercial mortgages
• equipment financing

Contact different lenders in your area to see what kind of loan terms they offer and if their interest rates are within your budget.

What is a Business Plan?

A traditional business plan is a document that provides an analysis of the present situation and future financial projections for a company. It includes details about the owners, management team, customers, location of the business, finances, marketing plan, and other information.

A comprehensive and well-researched business plan will help lenders make informed decisions about providing a loan for your business.

To help you get started, you can download our sample business plan for bank loan pdf .

Why Do You Need a Business Plan to Get a Business Loan?

A loan proposal business plan is your opportunity to show the lender you understand your business, its capabilities, and how it operates within the industry in which it competes. By putting together a clear and concise document that outlines all of this information, the lender should have a much easier time understanding how you have arrived at your numbers and where you are going in the future.

A business plan is also helpful to the lender because it provides an opportunity for him or her to ask you questions, further clarifying details that might not be clear from your application materials alone. This way the lender can walk away from the meeting with a good understanding of what he or she is loaning money to and how likely it is he or she will see the loan repaid.

How to Write a Business Plan to Get Approved for a Loan

Different lenders may ask for different sections of your business plan, but most require some combination of the following key elements.

1. Executive Summary

The Executive Summary is the first section of your business plan that a lender will read, but typically the last section written. It is very important because it acts as a snapshot of your business plan and allows the person reading to get an overview of what you are proposing.

The summary should include:

• A statement about why you need the business loan
• Details on how much money you want to borrow, when you will repay it, and interest rates
• A description of how the proceeds from the loan will be used
• Your business’s historical and projected financial information (again)
• The expected impact on your company and the industry as a whole if you are successful.

2. Company Description

In the Company Description, you should include basic facts about your company such as:

• What is the business structure (corporation, partnership, limited liability company (LLC), etc.)?
• How long has your company been in operation?
• What is the size of your workforce?
• What accomplishments or milestones have you achieved within the last year?

This section should also include information about your future business plans.

• How do you plan to expand, if at all?
• Who are your main competitors and how is your company different from them?
• What changes will you make to excel against these competitors?

3. Industry Analysis

In the Industry or Market Analysis, you should include information about your industry in general.

• What are the strengths and weaknesses of your industry?
• How will your company compete in it?
• What trends within the industry affect its future success or potential struggles?

You may also include information about your specific niche in the market. If your company operates in a very specific area of the industry, be sure to highlight it.

4. Customer Analysis

The Customer Analysis section of your business plan helps a lender understand who your customers are and why they will buy from you.

In this section, you should include information on the following:

• Your target audience and the individual customer segments
• How many potential customers you have within your target market
• How much your customers typically spend, and how much you expect them to spend in the future
• What has caused these changes or trends to occur and how they will impact your business

5. Competitive Analysis

This section should show the competitive landscape and how you plan to compete against your competitors.

• What are their strengths?
• Where do they fall short?
• What changes will you implement to get ahead of them?
• What are your company’s competitive advantages over these competitors?

6. Marketing Plan

This section should include a detailed description of the marketing strategy you plan to implement.

• What is your customer acquisition cost? How much will it cost you to bring in one new customer?
• How will you reach these potential customers? Be specific about your marketing strategy, advertising methods and costs.
• Who is responsible for implementing each part of the marketing plan and how much it is expected to cost?

7. Operations Plan

Your Operations Analysis should describe the way your company currently operates and how it will operate with the help of the loan.

• What are your company’s strengths? Weaknesses?
• What have you implemented in the past 12 months that has led to increased revenue, decreased costs, or improved efficiency?
• How will you continue to operate efficiently with the proceeds?

8. Management Team

In the management section, you should describe your business in terms of its personnel structure.

• What are the responsibilities of each person on your team?
• Who are they? What are their qualifications?
• How will their roles change when you receive the loan proceeds?

9. Financial Plan

This section should include your company’s financial statements include the projected income statements, projected balance sheet, and cash flow statements for the next 3 – 5 years.

You can assume that you will receive loan proceeds in 20XX, so plan accordingly.

Include a five-year break-even analysis and an explanation of how you arrived at your income statement and cash flow projections. Don’t forget to include interest and loan payments in your financial projections.

10. Appendix

In this section, you will include the supporting documents for the claims within your business plan. This section should include:

• A loan agreement
• A list of all applicable business licenses, permits, etc. that your company holds or has applied for

You may also include:

• An organizational chart for your company
• The resumes of the members of your management team
• The resumes of any employees who will be making a significant impact on your business with the loan money
• Copies of contracts, leases, and other agreements that are relevant to your business plan
• Complete financial statements and projections if you only include a summary in the Financial Plan section

These documents should be attached to your business plan in a separate file if they are not included and may need to be submitted with the final small business loan application.

Tips for Writing a Business Plan for a Loan

To have a successful business plan and loan application, you need to know exactly what information your loan officer is looking for and how to find it.

• Before you submit your application, be sure to carefully edit and proofread it for errors. Errors in a business plan may lead a lender to question your attention to detail, so make sure it is polished and error-free.
• Always be sure to include an executive summary of the main points of your plan at the beginning, as some loan officers may not read all of the details.
• Be sure to keep your tone professional and business-like.
• Include detailed financials, market analysis, and other crucial information.
• Remember that any omission or inaccuracies will be carefully scrutinized by a lending officer, so be sure you have all of the necessary documents before submission.
• Finally, remember that lenders often appreciate creativity and outside-the-box thinking when it comes to business plans, but don’t let it distract from the necessary information for your application.

Writing a good business plan is one of the most important and necessary steps toward securing a loan or other source of capital.

Use our proven business plan template provided below, and you’ll be able to give your lender all of the information they need to make an informed decision.

The key is to do it right. By following the steps outlined above and including all of the necessary documents (and editing/proofing your application), you should significantly improve your chance of securing a loan for your business.

How to Finish Your Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your business plan?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

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Are you about starting a micro lending business? If YES, here is a complete sample micro lending business plan template & feasibility report you can use for FREE .

Okay, so we have considered all the requirements for starting a micro lending business . We also took it further by analyzing and drafting a sample micro lending company marketing plan template backed up by actionable guerrilla marketing ideas for micro lending businesses.

What Does It Take to Start a Micro Lending Business?

Building a micro lending and mortgage business is not different from building a normal brokerage or loan business. Micro lenders may actually broker loans to small businesses without collateral, but they are different from brokers because they have the license and right to lend money to people seeking home financing.

Building your own Micro lending and mortgage business might seem or sound easier and the joy of creating your own hours and keeping your commissions may be very attractive. You may also avoid office drama and politics and plan your own advancement opportunities.

But bear in mind that handling some logistics properly will be very crucial to getting your micro loan business running successfully. This is why it is very important that you learn all the ropes of the business before you look at starting yours. There are many grey areas of the micro lending business that needs to be mastered.

One of the ways to get really conversant with the micro lending business is to carry out your own feasibility research. Also you may want to use a business plan template to learn all that the business involves. The cost of starting, how many employees you will need amongst many others. Here is a sample micro lending business plan;

A Sample Micro lending Business Plan Template

1. industry overview.

Even in hard economic conditions, people and enterprises go for loans to be able to pay for the purchase of real estate and other transactions, which in turn make the lending business a recession-proof business. But before going into the micro lending and mortgage business, you need to know the contours and crannies of this large industry.

The Micro lending and mortgage business is actually coming back from a drastic crash in the housing market, economic recession and also riding with the swelling competition from commercial banks within the five years to 2016. The Micro lending and mortgage industry revenue doubled prior to the recession because of the unequivocal consumer demand for credit and the popular use of a wide variety of micro options for previously unqualified borrowers.

Due to the steady and good improvements in the housing sector in the past few years, the micro lending and mortgage industry has moved its focus toward earning back its reputation. In the approaching years to 2022, the micro lending and mortgage industry it is believed to continue recovery due to raising economy, and the housing market will favourably help the industry’s growth.

The Micro lending and mortgage industry may also venture into a declining stage of its economic life cycle because of the competition they face from commercial banks which is becoming imminent. The industry value added (IVA), which actually decides the industry’s contribution to the overall economy, is expected to grow at an annual rate of 1.5% within the 5 years to 2022.

Earnestly, the US GDP is believed will grow at a yearly rate of 2.2% during the same period. All these figures explain that the industry’s share of the US economy is quietly declining. A

lso during the past 10 years, the immediate introduction of brand new products, including subprime mortgages, Alt-A mortgages and NINJA loans, and reduced lending standards supported demand for home loans, has explicitly injected a positive pressure on the need for micro lenders and brokers that have actually enjoy unlimited access to these products and to a enjoy variety of interest rates.

2. Executive Summary

Vanguard lenders LLC is an outstanding micro lending and mortgage firm that will be attending to the enormous needs of small businesses, real estate professionals, builders and individual home buyers. We have access to a full range of microfinance and we offer the right loan–with the best rates, terms and costs–to meet our prospective customer’s enormous needs.

Vanguard lenders LLC offers high-quality micro lending and mortgage services to residential and business customers. Our major aim is to provide our customers with substantial microloans at reasonable prices and rates, while also keeping our customers Informed and active throughout the process.

Vanguard lenders LLC will also strive to become friends and advisers to our customers as well as quality service providers. Vanguard lenders LLC is a good firm to work, a professional work environment that is challenging, rewarding, innovative, and respectful of our customers and employees ideas and plans.

Vanguard lenders LLC will unanimously provide excellent value to our customers and fair reward to its owners and employees. Vanguard lenders LLC is also a legally registered micro lending and mortgage firm which will be located in the City of Alexandria, Virginia.

