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For a deeper dive into the world of green banks, the library below provides a wealth of information. Green banks are gaining recognition as a policy tool at the state level, the US federal level, and around the world.

Introductory Materials

The case for a national green bank.

This slide deck outlines the national strategy for creating a national green bank that would increase total private investments while directing resources to frontline communities.

Green Banks & Catalytic Blended Finance

This slide deck explains how green banks provide catalytic finance for rapid decarbonization with a focus on underserved communities. April 2022.

Green Banks in the United States: 2022 Annual Industry Report

This report, the annual report of the American Green Bank Consortium, provides a broad overview of new transactions undertaken by Green Banks across the country, and new investment trends and technologies being deployed.

Building a Green Bank Finance Business in Your Geography to Drive Clean Energy Investment

This brief slide deck takes a practical look at what it takes to establish a green bank in a new US geography, and the questions that should be asked during the planning and design process. April 2019.

Market Insight: The Nonprofit Model for Green Bank Development

This memo provides insight into a current market trend in Green Bank development: the increasing use of the nonprofit model for Green Bank formation. This guide is intended to serve as a starting point for policymakers and other stakeholders interested in exploring the nonprofit Green Bank model in their geographies. January 2019.

Program-Related Investments: Alternative Sources of Green Bank Investment Capital in the United States

Drawing on conversations with foundations and selected case studies of existing green bank PRIs among Green Bank Network (GBN) members, this paper aims to highlight ways catalyze greater climate-related investment through green banks, and covers examples of green banks acting as effective and capable intermediaries of PRI capital. February 2019.

U.S. Federal Legislation

National climate bank act of 2019: legislation summary.

This document briefly summarizes the National Climate Bank Act of 2019, introduced July 8 by US Senators Ed Markey, Chris Van Hollen, Brian Schatz, and Richard Blumenthal. The bill establishes a National Climate Bank to be capitalized with $35 billion. July 2019.

New Polling: Widespread Support for National Climate Bank

Results from a new poll of eligible voters has found that a majority of all voters support the National Climate Bank, including majorities of Democrats and Independents, as well as a plurality of Republicans. August 2019.

Mobilizing $1 Trillion Towards Climate Action: An Analysis of the National Climate Bank

This memo explores the financial model of the Climate Bank, and reviews comparable institutions for perspective on the amplification of impact that the Climate Bank could achieve using similar techniques. It finds that a National Climate Bank capitalized with $35 billion could mobilize up to $1 trillion in public and private investment over its 30-year charter. September 2019.

Investing Across Sectors to Reduce Emissions: An Analysis of the National Climate Bank

This paper makes an initial exploration of sectors in which a National Climate Bank could invest and the types of projects which it could finance. Taken together, the Climate Bank’s investments could have significant impact towards economy-wide decarbonization. September 2019.

Supporting State and Local Green Banks: An Analysis of the National Climate Bank

The National Climate Bank is empowered to support the growth and investment activity of state and local Green Banks across the United States. This memo describes the way the Climate Bank and sub-national Green Banks would be able work together, how capital could flow, and why national and sub-national“layers”of Green Banks both provide distinct value. September 2019.

National Climate Bank: Investing to Win the War Against Climate Change

This brief CGC slide deck provides an overview of the National Climate Bank’s design and potential impact. November 2019.

State-Based Materials

Connecticut, district of columbia, district of columbia green bank report.

This report, prepared by CGC for the District Department of Energy and Environment, studies the DC energy market and makes recommendations regarding the creation and design of a DC green bank. April 2017.

District of Columbia Green Bank Recommendations

This brief slide deck summarizes the recommendations from the full report, including products like on-bill financing and whole-home retrofits. Findings suggest that a DC green bank capitalized with at least $50 million in public funds, could leverage at least $250 million in private capital. February 2017.

