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Is it important to have a business plan while looking for a loan?

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It is very important to have a business plan while looking for a loan. For starters, lenders are reluctant to lend money to people who don't seem to know what they want to do with the money. They want someone with a clear picture of what they'll do. Again, taking a loan without a plan is a recipe for disaster because you might end up spending it on other things.

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