We will be occupying a standard office facility in the business district of the city, giving us the suitable traffic to attract customers. We plan to mould Vanguard lenders LLC into the very best of Micro lending and mortgage firm and actually compete favourably in the industry.

Our business goal which is to take over the market completely may seem outrageous, but we are very positive that it will be realized because we have done an extensive research and feasibility studies and we believe we have dotted all our i’s and made all reasonable judgements to position Vanguard lenders LLC for the war to take over Virginia entirely.

Vanguard lenders LLC are capitalized by two principal investors, Mr John Taylor and Mr Alfred Garth. Both are well renowned in the lending industry with a combined experience of over 30 years in the industry.

3. Our Products and Services

We’re going to be offering a varieties of services within the parameters of the micro lending and mortgage services industry in the united states of America and of course on the global stage. We are well place to maximise profits in the industry and we plan to do all within the proximity of the law in the United States to achieve these goals, aim and ambition. Our business offering are listed below;

• Offer loans to small businesses
• Providing residential mortgages
• Providing commercial and industrial mortgages
• Providing home equity loans
• Providing equipment loans
• Providing vehicle loans
• Providing residential mortgages loans online
• Providing mortgage financing online
• Providing home equity loans online
• Providing an online mortgage marketplace
• Providing other related loan cum mortgage consulting and advisory services

4. Our Mission and Vision Statement

• Our vision is to build loan services brand which will become the lead choice for individuals, smaller businesses and corporate clients in the whole of Virginia.
• Our vision shows our zeal, values, integrity, security, service, excellence and teamwork.
• Our mission is to provide professional, reliable and trusted microloan services that assist individuals, start – ups, corporate organization, and non-profit organizations in achieving their goals with little or no stress .
• We will build our business to become one of the leading firms in the micro loan services line of business in the whole of America, starting with Alexandria Virginia.

Our Business Structure

Vanguard lenders LLC is a micro loan service firm that we hope to grow big in order to compete favourably with leading microloan service firms in the industry both in the United States and on a global stage. We understand the need to create a solid business structure and hire capable hands that will aid in making Vanguard lenders LLC the best among the best.

The sort of loan services we hope to build and the great goals we want to achieve is what moved us to choose the list of offices and individuals we need to hire. We believe that these portfolios will be filled with well experienced and learned individuals, who understand the do and don’ts of the lending market.

We also hope to hire people that are qualified, hardworking, and creative, result driven, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

Chief Executive Officer

• Business consultant

Human Resource and Admin Manager

• Sales and Marketing director
• Company accountant

Receptionist

5. Job Roles and Responsibilities

• The Chief Executive Officer will be responsible for providing work direction for the business
• He will be responsible for building, communicating, and implementing the vision, mission, and direction of Vanguard lenders LLC – which also includes leading the achievement and implementation of all strategies.
• The Chief Executive Officer is also in charge of fixing prices and signing business deals for the business
• He is also responsible for employment
• He also pays workers salary
• He signs checks and documents for and on behalf of the agency
• The Chief Executive Officer also Evaluates the success of the organization

Business Consultant

• Will be in charge of providing residential microloans
• Responsible for providing commercial and industrial microloans
• Will be obligated to provide home equity loans
• Also provides equipment loans
• Charged with providing vehicle loans
• Is also in charge of fixing micro and mortgage financing online
• The business consultant is also charged with fixing home equity loans online
• Provides an online micro and mortgage marketplace for the company
• Also responsible for providing mortgage related loan cum lending consultancy
• Oversees the running of HR and administrative tasks for Vanguard lenders LLC
• In charge of Monitoring office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Makes sure of the operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Is tasked with staying updated on job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Builds the reputation of the firm by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
• Tasked with stating job positions for recruitment and managing interviewing process
• Responsible for organising staff induction for new team members
• Tasked with organising trainings, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Tasked with overseeing the smooth running of the daily office activities.

Sales and Marketing Director

• Responsible for organising external research and coordinating all the internal sources of information to retain the organizations’ best customers and attract new ones
• Responsible for creating demographic information and analysing the volumes of transactional data generated by customer purchases
• Expected to understand, prioritizes, and reaches out to new partners, and business opportunities et al
• Tasked with understanding development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
• It’s the job of the director to supervise implementation, advocate for the customer’s needs, and communicate with clients
• The sales and marketing director is also charged with creating, executing and evaluating new plans for expanding increase sales
• Keep all customer contact and information
• Represents the company in strategic meetings
• Aid to increase sales and growth for the business

Company Accountant

• The company accountant is responsible for preparing financial reports, budgets, and financial statements.
• Also provides the managements with financial analyses, development budgets, and accounting reports; analyses financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• The company accountant is also tasked with the company’s financial forecasting and risks analysis.
• Should be able to understand and take care of the firm’s cash management, general ledger accounting, and financial reporting
• In charge of developing and managing financial systems and policies
• The company secretary is also responsible of administering payrolls
• Ensures that Vanguard lenders LLC complies with taxation legislation
• Also take care of all financial transactions for Vanguard lenders LLC
• Is the internal auditor for the organization
• The receptionist is expected to welcome clients by greeting them in person or on the telephone; answering or directing inquiries.
• Is tasked with providing all clients with a personalized customer service experience of the highest level
• Is expected to use every opportunity to build client’s interest in the company’s products and services
• Responsible for managing administrative duties assigned by the Admin manager in an effective and timely manner
• Beware of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
• The receptionist will also Receives parcels / documents for the company
• It’s tagged with Distributing mails in the organization
• Handles any other duties as assigned by the Admin manager
• Responsible for the cleaning the floors of Vanguard lenders LLC facility
• Keeps note and make sure the toiletries and supplies don’t run out of stock
• Ensures that both the interior and exterior of the firm are always clean
• Handles any other duty as assigned by the restaurant manager.

Security guard

• The security guard is responsible for protecting the firm and its environs
• Also controls traffic and organize parking
• He is Tasked with giving security tips when necessary
• Should also Patrol around the building on a 24 hours basis
• Will be expected to give security reports weekly

6. SWOT Analysis

We at Vanguard lenders LLC are prepared to build a super– structured microloan services firm that can take over the entire microloan service industry. Which is why we inculcated the help of well known consultancy firm, a firm known for its strict and precise way of doing business and also renowned for offering the best when contacted.

We contacted Brick Lewis Financial consults to help us with a SWOT Analysis in our designated business location and long term goals. Brick Lewis financial consults being the best in what they do, involved the management of Vanguard lenders LLC in conducting a SWOT analysis.

Here is a summary from the result of the SWOT analysis that was conducted for Vanguard lenders LLC by Brick Lewis financial consults;

It was literally noted that the strength of Vanguard lenders LLC doesn’t really rest on our fierce business network with other financial lending institutions, professional brokers in the industry or players in the real estate industry, but on the capacity, vision and experience of our team.

Vanguard lenders LLC has a team that are prepared to offer our clients the very best; a team that is well placed, professional and ready to pay attention to details and to maximise financial profits for the business. Vanguard lenders LLC are also positioned in a city with more family values and acknowledgement for each other, which will serve as a force to move our business to its destination.

Brick Lewis Financial consults believe our weakness would be how easy we break into the market and gain acceptance since we are just a new firm, especially from corporate clients in the already saturated micro lending and mortgage industry; that is perhaps our major weakness. But we’re positive that our publicity and advertisements would aid us in this aspect.

Opportunities

The opportunities in the lending industry is very big and daring, going by the size of people, business start ups and without doubt corporate organizations who are all in need of microloans to aid them reach their individual goals and vision.

Vanguard lenders LLC being a standard and well – positioned microloan services firm, we are well – prepared and ready to clamp any opportunity that comes our business path within the proximity of the law in the United States.

Brick Lewis Financial consults believes that most of the threats that we at Vanguard lenders LLC are likely to face as a microloan service firm operating in the United States will be unfavourable government policies, the introduction of a competitor within our location of operations and global economic downturn which usually affects purchasing / spending power.

It was also envisaged that we should beware of huge losses in three situations: due to sharp, sustained increases in interest rates, accounting control fraud, or the collapse of hyper-inflated residential real estate bubbles. So, to mitigate these threats, we have induced the use of credit scoring software like and we hope and are well prepared to use else any of these threats to our own advantage.

7. MARKET ANALYSIS

• Market Trend

We all know and understand how massive and enormous the microloan services industry is and of course it is one industry that works for individuals and businesses across different industries.  A lot of people depend on the services provided by the industry to empower themselves and businesses, showing how important and helpful this industry has been and will still remain.

The micro lending and mortgage industry flows with a low level of capital intensity. It is believed that for every $1.00 spent on wages, the micro lending and mortgage industry will allocate $0.08 in capital investment. This 2016 figure indeed shows a slight increase from $0.05 in 2011.

The micro lending and mortgage industry gives loans to businesses, agencies and individuals by raising funds in the secondary market. These businesses will continue to perform these functions without depending on significant capital expenditure.

Most of the capital expenditure for the lending business is related to computers and technology used to process loans and store information. We expect the increase in the investment in technology infrastructure in the micro lending and mortgage industry, particularly delivering online services.

It is sincerely true that without the services of the loan services industry, most individuals and even start – up businesses will find it hard to access loan or save – up to purchase a property. The lending industry is explicitly responsible for helping individuals and businesses bypass the bureaucracies involved in obtaining loans from banks and other financial institutions et al

Within the past few years, the lending industry has aided in reducing unemployment in the United States and has also boosted the revenue generated in the United States. So also, the microloan service industry has benefited from the advancement of online platforms.

Moving higher, increasing product penetration and of course an expanding customer base is expected to drive growth in the industry.

