If you are trying to get financing because you plan to open a retail store, expect the bankers you approach for loans to ask for a business plan. With the tight credit markets that exist in today’s economic climate, financial institutions are requiring thorough documentation and comprehensive business plans from loan applicants. Here are some key factors lenders consider when trying to determine whether or not to loan to a retail business:

• Do you have good credit and the necessary collateral to qualify for a loan?
• Does your Retail Store have a distinct advantage over competitive stores?
• Do you or your staff have experience managing a successful retail store?
• How much start-up capital will your store need to be successful?

Prospective new store owners increase the likelihood they will get approval for a loan by investing time to develop a well thought out business plan. Your business plan should be easy to read and clearly state a road map for how your new store will be financially successful.