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How important does the business plan to lenders?

I want to get $20,000 business loan to extend my small business. I have never taken serious to write a business plan for my business, and I don't like play the words or numbers, but my business do have some profit. Would I get a loan if I have no a qualified business plan? Please help.

Public Comments

1. if you had 20,000 would you lend it to someone with an idea? Not if you are smart. You'd just steal the idea or tell him to go away. You won't even get $1000 without some sort of business plan. Do reasearch. You can find templates online. You have to show them that you know what you are doing and earn their trust and confidence. if you can't explain things well then you should get a partner who can.
2. Business plans are VERY important. You definitely have to put a lot of thought and time in constructing one. Put yourself in the lender's situation - if some random guy came up to you with no clear plan, why on earth would you give him $20k? If you are sure that you'll make a or are already making a profit, spell it out for them. Show them how you've flourished and how you expect to grow in the future with this money. Obviously you don't have to know every specific detail going into the distant future, since no one can predict what will happen with your business, but at least develop likely scenarios so you'll be prepared for anything. Good luck!
3. A small business loan is one of the most treasured commodities in the business world. It is still very hard to get despite the claims and promises of banks, credit unions, and other lending institutions that they want to help American small<!--business to survive and grow. In fact it sometimes seems that banks and other lenders want to see small businesses fail and only support those that survive the battle for customers, revenues, and finances during their first two years. http://best-loans.awardspace.com/businessloans.htm Getting a small business loan is most difficult during these first two years, when most businesses face a myriad of challenges involved with not only opening their doors, but hiring and training staff and meeting the demands of customers, clients-->suppliers and vendors. The main reason that the banks use for not granting many loans during this period is like the same reason that a student can’t get a job coming out of school. They don’t have the experience.
4. if you only need $20,000 and you don't want to write business plan- try to obtain business credit card and take cash advance from, many credit cards offer better rates for cash advance, than business loans- do research .