Do You Need a Business Plan to Get a Business Loan?
by: Dan Domino
Updated - February 16, 2026
If you’re looking to get a business loan, do you really need to show the bank a business plan?
For an existing business with a financial history, you may or may not need one. Lenders are going to have your actual numbers to rely on, so they might not require a business plan. Just ask them and they’ll let you know.
But if you’re looking to get a loan for a new business, the answer is almost always "yes" — you will need to provide the bank with a business plan.
It doesn’t need to be fancy. You don’t need to spend a lot of time or money on fancy graphic design or complicated charts. But your business plan does need to be thoughtful and honest — and you need to be prepared to discuss and answer questions about it.
The lender just wants to see that you understand your customers, your competition, your business model, your numbers — and that you have what it takes to generate enough cash to safely repay their loan.
That said, you can get help writing your business plan. That’s totally fine, as long as you’re involved in the process and ready to discuss your plan and answer questions about it. There are plenty of tools and resources these days that make it a lot easier to create a business plan than it used to be.
A lot of the writing work can be automated by AI, freeing you up to do the important parts, which are:
1. To spend the time to deeply understand your customers and their needs, your market, your business model, and how you’ll grow the business.
2. To make sure that your business plan conveys all of that information clearly to the lender.
If you need help with your business plan, let us know. We can send you tools and resources that can help... many of which are free or inexpensive.
And if you want someone to come in and help you create your plan, that’s something we can help with as well. Reach out and we'd be happy to discuss your plan with you.
About the Author:
About the Author:
Dan Domino
Dan Domino
Founder of Jay Street Group
Founder of Jay Street Group
With 24 years of experience in finance and entrepreneurship, Dan Domino is the founder of Jay Street Group and is dedicated to helping small businesses thrive. Before launching Jay Street Group, Dan worked in financial markets at Citigroup and Deutsche Bank. He earned his MBA from Columbia Business School and brings a deep understanding of practical solutions to the real world challenges that business owners face.
Dan lives in Austin, TX with his wife, Lisa, and their two sons. When he's not helping founders, you'll find him on the Town Lake running trail chasing his kids on their bikes.
With 24 years of experience in finance and entrepreneurship, Dan Domino is the founder of Jay Street Group and is dedicated to helping small businesses thrive. Before launching Jay Street Group, Dan worked in financial markets at Citigroup and Deutsche Bank. He earned his MBA from Columbia Business School and brings a deep understanding of practical solutions to the real world challenges that business owners face.
Dan lives in Austin, TX with his wife, Lisa, and their two sons. When he's not helping founders, you'll find him on the Town Lake running trail chasing his kids on their bikes.