Growing the Maryland Clean Energy Economy: Green Bank Study

This report prepared by CGC for the Maryland Clean Energy Center, recommends that Maryland strategically leverage a percentage of the $449 M in public funds that currently invests mostly in grants. The study recognizes MCEC as well-positioned to continue serving as the green bank it has become with current financial product offerings in place. December 2015.

Montgomery County Green Bank: Market Assessment

This slide deck reviews the Montgomery County energy landscape, identifies market gaps, and makes recommendations towards the design of a Montgomery County Green Bank. January 2016.


The massachusetts green bank opportunity and business plan.

This report aims to determine the need, viability and pathway for a Green Bank to be formed in Massachusetts. It is meant to elucidate clean energy market conditions in Massachusetts, specifically with regard to financing clean energy projects, and to identify various market gaps and needs that could be filled with a Green Bank. This report is also meant to provide clarity to the many market actors and stakeholders in Massachusetts that are interested in the creation of a Massachusetts Green Bank. October 2017.

Nevada Clean Energy Market and Policy Review

Part of a series of deliverables studying the potential for a Nevada green bank. Reviews the Nevada energy market current policy landscape. April 2016.

Nevada Clean Energy Market Size

Part of a series of deliverables studying the potential for a Nevada green bank. Reviews the size of the addressable market that a green bank could target. April 2016.

Recommended Green Bank Solutions

Part of a series of deliverables studying the potential for a Nevada green bank. Recommends the financial products that a green bank could offer to address market gaps in Nevada. May 2016.

Green Bank Forms & Next Steps

Part of a series of deliverables studying the potential for a Nevada green bank. Reviews the potential form and structure of a Nevada green bank. June 2016.

Nevada Green Bank Study

Part of a series of deliverables studying the potential for a Nevada green bank. Final report to the Nevada Interim Legislative Committee on Energy provides an in-depth summary of the prior deliverables and recommendations for the design and function of a Nevada Green Bank. June 2016.

Written Comments to New Jersey Energy Master Plan Committee

These comments to the New Jersey Energy Master Plan Committee in support of the formation of a New Jersey Green Bank as part of the state’s draft Energy Master Plan. August 2019.

Review of New York State Electric Vehicle Charging Station Market and Policy, Finance, and Market Development Solutions

Report prepared for NYSERDA finds that private and public financing are essential for accelerating the deployment of electric vehicle charging stations, and more robust electric vehicle (EV) market growth can be achieved if charging station financing solutions are combined with measures taken by New York State (NYS) to simultaneously provide financial support for EV adoption. October 2015.

New York State Green Bank Business Plan Development

This slide deck, prepared Booz&Co for NYSERDA, incorporates information from CGC. It examines market gaps and makes design recommendations for the creation of a New York green bank. September 2013.

North Carolina

Written comments in response to the draft north carolina clean energy plan.

These written comments submitted to the North Carolina Department of Environmental Quality support the inclusion of a green bank in North Carolina’s draft Clean Energy Plan. September 2019.


Pennsylvania clean energy market report.

The Nature Conservancy has partnered with the Coalition for Green Capital to create comprehensive report on the state’s clean energy program and policy landscape and the market potential for various clean energy technologies, paying particular attention to the role of financing programs. This report includes information on institutions, programs, policies, laws and incentives that shape the clean energy market in Pennsylvania. This report also includes information on the clean energy market activity to date, as well as various estimates of clean energy market potential drawn from a variety of sources. February 2017.

Pennsylvania Energy Investment Partnership Report

This second report, prepared in partnership with the Nature Conservancy, provides specific recommendations for financing structures, institutions, products, and activities in Pennsylvania that could help fill market gaps and spur more clean energy deployment. July 2017.


Tci comments: framework for a draft regional policy proposal.

A group of American Green Bank Consortium members representing Northeast and Mid-Atlantic green banks submitted joint comments to the public process of the Transportation and Climate Initiative (TCI). The American Green Bank Consortium is a project of CGC.

