Should Business Plans Be Formal Documents?

[St Rhenium]

I tried to get a business loan, and they asked me for a business plan. So I guess most businesses have a formal written plan then? What should they include?

 

[selfemployed]

I recently applied for a crowd funding loan and provided the following:-

Set of my latest report and accounts
ID documentation
A reason for raising the finance - expansion
Bank statements
Plans for the future

If you break it up into smaller pieces it is a lot easier.