8. Our Target Market

The lending industry is an industry that has without doubt aided a lot of individuals, companies and start ups. At Vanguard Mortgages, we will first and foremost serve small to medium sized business, from new ventures to other bigger businesses and individual clients, we hope to take the market one step at a time and without much notice take over the market quickly.

Vanguard lenders LLC being a standard micro lending and mortgage  business will capitalize on the  large variety of microloan service and other industry related services we wish to offer, hence made sure all are employees are well trained and equipped to serve a diverse range of clientele base.

Vanguard lenders LLC target market will slice across businesses of different sizes and individuals. We believe our business is equipped with a breath taking business concept that will help us work with individuals, small businesses and bigger corporations in Alexandria, Virginia and all other cities in the United States.

Outlined below is the list of businesses and organizations that we have categorically designed our products and services for;

• Small businesses
• Individuals and interested homeowners
• Real Estate companies and investors
• Nongovernmental organizations
• House of worships and other religious organizations
• Educational institutions
• Corporate companies

Our Competitive Advantage

We at Vanguard lenders LLC understands explicitly the level of competitive in the microloan service industry, and due to our extensive research and planning, we should be able to penetrate the market and offer our prospective clients with easy to access microloans; thereby deleting the hard and long process needed to obtain loans from the bank and other financial institutions.

Vanguard lenders LLC might be a new micro lending and mortgage business in the United States of America lending industry, but it cannot be denied that the workforce and owners of Vanguard lenders LLC are considered micro lending and mortgage industry gods.

Right from the primary foundation of the business, who are the owners, up to the very height of our employees are core professionals, well trained and highly qualified microloan consultants in the United States. This is a fact that will push us ahead of competitors in the lending industry.

We also help to create a comfortable business environment for our employees and also inculcate them into the business by offering work bonus and loyalty bonus which will be calculated with more or less 10 years duration, which will push them to give their all and stay loyal to the business, and also help us to build a classic business that will be the topmost micro lending and mortgage business in the whole of United States.

9. SALES AND MARKETING STRATEGY

• Sources of Income

A vanguard lender LLC was founded to become the lead player in the micro lending and mortgage loan field. We also hope to bring in good and substantial profit, while also giving our customers and satisfaction they deserve to achieve their goals and targets.

We plan to generate income by offering the following microloan services for individuals, real estate companies, NGOs and for corporate organization. We plan to maximise profits and get substantial incomes by offering the following services;

10. Sales Forecast

We at Vanguard lenders LLC actually understand how hard and the rigorous process people go through to obtain loans from banks and other financial institutions, we hope to make this process less tough and create a substantial base of happy and satisfied clients.

This goes to show that the potential to generate income for the business cannot be ruled out. Vanguard lenders LLC was established to lead the war against poverty and we hope to make it the best of the best, and on our online platforms and we are very positive that we will meet our set target of getting substantial income / profits from the first six month of work and grow the business and our clientele base within and outside Virginia

After our extensive market research and with the help of the various consultancy firms we employed, we came out with our sales forecast for the next three years. The sales forecast was calculated and planned based on information gathered on the field and some assumptions that are common with new entrants in the Industry.

Outlined below is a detailed sales forecast for Vanguard Mortgages, which we believe and hope we will surpass with hard work and perseverance. This sales forecast is also based on the location of our business and the innovative business we will be offering to our clients.

• First Fiscal Year -: $750,000
• Second Fiscal Year -: $1.4 million
• Third Fiscal Year -: $3.2 million

Note : The above forecast was done based on what can be gotten in the industry and with the expectation that there won’t be any major economic meltdown and natural disasters within the next three years in the whole of Virginia.

We also hope there won’t be any fierce competitor offering all the services we hope to offer to our customers in Alexandria Virginia. It will also be worthwhile to note that the above forecast might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

We all at Vanguard lenders LLC are very much aware of the threats and strict competition in the micro lending and mortgage business, and we have devised our strategic means to win and suppose them. This may include hiring the best hands for the job and also creating a more attack minded marketing plan.

Our sales and marketing director will be employed based on his/her undeniable experience and innovative competition winning mind-set in the industry and we hope to train him or her extensively with other sales and marketing workers to be prepared and well equipped to meet their targets and the overall goal of Vanguard Mortgages.

We also hope to make sure that our genuine and businesslike approach speaks volume for us in the industry; we also plan to build a business that will use or employ the use of customer satisfaction to boost our client base.

The major goal of Vanguard lenders LLC is to grow a business that will be considered the very best in Virginia and one of the top 5 micro lenders in the United States of America which is why we have after much consideration and research outlined strategies that will help us lead of the Alexandria market and grow to become a major force to consult with in Virginia in the next two years.

We hope to make use of the listed strategies to build our business and become the war Vanguard for the battle against economic recession;

• We plan to introduce Vanguard lenders LLC by sending introductory letters with our business brochure to individuals, households, corporate organizations, schools, players in the real estate sector, and all the people of Alexandria.
• We also plan to advertise Vanguard lenders LLC in important financial and business related magazines, newspapers, TV stations, and radio station.
• We also plan to Vanguard lenders LLC on yellow pages ads (local directories)
• We also plan to attend important international and local real estate , finance and business expos, seminars, and business fairs et al
• We also hope to Create different packages for different category of clients (individuals, start – ups and established corporate organizations) in order to work with their budgets
• We also plan to make use the internet to promote our business
• We hope to encourage word of mouth marketing from loyal and satisfied clients

11. Publicity and Advertising Strategy

Vanguard lenders LLC have also contacted the service a renowned firm that is known for its legit ways of boosting a company’s brand awareness, to help us create publicity and advertising strategies that will aid us to attract and keep our target market, and also make our presence known and felt by all and sundry.

We also want to take Alexandria Virginia by storm with our undefiled publicity and advertising strategies. Listed below is the summary of capable strategies suggested by Artwork business consult for Vanguard Mortgages;

• We hope to place adverts on both print (community based newspapers and magazines) and electronic media platforms; we will also advertise Vanguard lenders LLC on financial magazines, real estate and other relevant financial programs on radio and TV
• Vanguard lenders LLC will also sponsor relevant community based events / programs
• We also plan to make use of various online platforms to promote the business. This will make it easier for people to enter our website with just a click of the mouse. We will take advantage of the internet and social media platforms such as; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
• We also plan to mount our Bill Boards on strategic locations all around Albany – New York.
• We at Vanguard lenders LLC also plan to engage in road show from time to time
• We also plan to distribute our fliers and handbills in target areas all around Alexandria
• We plan to make sure that all our workers wear our branded shirts and all our official vehicles are well branded with our company’s logo et al.

12. Our Pricing Strategy

We all at Vanguard lenders LLC understand that the industry is moved by the increase in demand and availability of real estate / properties which is why there can never be a price model that will be suitable for the lending industry. As we all know, the prices for properties fluctuates on a regular basis.

We are also aware that most lending firms rely on commissions since they serve as middlemen between those seeking for microloans and the secondary financiers but we hope to create a more direct approach by offering those loans ourselves which can be very possible due to the large incentives our founders are willing to inject.

We hope to keep the prices of our services and commissions at Vanguard lenders LLC below the average market rate for our clients for the maintime.

We also hope to provide them with loans coupled with low interest rates that will bring them closer to the firm, and we hope to move our prices a little higher when we have achieved a substantial corporate identity in the micro lending and mortgage industry.

• Payment Options

We plan to provide various a wide varieties of payment options to suit our clients at Vanguard Mortgages. We understand the need and the diverse countenances of people, and the way they understand and process things differently, and we tend to provide a suitable platform that will suit all and sundry equally. Listed below are the payment options that we will make available to Vanguard Lenders LLC.

• Payment through bank transfer
• Payment through online bank transfer
• Payment with check
• Payment with bank draft
• Cash payment

With reference to the above platforms, we have chosen a well renowned bank in the United States to aid in our business.

We have chosen and opened a corporate current account with Capital one financial Corporation. Our bank account numbers will be made available in website and promotional materials to clients who may want to make cash deposit and it will also be given explicitly to clients on request.

13. Startup Expenditure (Budget)

We at Vanguard lenders LLC understand that starting a Micro lending and mortgage Business is not an easy task especially due to its capital constraints; this is because you are not expected to acquire expensive machines and equipment, be capable to provide loans and solve other issues and legal proceedings.

Also one need to be concerned about is the enormous amount needed to acquire or lease a standard office facility in a good and busy business district, the price needed to acquire furniture and equip the office, the money needed to purchase the required software applications, the needed to pay bills like phone bills and water bills, obtain license, advertise the business. Outlined below is a detailed financial projection and costing for starting Vanguard Lenders LLC;

• Price of incorporating the Business in the United States of America – $750.
• Our budget for basic insurance policy covers, permits and business license – $200,000
• Acquiring a suitable Office facility opposite the city hall of Alexandria, Virginia (Re – Construction of the facility inclusive) – $75,000
• The budget envisaged for capitalization (working capital) – $1million
• Budget for settling other legal processes (acquiring business license and all, all Alexandria Virginia city dues et al) – $2,500
• Equipping the office with suitable and standard equipment(computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $7,000
• Purchasing of the required software applications (CRM software, Accounting and Bookkeeping software and Payroll software et al) – $10,500
• Launching Vanguard lenders LLC official Website – $600
• Our expenditure for paying at least three employees for 3 months plus utility bills – $12, 000
• Other Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $4,000
• Miscellaneous: $10,000

With the above detailed cost analysis of starting a Micro lending and mortgage  Business, it is understood that we need $1,322,350 to successfully set up Vanguard lenders LLC which is a large scale micro lending and mortgage  business.