International Materials

National green banks in developing countries: scaling up private finance to achieve paris climate goals.

CGC conducted this scoping effort to identify how the Green Bank model could be implemented in emerging markets to complement existing efforts to meet Nationally Determined Contributions (NDCs) and achieve national climate goals. To inform the work, CGC conducted a series of interviews and a stakeholder work-session with more than 100 representatives of development financial institutions, national development banks, developing country representatives, existing Green Banks, capital providers, climate funds, thought leaders, government officials and others from the climate finance community. July 2017.

Green & Resilience Banks: How the Green Investment Bank Model Can Play a Role in Scaling Up Climate Finance in Emerging Markets

This policy working paper explores the utility of “Green Investment Banks” (GIBs) to help meet the financing needs to address climate change, support countries’ Paris Commitments, and meet the challenges specific to scaling investment in low carbon and climate resilient (LCR) infrastructure in emerging and developing economies. November 2016.

Green Bank Financing to Accelerate Clean Energy Deployment in Canada through the Canadian Infrastructure Bank

This report, prepared by Evergreen & CGC for Infrastructure Canada, Ministry of Finance, Innovation Canada & Natural Resources Canada, finds that the creation of a Green Bank division within the new Canadian Infrastructure Bank can fill an institutional and finance gap in Canada and spark greater private investment in clean energy infrastructure. March 2017.

Climate Finance Facilities & Green Banks: How dedicated institutions can drive low-carbon investment

This slide deck provides a Chinese-language overview of green banks. 2018.

External Resources

Green investment banks: scaling up private investment in low-carbon, climate-resilient infrastructure.

This OECD report provides a comprehensive study of publically capitalised green investment banks (GIBs), analysing the rationales, mandates and financing activities of this relatively new category of public financial institution that aims to accelerate the transition to a low-carbon economy. 2016.

State Clean Energy Finance Banks: New Investment Facilities for Clean Energy Deployment

This early report on green bank design from the Brookings-Rockefeller Project on State and Metropolitan Innovation examines options for green bank design and opportunities for state leadership in the face of federal gridlock. September 2012.

Energy Investment Partnerships: How State and Local Governments are Engaging Private Capital to Drive Clean Energy Investment

This US Department of Energy report highlights partnerships and programs operating in eight states, with details about the creation, purpose, structure, and financing terms. To contextualize these descriptions, the report also provides background information about development finance tools and programs. December 2015.

Beyond Financing: A Guide to Green Bank Design in the Southeast

This primer outlines the design elements of a green bank and explores how a green bank might leverage limited public funds in the Southeast and create a robust market for clean energy investment. It concludes that green banks have proved to be catalytic in the Northeast and West and could be what is needed to jump-start investment in the Southeast. September 2018.

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The smartest way to finance clean energy that you’ve never heard of

A national green bank could be a game changer.

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In the United States, financing infrastructure and clean energy projects is often contingent on the quirks of partisan dealmaking in Congress. But there may be a better way.

A green bank model has been successful in several other countries. The United Kingdom’s green bank funded much of its offshore wind boom before the government sold it in 2017 . (The current UK government is exploring bringing it back.) Through Australia’s green bank, the largest in the world , the country has invested in wind, solar, and hydrogen development in addition to financing the construction of energy-efficient homes.

A green bank isn’t government grants, and it’s not tax credits — which are the primary federal drivers of clean energy development in the United States. Instead, these banks typically take the form of either a government-owned or quasi-public bank that takes a set amount of government money to launch and then leverages private money to fund different projects. And like private banks, green banks expect to be paid back.

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There’s no green bank at the federal level in the US, but a handful of states and cities — including Connecticut, New York, and Washington, DC — have been running them for years. In 2020, nearly $2 billion of green bank funds generated $7 billion of investment in projects around the country, without federal investment. But that could soon change. President Joe Biden included $27 billion for a “Clean Energy & Sustainability Accelerator” (a longer name for a green bank) in his $2.25 trillion American Jobs Plan. Biden’s proposal is modeled on a bill from Rep. Debbie Dingell (D-MI) and Sens. Ed Markey (D-MA) and Chris Van Hollen (D-MD) calling for $100 billion of federal investment over 10 years — projecting it could grow to over $800 billion by leveraging additional private funds.

