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A business plan is a formal, written document that provides information about your project/business, describes a marketing
plan, details an operations plan, and projects the financial needs of the business. It details where the business is going and
what it intends to do. It provides direction for the owner and communicates to others the business opportunity. Bankers will
use the business plan to learn more about your business and to determine if your business qualifies for a loan.
b. How do I go about getting a Business Loan?
It starts with a business plan. Today, a lender will not consider lending an individual money unless he or she can prove in
writing that they've done their research, developed a plan of action and can demonstrate that they have the knowledge and
experience to operate a business. A well-written business plan can make the difference between loan approval and
rejection.
c. Are SEDC Services Free?:
At the moment most of our services are provided at no charge to the client. However there may be a nominal fee for some
training courses.
d. Does SEDC only assist those persons who are already in business?:
No, SEDC assists anybody with an idea of opening a business or researching the feasibility of a proposed profit-making
venture.
e. What business should I choose?
Usually, the best business for you is the one in which you are most skilled and interested. As you review your options, you
may wish to consult local experts and business persons plus SEDC staff about the growth potential of various businesses in
your area as well as conducting a detailed marketing research. This will definitely increase your chance of success.
f. How long will it take before I could get financing and to start the business?
As long as it takes you to complete your feasibility study, prepare your business plan, gather your money, buy what you
need to buy, and arrange your business operation affairs. This could take a few weeks or many months depending on your
determination and hard work. If you have difficulty with any of these items, SEDC is here to guide you.
g. Will SEDC write a business plan for me?
While the SEDC will not write your business plan for you, we provide the assistance and guidance needed to write the plan
and can help sharpen your plan for effectiveness.
h. What is TC Invest Business Loan Interest Rate and how long will it take me to repay?
The repayment period on business loans is normally a maximum of 12 years, however small loans are repaid within three to
five years. Small loans up to $10,000 are at a rate of 9% with a 10% contribution by the borrower, while other business
loans are at a rate of 12% with own contribution of 10% – 20%. Further details on this can be obtained from the Banking
Division of TCInvest.
i. Benefits of Using SEDC
Working with SEDC Advisors has many benefits for you and your business. Among them are:
- Advisors serve as sounding boards and serve as reality checks for your business ideas.
- Working with an Advisor can lead to a long-term, tailored business advisory and encouragement relationship as your
business develops and grows.
- Advisors can provide frank, objective feedback/advice as experienced, trained, whose only interest is the success of
your business.
- Advisors help with your development of clear action plans and focus around key issues for your business.
- Advisors can aid your access to information, technology, markets and research that assist in the profitable operation
of your businesses.
- Advisors can brainstorm with you, ideas for new products, services, promotions, etc. and their feasibility.
- Advisors can help you improve your business skills.
- Advisors can help locate access to capital for your business.
- Advisors can facilitate business networking (Small Business Association) , mentoring and training opportunities.
