A project report or business plan is essential to secure financing because it provides potential investors or lenders with a clear understanding of the business's goals, operations, and financial projections. It outlines how the funds will be used, the expected return on investment, and the risks involved. By presenting a well-structured plan, businesses can demonstrate their viability, profitability, and strategic planning, which builds confidence in the potential for success and repayment, making it more likely for financial institutions or investors to offer support.
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