“It’s a hugely promising strategy, both for deploying clean energy, and especially in the communities that need those benefits,” US Energy Secretary Jennifer Granholm said earlier this month .

The next few weeks and months will determine what can make it into an infrastructure bill and what can pass through Congress. If the US embraces the green bank concept at the federal level, it could be a game-changer for how clean energy is financed as well as the rate the US could develop new projects. This is especially true if the green bank was coupled with more investment and production tax credits in a final infrastructure bill.

“It’s not an either or, it’s an and both,” said Sam Ricketts, cofounder of the climate policy group Evergreen Action and a senior fellow at the Center for American Progress think tank. “You add to what is an unrivaled federal government power of the purse — you could make these projects go zoom.”

How green banks work

Clean energy development in the US is typically funded by production and investment tax credits, which — as the name suggests — encourage companies to either invest in wind, solar, and other clean technology or to produce more clean energy in exchange for reducing their taxes.

Green banks work much more like a regular bank — lending money for clean energy or energy-efficiency projects with an expected return on investment. Green banks essentially use a combination of public and private money, taking a smaller amount of public funds and leveraging private dollars to grow projects.

Green banks are set up in a variety of ways. The New York Green Bank is a division of the New York State Energy Research and Development Authority. Michigan’s green bank is a nonprofit. Connecticut’s is quasi-public, created by a bipartisan state legislature bill in 2011. Australia’s green bank — the largest in the world — is owned by the government . Still others like California’s are part of state infrastructure banks, which fund local infrastructure projects like roads, bridges, schools, and municipal buildings as well as clean energy development.

“[In Connecticut,] we’re an intermediary between the policy objectives of the state and the private markets,” Connecticut Green Bank president and CEO Bryan Garcia told me in an interview. “We use private-sector discipline to achieve public sector goals.”

Since it was started in the mid-aughts, the Connecticut Green Bank has ushered in $1.94 billion worth of investment into the state’s economy. The vast majority has been from private investment, a full $1.65 billion — and for every dollar of Connecticut Green Bank investment, the state is able to attract $6.60 of private investment in projects. It’s estimated that this has not only reduced energy cost savings for over 55,000 families and close to 400 businesses in the state, but it’s also resulted in the installation of 434 megawatts worth of clean energy.

One state over, New York Green Bank founder Richard Kauffman’s experiences managing the loan portfolio in Barack Obama’s Department of Energy shaped what he wanted to do — and not do — for a green bank at the state level. One thing Kauffman wanted to avoid was giving out government subsidies for projects that might have happened without help from the government. He instead wanted the bank to find projects that were struggling to attract private money, the kind that could really benefit from a green bank loan.

“You want to think about a green bank as being a double incubator,” Kauffman said. “It can both incubate financing structures and also demonstrate that by scaling up a loan product, it can become financially attractive for the private sector.”

In other words, Kauffman saw green banks as an opportunity to invest in smaller projects that private banks might otherwise overlook and grow them to the point where the banks and credit unions actually wanted to get involved. One of New York’s Green Bank funded community solar projects that allowed people to buy a stake in a community project. People who either couldn’t afford solar panels or couldn’t find space for them on their roofs still were able to subscribe to community solar and reap the benefits of cheaper electricity.

The Connecticut Green Bank has also done a lot of work on solar projects, especially gearing its programs toward lower-income communities and residents who might not otherwise be able to get panels installed.

“There’s clear economic benefits to those families,” Garcia said.

