Victory State Bank Highlights Basic Elements Of A Business Plan

STATEN ISLAND, N.Y. -- If you operate an enterprise and are about to apply for a business loan, Victory State Bank Advises that you begin by writing a business plan.

There is no single formula for developing a business plan, but some elements are consistent throughout all business plans.

Your plan should include an executive summary, a description of the business, a plan for how you will market and manage your business, financial projections and the appropriate supporting documents.

To help you get started in writing your business plan, the U.S. Small Business Administration (www.sba.gov) has summarized the essential elements in the following outline:

Elements of a Business Plan

1. Cover sheet

2. Executive summary (statement of the business purpose)

3. Table of contents

4. Body of the document

A. Business

1. Description of business

2. Marketing

3. Competition

4. Operating procedures

5. Personnel

6. Business insurance

B. Financial data

1. Loan applications

2. Capital equipment and supply list

3. Balance sheet

4. Breakeven analysis

5. Profit and loss statements

6. Three-year summary

7. Detail by month, first year

8. Detail by quarters, second and third year

9. Assumptions upon which projections were based

10. Pro-forma cash flow

C. Supporting documents

1. Tax returns of principals (partners in the business) for last three years, personal financial statements (all banks have these forms)

2. Copy of franchise contract and all supporting documents provided by the franchisor (for franchise businesses)

3. Copy of proposed lease or purchase agreement for building space

4. Copy of licenses and other legal documents

5. Copy of resumes of all principals

6. Copies of letters of intent from suppliers, etc.

About Victory State Bank:

VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com .

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