Generating Funding / Start-up Capital for Vanguard lenders LLC

Vanguard lenders LLC is a well licensed and registered Micro lending and mortgage business which is capitalized by two principal investors, Mr John Taylor and Mr Alfred Garth. They are the founders and financiers of the business and hope to remain so for now, with hope to accept partners at a very ripe and mature stage in the business.

Due to less constraint in financing Vanguard Mortgages, we have outlined the few ways we can acknowledge funding and start up capital. These was may include;

• Generate part of the start up capital from the two principal investors
• Accept soft loans from family members and friends
• Agreeing to angel investors
• Apply for business loan from my Bank (if need be)

Note : Vanguard lenders LLC has been able to generate an enormous $1.4 million from its two principal investors, who aligned and individually prune out $700,000 each. We believe that the amount is substantially enough to run the business for the first three months, which by then we expect to sustain the business by the cash and incentives generated from our business proceedings.

14. Sustainability and Expansion Strategy

Every business wants to expand and stand the test of time, and this achievement lies in the number of loyal customers in their clientele base and the competence of the employees, investment procedures and the business structure they choose. A business without these mentioned criteria is not business but a playground that will end even before it starts.

Vanguard lenders LLC was established to spread its wings across the sky of Virginia, and also expand and fly all through the nick and crannies of the United States, clamping and taking over the market in each turn. We believe with our unique business structure and competent hands, we will be able to start surviving with the cash we make right from the second month of operations.

We also understand that one of the strategies of gaining approval and winning customers over is to offer innovative services to our customers at a cheaper than what is obtainable in the industry and we have made plans to survive and compete favourably within those periods.

We all at Vanguard lenders LLC will ensure that we employ the right foundation, structures and processes, and also make sure that our employees starting from our guards up to our investors are well catered for. We hope to create a family in the firm, that value work ethics, same zeal and goal to move Vanguard lenders LLC to its expected height.

We also plan to employ profit-sharing arrangement which will enable our management staff enjoy the fruit of their labour.

This arrangement will be decided upon during a considerable duration of 5 years and upon decision of the board of the organization. With these and many more attractive employees focused incentives, we hope to hire and retain employees that are the best in any field they are hired for.

Check List / Milestone

• Business Name Availability Check: Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts various banks in the United States: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of All form of Insurance for the Business: Completed
• Conducting Feasibility Studies: Completed
• Leasing, renovating and equipping our facility: Completed
• Generating part of the start – up capital from the founder: Completed
• Applications for Loan from our Bankers: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the Needed software applications, furniture, office equipment, electronic appliances and facility facelift: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress
• Establishing business relationship with banks, financial lending institutions, vendors and key players in the industry: In Progress

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If you want to use an online loan provider for a personal loan, here are a few of the best places to start your search.

Best for large loan amounts: LightStream Personal Loan

Best for good credit: sofi personal loan, best for lower credit scores: avant personal loan, best for credit card consolidation: payoff loan™, best for small loan amounts: upstart personal loan, best online personal loan company reviews.

The best online personal loans offer the convenience of signing up from home, plus quick access to funds. We chose the best online loans by looking at lenders' trustworthiness across sites like the Better Business Bureau, and by focusing on the following features: loan term options, loan amounts offered, interest rates, and minimum credit score.

0.50% discount on regular rates with AutoPay

6.99% to 25.49% (with AutoPay discount, rates vary by loan purpose)

$5,000 to $100,000

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APR
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Approval decisions should come shortly after applying
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Loans can be funded the same day
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Wide range of borrowing amounts and terms
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No fees
• con icon Two crossed lines that form an 'X'. Only available to people with good credit
• con icon Two crossed lines that form an 'X'. No pre-approval option

LightStream offers some of the lowest rates on personal loans out there, provided you have a great credit score. The lender also has loans of up to $100,000 and can supply you with funding on the same day you apply and are approved.

• Loan amounts range from $5,000 to $100,000
• Loan term lengths range from 2 to 12 years
• Apply online and you'll receive a response shortly during business hours.
• Receive your funds as soon as the same day
• Loans are made by Truist Bank, member FDIC

LightStream's online loans are best for those with good credit. While you can qualify for a loan with a minimum score of 660, you won't be able to take advantage of LightStream's lower rates without a score of around 800. The lender also has slightly more stringent eligibility requirements than some of our other top picks, including several years of credit history, stable income, and few or no payment delinquencies on your credit report.

If you're looking to borrow a large sum of money, LightStream's maximum loan amount of $100,000 is significantly higher than most of the other lenders on our list. Its minimum APR is one of the lower on our list of top picks, reducing the overall cost of your loan.

LightStream Personal Loan Review

0.25% AutoPay interest rate discount and a 0.25% direct deposit interest rate discount

8.99% - 29.49% fixed (with all discounts)

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High maximum loan limit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Unemployment protection
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No fees required
• con icon Two crossed lines that form an 'X'. High minimum credit score requirement
• con icon Two crossed lines that form an 'X'. High minimum loan amount
• con icon Two crossed lines that form an 'X'. No in-person support

SoFi is a strong personal loan lender for those with high credit scores — you'll get perks like unemployment protection and no fees required. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.

• Loan term lengths range from 2 to 7 years
• Usually receive your money in a few business days after your application is approved
• Unemployment protection if you lose your job during your loan repayment, allowing you to apply for a three-month forbearance, up to a total of 12 months
• Loans are made by SoFi Lending Corp.

SoFi has the highest minimum credit score requirement of any lender on our list. You'll need at least a credit score of 680 to get one of its personal loans online. But if you do qualify, you may like the lender's low rates, high range in loan amounts, and unique perks.

Even if your credit history isn't immaculate and you aren't eligible for SoFi's lowest rate, the company's maximum APR is the lowest on our list. SoFi offers a higher maximum online loan amount than most other lenders, allowing you to take out up to $100,000.

Additionally, the company has no origination fees required and has no late payment penalty, lowering the overall cost of your loan. If you lose your job through no fault of your own, SoFi also has an unemployment protection program. If approved for the program, SoFi will put your loans into forbearance, suspending your monthly payments. It's worth noting that interest will continue to accrue on your loan when it is in forbearance. 

SoFi Personal Loan Review

Offers emergency, home improvement, and debt consolidation loans

9.95% to 35.99%

$2,000 to $35,000

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Funds generally deposited by the next business day
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No prepayment penalty
• con icon Two crossed lines that form an 'X'. Multiple types of fees
• con icon Two crossed lines that form an 'X'. High maximum APR
• con icon Two crossed lines that form an 'X'. Low maximum loan limit

Avant Personal Loan is a good personal loan provider, especially if you have a lower credit score and need to receive your loan money quickly. Just be prepared to pay a high APR if you do have a low score.

• Loan amounts range from $2,000 to $35,000
• Loan term lengths range between 2 to 5 years
• Administration fee of up to 4.75%, which will be deducted from your loan proceeds when the loan is funded, and late fee that varies by state
• Loans made by WebBank, member FDIC

Avant is one of the easier lenders to qualify for on our list. Its minimum credit is just a guideline, not a requirement, but most borrowers who get Avant's personal loans online have a credit score between 600 and 700. However, you can likely get a lower rate elsewhere if you have a high credit score. The best 0% APR credit cards  may also offer a lower APR, provided you're eligible. 

If you are looking for a smaller loan, Avant's $2,000 minimum is lower than most comparable lenders. Avant funds online loans quickly — if the company approves your loan by 4:30 p.m. CT Monday through Friday, funds are often put into your account by the next business day.

Avant also has excellent customer service hours, with its phone line open at least 13 hours every day of the week. The lender also has a strong mobile app, which is something not all lenders offer. 

Avant Personal Loan Review

The minimum rate for loan amounts above $15,000 is 11.75% APR

11.72% - 17.99% fixed

$5,000 to $40,000

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive interest rates
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No prepayment or late fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low minimum credit score requirement
• con icon Two crossed lines that form an 'X'. Origination fees
• con icon Two crossed lines that form an 'X'. Slow access to funds
• con icon Two crossed lines that form an 'X'. Limited loan purpose
• con icon Two crossed lines that form an 'X'. Not available in all states

A Happy Money Payoff Loan personal loan is a great option for those with good credit scores who are eligible for the lender's lowest APR. However, borrowers can only use the funds to consolidate credit card debt.

• Loan amounts range from $5,000 to $40,000
• Origination fee anywhere between 0% and 5%
• Won't be able to get a loan from Happy Money if you live in Maine, Massachusetts, Nebraska, or Nevada
• Can only use for credit card debt consolidation
• Loans made by one of Payoff's lending partners

Happy Money® could be another good option for an online loan if you have a lower credit score, as its minimum requirement of 640 is relatively low. If you have a good credit score, the company also offers one of the lowest APRs of lenders on the list. 

Happy Money's Payoff online loans are specifically designed to help borrowers eliminate high-interest credit card debt. This means you are limited in what you can use your loan for — you should choose a different lender if you aren't aiming to consolidate credit card debt. 

The company doesn't charge any prepayment fees or late fees, but may charge an origination fee between 0% to 5%. Happy Money also has one of the slowest money transfer times of any online loan company, as it takes between two to five business days to have money deposited in your account. 

Happy Money Personal Loan Review

You can prepay your loan at any time with no fee or penalty

6.40% - 35.99% fixed

$1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100)

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Small minimum loan amounts
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Quick loan fund disbursement
• con icon Two crossed lines that form an 'X'. Only three and five year terms
• con icon Two crossed lines that form an 'X'. Potential for high origination fees

Upstart could be the right lender if you have a strong work and education history, but you have a low credit score or limited credit history. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.