How this could be replicated at the federal level

With the green bank model working for several years at the state level, it has drawn interest from federal lawmakers. The House passed Dingell’s Clean Energy and Sustainability Accelerator last summer (it did not get brought up in the Senate), and Dingell reintroduced it this year.

Under Dingell, Markey and Van Hollen’s bill, a national accelerator would be set up as an independent nonprofit with $50 billion initially. Then $10 billion would be added every year for five years, for a total of $100 billion in government investment.

“It’s a one-time, up-front appropriation by Congress into the accelerator effectively as a deposit,” said Jeff Schub, the executive director of the Coalition for Green Capital. “It operates in a way that looks very similar to development banks, basically the way the World Bank works.”

Over time, Dingell and other lawmakers estimate the accelerator would generate about $884 billion total investment into clean energy projects over the course of a decade. It could also help smaller green banks at the state and local level get started.

“This should be considered as a one-time capitalization in an entity that’s going to use that capital in a continuous cycle of getting dollars on the street,” said Ricketts. “We’re talking about an enormous investment opportunity, and that is good jobs creation.”

Even with its one-time cash infusion of federal money from Congress, the model for the federal accelerator means it would operate separately from the government, to keep it free from political influence from either party. Even though Australia’s bank is one of the most well-developed in the world, its government ownership has meant changes when conservatives have won elections. In 2020, Australia’s energy minister pushed for the country’s Clean Energy Finance Corporation to fund fossil fuel projects as well (mostly natural gas), and some conservative lawmakers there have also lobbied for the bank to fund coal projects .

Under Dingell and Markey’s bill, the first three out of seven green bank board members would be appointed by the president and require Senate confirmation. The bank would have to submit reports to Congress, the inspector general of the Department of Energy would have oversight over it, and the Government Accountability Office could audit it.

The Biden administration’s American Jobs Plan proposes to invest $27 billion into an accelerator, but that number could change during negotiations with Congress — which has yet to draft an infrastructure bill. The clean energy accelerator is also separate from a bipartisan push to set up a national infrastructure bank that would focus on keeping a dedicated funding stream to infrastructure projects and help more state infrastructure banks get started. Even though Democratic and Republican lawmakers have introduced infrastructure bank bills over the years in Congress, they haven’t gained much traction with leadership.

Whether it’s infrastructure or green banks, the reason the accelerator model is attractive to advocates can be illustrated by the current partisan debates in Congress around the scale and scope of Biden’s infrastructure plan as well as how to pay for it. If an accelerator was passed, it might be able to bypass the legislative squabbles of Washington.

“Government funding is episodic, and it’s not continuous,” said William Nolan, who started Infra-Bk, an organization advocating for the creation of a national infrastructure bank.

Theoretically, the accelerator idea could be popular with both Democrats (who want to make clean energy available to more people) and Republicans (who love the private market). But like with many other things in Biden’s American Jobs Plan, the future of the plan will be determined by the future of bipartisan negotiations with Senate Republicans — and whether Biden and Democrats subsequently decide to go it alone and pass a massive infrastructure bill on a party-line vote.

“This thing should be up and running and financing transactions by the end of this calendar year,” said Schub, who estimated that by 2030, the accelerator could deliver 20 percent of all the emission reductions the US needs to get on the path to net-zero by 2050.

“It would have a huge, huge impact,” he said.

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CT Green Bank | Accelerating Green Energy Adoption in CT

The Connecticut Green Bank is the nation’s first green bank.

A green bank is an entity that accelerates the deployment of clean energy using limited public dollars to attract private capital investment in clean energy projects. In doing so, it makes clean energy more affordable and accessible to consumers.

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The Green Bank empowers Connecticut families through accessible and affordable green solutions that bring comfort, resiliency and security. Find incentives for battery storage, use the Green Bank’s flexible financing to reduce costs while increasing energy savings, or learn about going solar.

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The Green Bank offers green solutions for buildings of all types – from businesses and nonprofits to multifamily housing and local government. Modern, sustainable buildings help owners save money, reduce their environmental impact, and create better spaces for their tenants, employees, and residents

Investment Solutions

The Green Bank creates opportunities for in-state residents and beyond to participate in our green investment solutions. Earn a return on your investment while supporting our solutions or unlock financing for your projects.

Contractor Solutions

The Green Bank makes renewable energy and energy efficiency more accessible and affordable for homes, buildings and all stakeholders, contractors’ businesses are growing to meet demand. Become a Green Bank registered contractor to leverage financing and incentives to better serve your customers and complete more projects.

Community Solutions

The Green Bank helps Connecticut thrive, creating stronger towns and cities by offering green solutions for all. From offering solutions for local and state government properties to providing outreach support for community, helping everyone access green energy and achieve a more prosperous future.

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World Bank Announces New Strategy to Promote Green, Resilient and Inclusive Development in Jamaica

Washington, D.C., May 2, 2024  –  The World Bank Group’s Board of Directors endorsed a new strategic partnership for Jamaica today. This new plan for the 2024-2027 period focuses on advancing green, resilient, and inclusive development, while also supporting the government's efforts toward debt reduction and fiscal resilience under three priorities: boosting human capital, creating higher-quality jobs, and strengthening resilience to shocks.

This strategy comes at a crucial time when Jamaica – building on ten years of effective macroeconomic management and fiscal consolidation – is focused on achieving a higher economic growth rate.

Jamaica has achieved significant progress in bringing its public debt down from 147 percent of Gross Domestic Product to 72.2 percent in the last 10 years. The sound foundation presents opportunities for productivity enhancements by fostering technological adoption and innovation, improving human capital outcomes, strengthening the business environment and improving the investment climate. Improving connectivity costs, labor skill mismatches and shortages, and bolstering public safety will be key to fostering an environment for economic expansion and prosperity.

"It is important for Jamaica to continue strengthening macroeconomic stability and fiscal sustainability while, at the same time, ensuring that economic expansion is given all possible support. The new Country Partnership Framework will be instrumental to realizing this objective," said Nigel Clarke, Jamaica's Minister of Finance and the Public Service. “The Framework reaffirms the long-term partnership between Jamaica and the World Bank, underlining mutual commitment to advancing sustainable development and growth.”

The strategy foresees investments of US $550 million in the next four years, outlining a comprehensive plan of technical and financial assistance, targeting: improving access to quality secondary education, boosting social protection coverage, strengthening the business environment and access to finance, increasing access to agricultural markets, strengthening disaster risk management, and improving Jamaica’s response to economic shocks. 

“We will continue supporting the country in its efforts to improve the quality of life of its people, especially for the most vulnerable populations. The new Country Partnership Framework will also aim to strengthen resilience to climate and economic shocks, ultimately fostering a more robust development trajectory for the nation.” said Lilia Burunciuc, World Bank Country Director for the Caribbean.

Building on ongoing World Bank Group work in Jamaica, the plan proposes new commitments in the prioritized areas. The recently approved Jamaican Education Project will support the implementation of the human capital development pillar. The project aims to improve teaching practices, learning conditions and the use of information for better decision-making within the education system. The Social Protection for Increased Resilience and Opportunity (SPIRO) Project (P178582) will support the establishment and implementation of an unemployment insurance benefit, expand, and strengthen employment services, develop an integrated social protection information system, and conduct capacity building on adaptive social protection. 

The strategy was prepared based on a comprehensive analysis of the country’s development challenges, and in consultation with the government, private sector, civil society, and development partners.