• Loan amounts range from $1,000 to $50,000. However, borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100
• Loan term lengths are either 3 or 5 years
• Can have origination fees up to 8%
• Considers employment and education history when making loan approval decisions
• Loans are made through one of several Upstart-powered bank partners

You may qualify for an online loan more easily with Upstart than with some of the other lenders on our list — the minimum credit requirement for Upstart is 600. As a result, if your credit score is low, you might end up paying a high APR and could potentially get a better deal elsewhere. 

Upstart offers the smallest loan amount of all the lenders on our top picks, so if you just need a little cash to tide you over, this could be the lender for you. Additionally, the company usually funds loans within one business day, which is useful if you need your money fast. 

Upstart Personal Loan Review

Online Personal Loan Lender Trustworthiness

Whether you're interested in taking out a $5,000 loan  or a  $20,000 loan , finding the right lender can help improve your experience and increase the likelihood of success with your online personal loan application. We've only selected providers of online loans with no public controversies in the last three years. We've also compared each institution's Better Business Bureau  score.

The BBB, a non-profit organization focused on consumer protection and trust, measures businesses based on factors like their responsiveness to consumer complaints, truthfulness in advertising, and clarity about business practices. Here is each company's score:

All of our top picks for online loans are rated A or higher by the BBB. Keep in mind that a high BBB score does not guarantee a positive relationship with a lender, and that you should continue to do research and talk to others who have used the company to get the most comprehensive information possible. 

What Makes an Online Loan the 'Best?'

Finding the best fit for an online loan.

To find the best choice for your individual situation, take stock of the factors that are most important to you before you apply for a personal loan online.

Competitive Rates & Fees

Many borrowers prioritize the lowest loan interest rate when choosing a lender. You can find a very wide range of APRs between lenders. Since the interest rate determines how much you'll ultimately repay, it's important to compare online loans offered by a wide range of lenders.

You'll also want to make sure you understand any fees the lenders charge, including application fees, origination fees, and late fees. These can add a significant amount to the total cost of your loan. Many online lenders charge low fees or none at all.

Speed and Convenience

Borrowers may find it faster and easier to take out a loan from an online lender. Many offer a prequalification process, which enables you to get an idea of the interest rate, terms, and other features of a loan you might qualify for without any impact on your credit score. Online lending platforms also frequently have useful loan calculators and other tools you can use to research before you apply for an online loan. The best online personal loan lenders also tend to have very fast funding times, with some able to get the money into your account the same day your application is approved.

Customer Experience

Remember that with an online lender, there's very little human contact during the process. And when you do have questions or need assistance, it often comes from automated chatbots. If you have a lot of questions and prefer the human touch to address concerns about your individual situation, you might be better off applying for a loan in person at a bank or credit union.

Best Online Loans FAQs

Reputable online lenders use the same encryption and security measures as banks. Always verify a lender's reputation and customer reviews.

Yes, the rates offered by online lenders are often better than those you'll find at a bank. Online lenders have lower overhead costs, which can translate to more competitive rates for borrowers.

Some online lenders offer same-day or next-day funding. The speed depends on their processes and your loan type.

You do not need perfect credit to get an online loan. While the best rates go to those with strong credit, many online lenders cater to a wider range of credit profiles.

No, it is not difficult to apply for loans online. Online lenders focus on user-friendly applications. Many offer pre-qualification to check your potential rates with no impacton your credit score.

Why You Should Trust Us: Our Methodology

Personal Finance Insider's mission is to assist smart people in making the best decisions possible with their money. With that in mind, we compared many different online loans, digging into the fine print so you don't have to. We evaluated several factors to determine the best lenders, including:

• Annual percentage rates: The lower the interest rate you have to pay on your online loan, the better. So we focused on lenders who have solid rates for people with fair or better credit histories.  
• Loan term length:  We looked for online loans with a variety of repayment lengths. 
• Loan amount range:  We know some people are looking for a small amount of cash, while others are looking to take out a substantial amount. We found lenders with a variety of minimum and maximum loan amounts to best fit your needs.  
• Minimum credit score: Depending on your credit score , you may be eligible to take out an online loan from some lenders and may not qualify with others. We picked lenders with a range of minimum credit scores so you have options no matter your credit history.
• Trustworthiness:  Borrowing from an honest lender is often a top priority for many people. We made sure each lender had an A or above grade from the Better Business Bureau to provide the most transparent lenders possible.

See our full ratings methodology for online loans and personal loans » 

OneMain Financial Personal Loan disclosure: Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral) and your state of residence. If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit  omf.com/loanfees  for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB's Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: $3,100. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. Borrowers in these states are subject to these maximum loan sizes: North Carolina: $9,000 for unsecured loans to all customers, $9,000 for secured loans to present customers. Maine: $7,000. Mississippi: $15,000. West Virginia: $14,000. Loans to purchase a motor vehicle or powersports equipment from select Maine, Mississippi, and North Carolina dealerships are not subject to these maximum loan sizes. Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07. Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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• Main content

Explaining the partisan gap in support for student loan forgiveness

Despite widespread concern over soaring costs of tuition, Americans are split when it comes to student loan debt cancellation. Opinions on the extent and approach to addressing this issue particularly diverge along party lines. Democrats predominantly advocate for either partial or complete cancellation of student debts, aligning with their broader support for government-led solutions. In contrast, Republicans show considerable restraint, with many opposing any cancellation measures.

Half of Americans are in favor of canceling at least some student debt, with big gaps between what Democrats and Republicans think about the issue. The majority of Democrats support canceling either some (45%), or all student debt (26%). In contrast, only 7% of Republicans favor complete cancellation, while 26% support partial cancellation and 57% oppose any cancellation.

What explains the partisan gap in support for debt cancellation?

The gap in support for student debt cancellation between Democrats and Republicans may stem partly from differing perspectives on the root causes of student debt. Americans who identify with both parties generally agree that colleges and universities are at least a little culpable — at least 90% in each party say they blame the schools a little or a lot. But Democrats are much more inclined to blame federal governments and banks than to blame individual actors such as college students and their parents. Republicans, in contrast, distribute blame more evenly between governments, banks, and students.

Additionally, a significant majority of Republicans (76%) view debt cancellation as unfair to those who have already settled their student loans, a sentiment shared by only 31% of Democrats.

More-targeted debt cancellation plan receives more bipartisan support

The latest White House approach to debt relief gets more support across the board, but big partisan gaps remain. After the Supreme Court overturned President Biden’s initial plan to cancel $10,000 of student debt last year, he introduced a new, more targeted approach to debt cancellation. This latest plan specifically targets Americans demonstrating financial hardship, including low-income earners with high expenses, people with disabilities, and borrowers who have been repaying their loans for over two decades. How well does this new strategy align with public opinion on who deserves student debt forgiveness?

Although differences in opinion between Democrats and Republicans persist, there is notable bipartisan support for forgiving the debts of the groups targeted by Biden’s revised plan. A commanding 92% of Democrats and a majority of 54% of Republicans are in favor of canceling some or all debt for lower-income Americans. Similarly, 90% of Democrats and 53% of Republicans support debt forgiveness for people who have been repaying their loans for at least 20 years. Nevertheless, Republicans are less sure about who student debt cancellation will actually help, and are more likely than Democrats to believe that forgiving student loans will most benefit high-income Americans.

Is support for debt cancellation driven by self-interest?

Americans with outstanding student loans are more supportive of student loan cancellation and favor forgiving larger amounts of debt compared to those who have either repaid their loans or never borrowed. This suggests that self-interest may partly drive support for loan forgiveness.

Americans who took out loans and paid them off have generally the same views on how much debt should be canceled as those who never took out loans in the first place, suggesting that personal need or self-interest might be a more significant factor in shaping attitudes than empathy or past experiences.

But does self-interest explain the partisan divergence in support? Possibly. Democrats are about 10 percentage points more likely than Republicans to have taken out student loans. And among those who did take out loans, Democrats are about 7 points less likely than Republicans to have paid them off. But stronger Democratic support for debt cancellation probably isn’t only because more Democrats have outstanding loans. Large differences in support for debt cancellation between Democrats and Republicans remain even among those who have paid off or never took out loans.

Having a personal stake might also influence the two groups differently. Democrats with outstanding loans are roughly as supportive of cancellation as are Democrats who have paid off their loans: Both groups generally favor at least some forgiveness. Democrats who never took out loans are somewhat less favorable, but still mostly support cancellation. For Republicans, having paid off one’s loans — or never having them at all — is associated with dramatically lower support for loan forgiveness. Overall, while self-interest may play a role in shaping partisan attitudes toward debt cancellation, these attitudes — and how personal experiences influence them — are likely rooted in deeper ideological differences between Democrats and Republicans.

— Taylor Orth contributed to this article

• Most Americans support canceling at least some student loan debt
• Half of Americans support forgiving up to $10,000 in federal student-loan debt

Methodology :

Have you ever owed money for student loans?

Which comes closest to your view on how much student debt, if any, the federal government should cancel for people who currently hold it, would you support or oppose the federal government canceling $10,000 in federal student loan debt for each borrower who owes at least that much.

• See the results from this poll

Image: Getty ( cogal )

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Student Debt

Universities and Colleges

American Politics

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How do Democrats and Republicans feel about the two parties?

Payments in cash frequency

Financially coping, financial situation compared in the next 12 months, americans support a ceasefire in gaza but half oppose student protests.

Survey says what? How Americans characterize polls about policy support

Stress, confusion and uncertainty as borrowers navigate Biden debt relief plans

When student loan repayments began last October, Rachel Grace was faced with a painful financial choice: start making payments or drop her health insurance coverage. She chose her loans and has since been crossing her fingers that she stays healthy.

“We’re already all pinching pennies. It was that big health insurance cost every month that I thought was the one place where, at least for now, fingers crossed, I can do without so that I can tackle this loan payment,” said Grace, who is 39 and works in marketing communications in Nebraska. “Of course, that could change in an instant, and that’s scary.”

But this week, Grace got the news she'd been in financial limbo over for months — her federal loans were being forgiven, wiping out a roughly $300 a month payment, under a Biden administration plan to clear the loan balances for those who have been making payments for at least 20 years.

After the Supreme Court rejected President Joe Biden’s sweeping debt forgiveness proposal and a Covid-era pause on student loan payments expired , millions of borrowers have been faced with tough financial choices and a web of new debt relief plans and administrative delays that have left many in limbo over if and when their debt will be forgiven, said student debt counselors and borrowers.

“The road to hell is paved with good intentions,” said Betsy Mayotte, the head of the Institute of Student Loan Advisors, a nonprofit that provides free student loan advice. “I have seen a significant number of borrowers who have had relief, but on the flip side, because everything has had to happen really fast, it’s also caused some confusion for borrowers and it’s caused some bumps in the road.”

But the effects of that relief are starting to be felt by more borrowers like Grace, something the Biden campaign is working to capitalize on in the months leading up to the election.

Biden’s efforts to provide relief to student loan borrowers has been a top policy priority during his time in office. The Biden administration says it has provided student debt relief to 4.6 million Americans through more than two dozen different programs, including fixes to a pre-existing loan forgiveness program for public service workers, erasing debt for borrowers defrauded or misled by their school and expanding debt forgiveness for people with disabilities.

Last month, Biden proposed additional plans he said would reduce or erase the student loan debts for millions more as early as this fall, an Education Department official said.

But many borrowers have struggled to make sense of what all those initiatives mean for them or see the full benefits as some programs continue to be implemented, said Robert Farrington, who counsels student loan borrowers and is editor-in-chief of the website The College Investor.

“There is a firehose of announcements and new programs and so many various nuances to all of these things. There’s different repayment plans, there’s different forgiveness programs, different lawsuits,” said Farrington. “It’s hard for borrowers to even know what applies to them. It’s so confusing.”

Education Department officials say borrowers who believe they are eligible for debt relief but haven’t received it yet should contact their loan servicer or the department ombudsman ’ s office .

Amid the confusion, the Biden campaign has been seeking to show the real-world impact on borrowers who have received debt forgiveness in its pitch to voters for a second term, a campaign official said. Biden and other top administration officials have fanned out across the country to tout their efforts.

In one instance, Biden visited the home of a former school principal in North Carolina who had $90,000 in debt erased under the public service loan forgiveness program, a decades-old program the Biden administration has made changes to in order for more borrowers to qualify. A TikTok video of the visit made by the man’s son got millions of views.

Still, the majority of voters have said they disapproved of Biden’s handling of the student loan issue — with 44% approving, making it Biden’s strongest area among registered voters, according to an NBC News poll last month. In a separate poll by the Harvard Institute of Politics, just 39% of voters under age 30 said they approved of the job Biden has done on student loans. But like in the NBC poll, it was a higher approval rating than on other key issues.

The campaign official said it will take more time and aggressive messaging to get the attention of voters, whom the campaign believes are not yet paying close attention to the election. The campaign is also seeking to contrast Biden’s policies with those of former President Donald Trump, who has opposed student debt relief programs and actively sought to eliminate funding for them while president.

Rep. James Clyburn, D-S.C., a close Biden ally, said he expects tens of thousands of additional borrowers to see debt relief ahead of the election as Biden’s programs continue to be implemented, giving the campaign more opportunities to highlight the contrast with Trump’s opposition to such programs, he said.

“Who do you want to put in charge of that program?” Clyburn said in an interview with NBC News. “The guy who refused to implement it?”

Biden “has implemented the program that [Trump] tried to get rid of,” Clyburn continued.

But for the millions of borrowers not eligible to have their debt cleared, they have been required to make payments since October, creating an additional financial strain for many. Around 40% of borrowers who have resumed payments said they are cutting back on spending while 29% said they were reducing the amount they were saving, according to a University of Michigan survey released in January.

The survey found that borrowers who had lower incomes, less education and weaker income prospects were more likely to increase their use of credit to maintain their spending amid the resumption of loan payments.

Others have opted not to make their payments. Around 64% of borrowers who had payments due were current on their student loan payments as of the end of December, according to the Department of Education.

The Biden administration has said it will hold off until this fall on enforcing the harshest penalties for nonpayment, like reporting delinquent borrowers to credit rating agencies and using forced collections.

Mayotte said a number of borrowers she works with have been holding off on making their payments because they can’t afford them or have opted to use the money to pay down higher-interest debt or to invest in high-yield savings or investing accounts until the administration’s nonpayment penalties kick in.

Once that happens, the wider implications of the restart in payments could be felt, but so far it hasn’t appeared to have had a significant impact on the wider economy, according to an analysis by Wells Fargo.

For Grace, who took out around $40,000 in private and federal loans to attend a four-year public university in 2003, she said her monthly loan payments have been a heavy burden on her finances since she first started making them more than a decade ago.

At the start of her career, her loan payments amounted to more than 15% of her take-home pay, preventing her from being able to build up an emergency fund for unexpected costs, like a car repair, and causing her to rack up credit card debt. For years, she said, she had to work a second job on the weekends to cover her expenses.

But her financial picture drastically changed during the pandemic when the Covid payment pause began. Without that monthly loan payment, she said she was able to start building up her savings and pay off credit card debt. Eventually, she was able to buy her first home.

“Prior to that pause, things were pretty dire,” Grace said. “And so this gave me the opportunity to really finally start to catch up. It’s amazing what happens when you don’t have hundreds of dollars month after month going to this.”

Grace said she knew the payment would eventually restart and didn’t take on any additional monthly expenses. But with inflation driving up the cost of everything from groceries to utilities, the resumption of the payment was an even bigger strain on her budget than before.

When it came time for the payments to restart in October on the $10,000 she still owes, Grace was also making a decision about signing up for her employer’s health insurance plan for 2024. She opted to take the risk of going without health insurance to continue making progress on paying down her debt.

With her federal loan payment now forgiven, she knows what she will do with the extra next month.

“I won’t be going to Target with that money, I won’t be going on vacation,” she said. “I will be enrolling in health insurance.”

Shannon Pettypiece is senior policy reporter for NBC News digital.

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Financial authorities announce construction loan restructuring plan to prevent collapse

Financial Services Commission Secretary-General Kwon Dae-young speaks during a press briefing on the government's latest plan to induce a soft landing for project financing loans in the real estate sector at the government complex in central Seoul on Monday. [NEWS1]

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Stormy Daniels Takes the Stand

The porn star testified for eight hours at donald trump’s hush-money trial. this is how it went..

This transcript was created using speech recognition software. While it has been reviewed by human transcribers, it may contain errors. Please review the episode audio before quoting from this transcript and email [email protected] with any questions.

It’s 6:41 AM. I’m feeling a little stressed because I’m running late. It’s the fourth week of Donald J. Trump’s criminal trial. It’s a white collar trial. Most of the witnesses we’ve heard from have been, I think, typical white collar witnesses in terms of their professions.

We’ve got a former publisher, a lawyer, accountants. The witness today, a little less typical, Stormy Daniels, porn star in a New York criminal courtroom in front of a jury more accustomed to the types of witnesses they’ve already seen. There’s a lot that could go wrong.

From “The New York Times,” I’m Michael Barbaro. This is “The Daily.”

Today, what happened when Stormy Daniels took the stand for eight hours in the first criminal trial of Donald J. Trump. As before, my colleague Jonah Bromwich was inside the courtroom.

[MUSIC PLAYING]

It’s Friday, May 10th.

So it’s now day 14 of this trial. And I think it’s worth having you briefly, and in broad strokes, catch listeners up on the biggest developments that have occurred since you were last on, which was the day that opening arguments were made by both the defense and the prosecution. So just give us that brief recap.

Sure. It’s all been the prosecution’s case so far. And prosecutors have a saying, which is that the evidence is coming in great. And I think for this prosecution, which is trying to show that Trump falsified business records to cover up a sex scandal, to ease his way into the White House in 2016, the evidence has been coming in pretty well. It’s come in well through David Pecker, former publisher of The National Enquirer, who testified that he entered into a secret plot with Trump and Michael Cohen, his fixer at the time, to suppress negative stories about Trump, the candidate.

It came in pretty well through Keith Davidson, who was a lawyer to Stormy Daniels in 2016 and negotiated the hush money payment. And we’ve seen all these little bits and pieces of evidence that tell the story that prosecutors want to tell. And the case makes sense so far. We can’t tell what the jury is thinking, as we always say.

But we can tell that there’s a narrative that’s coherent and that matches up with the prosecution’s opening statement. Then we come to Tuesday. And that day really marks the first time that the prosecution’s strategy seems a little bit risky because that’s the day that Stormy Daniels gets called to the witness stand.

OK, well, just explain why the prosecution putting Stormy Daniels on the stand would be so risky. And I guess it makes sense to answer that in the context of why the prosecution is calling her as a witness at all.

Well, you can see why it makes sense to have her. The hush money payment was to her. The cover-up of the hush money payment, in some ways, concerns her. And so she’s this character who’s very much at the center of this story. But according to prosecutors, she’s not at the center of the crime. The prosecution is telling a story, and they hope a compelling one. And arguably, that story starts with Stormy Daniels. It starts in 2006, when Stormy Daniels says that she and Trump had sex, which is something that Trump has always denied.

So if prosecutors were to not call Stormy Daniels to the stand, you would have this big hole in the case. It would be like, effect, effect, effect. But where is the cause? Where is the person who set off this chain reaction? But Stormy Daniels is a porn star. She’s there to testify about sex. Sex and pornography are things that the jurors were not asked about during jury selection. And those are subjects that bring up all kinds of different complex reactions in people.

And so, when the prosecutors bring Stormy Daniels to the courtroom, it’s very difficult to know how the jurors will take it, particularly given that she’s about to describe a sexual episode that she says she had with the former president. Will the jurors think that makes sense, as they sit here and try to decide a falsifying business records case, or will they ask themselves, why are we hearing this?

So the reason why this is the first time that the prosecution’s strategy is, for journalists like you, a little bit confusing, is because it’s the first time that the prosecution seems to be taking a genuine risk in what they’re putting before these jurors. Everything else has been kind of cut and dry and a little bit more mechanical. This is just a wild card.

This is like live ammunition, to some extent. Everything else is settled and controlled. And they know what’s going to happen. With Stormy Daniels, that’s not the case.

OK, so walk us through the testimony. When the prosecution brings her to the stand, what actually happens?

It starts, as every witness does, with what’s called direct examination, which is a fancy word for saying prosecutors question Stormy Daniels. And they have her tell her story. First, they have her tell the jury about her education and where she grew up and her professional experience. And because of Stormy Daniels’s biography, that quickly goes into stripping, and then goes into making adult films.

And I thought the prosecutor who questioned her, Susan Hoffinger, had this nice touch in talking about that, because not only did she ask Daniels about acting in adult films. But she asked her about writing and directing them, too, emphasizing the more professional aspects of that work and giving a little more credit to the witness, as if to say, well, you may think this or you may think that. But this is a person with dignity who took what she did seriously. Got it.

What’s your first impression of Daniels as a witness?

It’s very clear that she’s nervous. She’s speaking fast. She’s laughing to herself and making small jokes. But the tension in the room is so serious from the beginning, from the moment she enters, that those jokes aren’t landing. So it just feels, like, really heavy and still and almost oppressive in there. So Daniels talking quickly, seeming nervous, giving more answers than are being asked of her by the prosecution, even before we get to the sexual encounter that she’s about to describe, all of that presents a really discomfiting impression, I would say.

And how does this move towards the encounter that Daniels ultimately has?

It starts at a golf tournament in 2006, in Lake Tahoe, Nevada. Daniels meets Trump there. There are other celebrities there, too. They chatted very briefly. And then she received a dinner invitation from him. She thought it over, she says. And she goes to have dinner with Trump, not at a restaurant, by the way. But she’s invited to join him in the hotel suite.

So she gets to the hotel suite. And his bodyguard is there. And the hotel door is cracked open. And the bodyguard greets her and says she looks nice, this and that. And she goes in. And there’s Donald Trump, just as expected. But what’s not expected, she says, is that he’s not wearing what you would wear to a dinner with a stranger, but instead, she says, silk or satin pajamas. She asked him to change, she says. And he obliges.

He goes, and he puts on a dress shirt and dress pants. And they sit down at the hotel suite’s dining room table. And they have a kind of bizarre dinner. Trump is asking her very personal questions about pornography and safe sex. And she testifies that she teased him about vain and pompous he is. And then at some point, she goes to the bathroom. And she sees that he has got his toiletries in there, his Old Spice, his gold tweezers.

Very specific details.

Yeah, we’re getting a ton of detail in this scene. And the reason we’re getting those is because prosecutors are trying to elicit those details to establish that this is a credible person, that this thing did happen, despite what Donald Trump and his lawyers say. And the reason you can know it happened, prosecutors seem to be saying, is because, look at all these details she can still summon up.

She comes out of the bathroom. And she says that Donald Trump is on the hotel bed. And what stands out to me there is what she describes as a very intense physical reaction. She says that she blacked out. And she quickly clarifies, she doesn’t mean from drugs or alcohol. She means that, she says, that the intensity of this experience was such that, suddenly, she can’t remember every detail. The prosecution asks a question that cuts directly to the sex. Essentially, did you start having sex with him? And Daniels says that she did. And she continues to provide more details than even, I think, the prosecution wanted.

And I think we don’t want to go chapter and verse through this claimed sexual encounter. But I wonder what details stand out and which details feel important, given the prosecution’s strategy here.

All the details stand out because it’s a story about having had sex with a former president. And the more salacious and more private the details feel, the more you’re going to remember them. So we’ll remember that Stormy Daniels said what position they had sex in. We’ll remember that she said he didn’t use a condom. Whether that’s important to the prosecution’s case, now, that’s a much harder question to answer, as we’ve been saying.

But what I can tell you is, as she’s describing having had sex with Donald Trump, and Donald Trump is sitting right there, and Eric Trump, his son, is sitting behind him, seeming to turn a different color as he hears this embarrassment of his father being described to a courtroom full of reporters at this trial, it’s hard to even describe the energy in that room. It was like nothing I had ever experienced. And it was just Daniels’s testimony and, seemingly, the former President’s emotions. And you almost felt like you were trapped in there with both of them as this description was happening.

Well, I think it’s important to try to understand why the prosecution is getting these details, these salacious, carnal, pick your word, graphic details about sex with Donald Trump. What is the value, if other details are clearly making the point that she’s recollecting something?

Well, I think, at this point, we can only speculate. But one thing we can say is, this was uncomfortable. This felt bad. And remember, prosecutor’s story is not about the sex. It’s about trying to hide the sex. So if you’re trying to show a jury why it might be worthwhile to hide a story, it might be worth —

Providing lots of salacious details that a person would want to hide.

— exposing them to how bad that story feels and reminding them that if they had been voters and they had heard that story, and, in fact, they asked Daniels this very question, if you hadn’t accepted hush money, if you hadn’t signed that NDA, is this the story you would have told? And she said, yes. And so where I think they’re going with this, but we can’t really be sure yet, is that they’re going to tell the jurors, hey, that story, you can see why he wanted to cover that up, can’t you?

You mentioned the hush money payments. What testimony does Daniels offer about that? And how does it advance the prosecution’s case of business fraud related to the hush money payments?

So little evidence that it’s almost laughable. She says that she received the hush money. But we actually already heard another witness, her lawyer at the time, Keith Davidson, testify that he had received the hush money payment on her behalf. And she testified about feeling as if she had to sell this story because the election was fast approaching, almost as if her leverage was slipping away because she knew this would be bad for Trump.

That feels important. But just help me understand why it’s important.

Well, what the prosecution has been arguing is that Trump covered up this hush money payment in order to conceal a different crime. And that crime, they say, was to promote his election to the presidency by illegal means.

Right, we’ve talked about this in the past.

So when Daniels ties her side of the payment into the election, it just reminds the jurors maybe, oh, right, this is what they’re arguing.

So how does the prosecution end this very dramatic, and from everything you’re saying, very tense questioning of Stormy Daniels about this encounter?

Well, before they can even end, the defense lawyers go and they consult among themselves. And then, with the jury out of the room, one of them stands up. And he says that the defense is moving for a mistrial.

On what terms?

He says that the testimony offered by Daniels that morning is so prejudicial, so damning to Trump in the eyes of the jury, that the trial can no longer be fair. Like, how could these jurors have heard these details and still be fair when they render their verdict? And he says a memorable expression. He says, you can’t un-ring that bell, meaning they heard it. They can’t un-hear it. It’s over. Throw out this trial. It should be done.

Wow. And what is the response from the judge?

So the judge, Juan Merchan, he hears them out. And he really hears them out. But at the end of their arguments, he says, I do think she went a little too far. He says that. He said, there were things that were better left unsaid.

By Stormy Daniels?

By Stormy Daniels. And he acknowledges that she is a difficult witness. But, he says, the remedy for that is not a mistrial, is not stopping the whole thing right now. The remedy for that is cross-examination. If the defense feels that there are issues with her story, issues with her credibility, they can ask her whatever they want. They can try to win the jury back over. If they think this jury has been poisoned by this witness, well, this is their time to provide the antidote. The antidote is cross-examination. And soon enough, cross-examination starts. And it is exactly as intense and combative as we expected.

We’ll be right back.

So, Jonah, how would you characterize the defense’s overall strategy in this intense cross-examination of Stormy Daniels?

People know the word impeach from presidential impeachments. But it has a meaning in law, too. You impeach a witness, and, specifically, their credibility. And that’s what the defense is going for here. They are going to try to make Stormy Daniels look like a liar, a fraud, an extortionist, a money-grubbing opportunist who wanted to take advantage of Trump and sought to do so by any means necessary.

And what did that impeachment strategy look like in the courtroom?

The defense lawyer who questions Stormy Daniels is a woman named Susan Necheles. She’s defended Trump before. And she’s a bit of a cross-examination specialist. We even saw her during jury selection bring up these past details to confront jurors who had said nasty things about Trump on social media with. And she wants to do the same thing with Daniels. She wants to bring up old interviews and old tweets and things that Daniels has said in the past that don’t match what Daniels is saying from the stand.

What’s a specific example? And do they land?

Some of them land. And some of them don’t. One specific example is that Necheles confronts Daniels with this old tweet, where Daniels says that she’s going to dance down the street if Trump goes to jail. And what she’s trying to show there is that Daniels is out for revenge, that she hates Trump, and that she wants to see him go to jail. And that’s why she’s testifying against him.

And Daniels is very interesting during the cross-examination. It’s almost as if she’s a different person. She kind of squares her shoulders. And she sits up a little straighter. And she leans forward. Daniels is ready to fight. But it doesn’t quite land. The tweet actually says, I’ll dance down the street when he’s selected to go to jail.

And Daniels goes off on this digression about how she knows that people don’t get selected to go to jail. That’s not how it works. But she can’t really unseat this argument, that she’s a political enemy of Donald Trump. So that one kind of sticks, I would say. But there are other moves that Necheles tries to pull that don’t stick.

So unlike the prosecution, which typically used words like adult, adult film, Necheles seems to be taking every chance she can get to say porn, or pornography, or porn star, to make it sound base or dirty. And so when she starts to ask Daniels about actually being in pornography, writing, acting, and directing sex films, she tries to land a punch line, Necheles does. She says, so you have a lot of experience making phony stories about sex appear to be real, right?

As if to say, perhaps this story you have told about entering Trump’s suite in Lake Tahoe and having sex with him was made up.

Just another one of your fictional stories about sex. But Daniels comes back and says, the sex in the films, it’s very much real, just like what happened to me in that room. And so, when you have this kind of combat of a lawyer cross-examining very aggressively and the witness fighting back, you can feel the energy in the room shift as one lands a blow or the other does. But here, Daniels lands one back. And the other issue that I think Susan Necheles runs into is, she tries to draw out disparities from interviews that Daniels gave, particularly to N-TOUCH, very early on once the story was out.

It’s kind of like a tabloid magazine?

But some of the disparities don’t seem to be landing quite like Necheles would want. So she tries to do this complicated thing about where the bodyguard was in the room when Daniels walked into the room, as described in an interview in a magazine. But in that magazine interview, as it turns out, Daniels mentioned that Trump was wearing pajamas. And so, if I’m a juror, I don’t care where the bodyguard is. I’m thinking about, oh, yeah, I remember that Stormy Daniels said now in 2024 that Trump was wearing pajamas.

I’m curious if, as somebody in the room, you felt that the defense was effective in undermining Stormy Daniels’s credibility? Because what I took from the earlier part of our conversation was that Stormy Daniels is in this courtroom on behalf of the prosecution to tell a story that’s uncomfortable and has the kind of details that Donald Trump would be motivated to try to hide. And therefore, this defense strategy is to say, those details about what Trump might want to hide, you can’t trust them. So does this back and forth effectively hurt Stormy Daniels’s credibility, in your estimation?

I don’t think that Stormy Daniels came off as perfectly credible about everything she testified about. There are incidents that were unclear or confusing. There were things she talked about that I found hard to believe, when she, for instance, denied that she had attacked Trump in a tweet or talked about her motivations. But about what prosecutors need, that central story, the story of having had sex with him, we can’t know whether it happened.

But there weren’t that many disparities in these accounts over the years. In terms of things that would make me doubt the story that Daniels was telling, details that don’t add up, those weren’t present. And you don’t have to take my word for that, nor should you. But the judge is in the room. And he says something very, very similar.

What does he say? And why does he say it?

Well, he does it when the defense, again, at the end of the day on Thursday, calls for a mistrial.

With a similar argument as before?

Not only with a similar argument as before, but, like, almost the exact same argument. And I would say that I was astonished to see them do this. But I wasn’t because I’ve covered other trials where Trump is the client. And in those trials, the lawyers, again and again, called for a mistrial.

And what does Judge Marchan say in response to this second effort to seek a mistrial?

Let me say, to this one, he seems a little less patient. He says that after the first mistrial ruling, two days before, he went into his chambers. And he read every decision he had made about the case. He took this moment to reflect on the first decision. And he found that he had, in his own estimation, which is all he has, been fair and not allowed evidence that was prejudicial to Trump into this trial. It could continue. And so he said that again. And then he really almost turned on the defense. And he said that the things that the defense was objecting to were things that the defense had made happen.

He says that in their opening statement, the defense could have taken issue with many elements of the case, about whether there were falsified business records, about any of the other things that prosecutors are saying happened. But instead, he says, they focused their energy on denying that Trump ever had sex with Daniels.

And so that was essentially an invitation to the prosecution to call Stormy Daniels as a witness and have her say from the stand, yes, I had this sexual encounter. The upshot of it is that the judge not only takes the defense to task. But he also just says that he finds Stormy Daniels’s narrative credible. He doesn’t see it as having changed so much from year to year.

Interesting. So in thinking back to our original question here, Jonah, about the idea that putting Stormy Daniels on the stand was risky, I wonder if, by the end of this entire journey, you’re reevaluating that idea because it doesn’t sound like it ended up being super risky. It sounded like it ended up working reasonably well for the prosecution.

Well, let me just assert that it doesn’t really matter what I think. The jury is going to decide this. There’s 12 people. And we can’t know what they’re thinking. But my impression was that, while she was being questioned by the prosecution for the prosecution’s case, Stormy Daniels was a real liability. She was a difficult witness for them.

And the judge said as much. But when the defense cross-examined her, Stormy Daniels became a better witness, in part because their struggles to discredit her may have actually ended up making her story look more credible and stronger. And the reason that matters is because, remember, we said that prosecutors are trying to fill this hole in their case. Well, now, they have. The jury has met Stormy Daniels. They’ve heard her account. They’ve made of it what they will. And now, the sequence of events that prosecutors are trying to line up as they seek prison time for the former President really makes a lot of sense.

It starts with what Stormy Daniels says with sex in a hotel suite in 2006. It picks up years later, as Donald Trump is trying to win an election and, prosecutors say, suppressing negative stories, including Stormy Daniels’s very negative story. And the story that prosecutors are telling ends with Donald Trump orchestrating the falsification of business records to keep that story concealed.

Well, Jonah, thank you very much. We appreciate it.

Of course, thanks for having me.

The prosecution’s next major witness will be Michael Cohen, the former Trump fixer who arranged for the hush money payment to Stormy Daniels. Cohen is expected to take the stand on Monday.

Here’s what else you need to know today. On Thursday, Israeli Prime Minister Benjamin Netanyahu issued a defiant response to warnings from the United States that it would stop supplying weapons to Israel if Israel invades the Southern Gaza City of Rafah. So far, Israel has carried out a limited incursion into the city where a million civilians are sheltering, but has threatened a full invasion. In a statement, Netanyahu said, quote, “if we need to stand alone, we will stand alone.”

Meanwhile, high level ceasefire negotiations between Israel and Hamas have been put on hold in part because of anger over Israel’s incursion into Rafah.

A reminder, tomorrow, we’ll be sharing the latest episode of our colleague’s new show, “The Interview” This week on “The Interview,” Lulu Garcia-Navarro talks with radio host Charlamagne Tha God about his frustrations with how Americans talk about politics.

If me as a Black man, if I criticize Democrats, then I’m supporting MAGA. But if I criticize, you know, Donald Trump and Republicans, then I’m a Democratic shill. Why can’t I just be a person who deals in nuance?

Today’s episode was produced by Olivia Natt and Michael Simon Johnson. It was edited by Lexie Diao, with help from Paige Cowett, contains original music by Will Reid and Marion Lozano, and was engineered by Alyssa Moxley. Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly.

That’s it for “The Daily.” I’m Michael Barbaro. See you on Monday.

• May 13, 2024   •   27:46 How Biden Adopted Trump’s Trade War With China
• May 10, 2024   •   27:42 Stormy Daniels Takes the Stand
• May 9, 2024   •   34:42 One Strongman, One Billion Voters, and the Future of India
• May 8, 2024   •   28:28 A Plan to Remake the Middle East
• May 7, 2024   •   27:43 How Changing Ocean Temperatures Could Upend Life on Earth
• May 6, 2024   •   29:23 R.F.K. Jr.’s Battle to Get on the Ballot
• May 3, 2024   •   25:33 The Protesters and the President
• May 2, 2024   •   29:13 Biden Loosens Up on Weed
• May 1, 2024   •   35:16 The New Abortion Fight Before the Supreme Court
• April 30, 2024   •   27:40 The Secret Push That Could Ban TikTok
• April 29, 2024   •   47:53 Trump 2.0: What a Second Trump Presidency Would Bring
• April 26, 2024   •   21:50 Harvey Weinstein Conviction Thrown Out

Hosted by Michael Barbaro

Featuring Jonah E. Bromwich

Produced by Olivia Natt and Michael Simon Johnson

Edited by Lexie Diao

With Paige Cowett

Original music by Will Reid and Marion Lozano

Engineered by Alyssa Moxley

Listen and follow The Daily Apple Podcasts | Spotify | Amazon Music | YouTube

This episode contains descriptions of an alleged sexual liaison.

What happened when Stormy Daniels took the stand for eight hours in the first criminal trial of former President Donald J. Trump?

Jonah Bromwich, one of the lead reporters covering the trial for The Times, was in the room.

On today’s episode

Jonah E. Bromwich , who covers criminal justice in New York for The New York Times.

Background reading

In a second day of cross-examination, Stormy Daniels resisted the implication she had tried to shake down Donald J. Trump by selling her story of a sexual liaison.

Here are six takeaways from Ms. Daniels’s earlier testimony.

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The Daily is made by Rachel Quester, Lynsea Garrison, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, Luke Vander Ploeg, M.J. Davis Lin, Dan Powell, Sydney Harper, Mike Benoist, Liz O. Baylen, Asthaa Chaturvedi, Rachelle Bonja, Diana Nguyen, Marion Lozano, Corey Schreppel, Rob Szypko, Elisheba Ittoop, Mooj Zadie, Patricia Willens, Rowan Niemisto, Jody Becker, Rikki Novetsky, John Ketchum, Nina Feldman, Will Reid, Carlos Prieto, Ben Calhoun, Susan Lee, Lexie Diao, Mary Wilson, Alex Stern, Dan Farrell, Sophia Lanman, Shannon Lin, Diane Wong, Devon Taylor, Alyssa Moxley, Summer Thomad, Olivia Natt, Daniel Ramirez and Brendan Klinkenberg.

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Jonah E. Bromwich covers criminal justice in New York, with a focus on the Manhattan district attorney’s office and state criminal courts in Manhattan. More about Jonah E. Bromwich

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