Learn more about the work of the World Bank in Latin America and the Caribbean:    https://www.worldbank.org/en/country/caribbean Be updated via Twitter:   https://twitter.com/WBCaribbean And Facebook  https://www.facebook.com/worldbankcaribbean

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How to write an effective business plan in 11 steps (with workbook)

February 02, 2023 | 14 minute read

Writing a business plan is a powerful way to position your small business for success as you set out to meet your goals. Landmark studies suggest that business founders who write one are 16% more likely to build viable businesses than those who don’t and that entrepreneurs focused on high growth are 7% more likely to have written a business plan. 1 Even better, other research shows that owners who complete business plans are twice as likely to grow their business successfully or obtain capital compared with those who don’t. 2

The best time to write a business plan is typically after you have vetted and researched your business idea. (See How to start a business in 15 steps. ) If conditions change later, you can rewrite the plan, much like how your GPS reroutes you if there is traffic ahead. When you update your plan regularly, everyone on your team, including outside stakeholders such as investors, will know where you are headed.

What is a business plan?

Typically 15-20 pages long, a business plan is a document that explains what your business does, what you want to achieve in the business and the strategy you plan to use to get there. It details the opportunities you are going after, what resources you will need to achieve your goals and how you will define success.

Why are business plans important?

Business plans help you think through barriers and discover opportunities you may have recognized subconsciously but have not yet articulated. A business plan can also help you to attract potential lenders, investors and partners by providing them with evidence that your business has all of the ingredients necessary for success.

What questions should a business plan answer?

Your business plan should explain how your business will grow and succeed. A great plan will provide detailed answers to questions that a banker or investor will have before putting money into the business, such as:

  • What products or services do you provide?
  • Who is your target customer?
  • What are the benefits of your product and service for customers?
  • How much will you charge?
  • What is the size of the market?
  • What are your marketing plans?
  • How much competition does the business face in penetrating that market?
  • How much experience does the management team have in running businesses like it?
  • How do you plan to measure success?
  • What do you expect the business’s revenue, costs and profit to be for the first few years?
  • How much will it cost to achieve the goals stated in the business plan?
  • What is the long-term growth potential of the business? Is the business scalable?
  • How will you enable investors to reap the rewards of backing the business? Do you plan to sell the business to a bigger company eventually or take it public as your “exit strategy”?

How to write a business plan in 11 steps

This step-by-step outline will make it easier to write an effective business plan, even if you’re managing the day-to-day demands of starting a new business. Creating a table of contents that lists key sections of the plan with page numbers will make it easy for readers to flip to the sections that interest them most.

  • Use our editable workbook to capture notes and organize your thoughts as you review these critical steps. Note: To avoid losing your work, please remember to save this PDF to your desktop before you begin.

1. Executive summary

The executive summary is your opportunity to make a great first impression on investors and bankers. It should be just as engaging as the enthusiastic elevator pitch you might give if you bumped into a potential backer in an elevator.

In three to five paragraphs, you’ll want to explain what your business does, why it will succeed and where it will be in five years. The executive summary should include short descriptions of the following:

  • Business concept. What will your business do?
  • Goals and vision. What do you expect the business to achieve, both financially and for other key stakeholders, such as the community?
  • Product or service. What does your product or service do — and how is it different from those of competitors?
  • Target market. Who do you expect to buy your product or service?
  • Marketing strategy. How will you tell people about your product or service?
  • Current revenue and profits. If your business is pre-revenue, offer sales projections.
  • Projected revenue and profits. Provide a realistic look at the next year, as well as the next three years, ideally.
  • Financial resources needed. How much money do you need to borrow or raise to fund your plan?
  • Management team. Who are the company’s leaders and what relevant experience will they contribute?

2. Business overview

Here is where you provide a brief history of the business and describe the product(s) or service(s) it offers. Make sure you describe the problem you are attempting to solve, for whom you will solve it (your customers) and how you will solve it. Be sure to describe your business model (such as direct-to-consumer sales through an online store) so readers can envision how you will make sales. Also mention your business structure (such as a sole proprietorship , general partnership, limited partnership or corporation) and why it is advantageous for the business. And be sure to provide context on the state of your industry and where your business will fit into it.

3. Business goals and vision

Explain what you hope to achieve in the business (your vision) as well as its mission and value proposition. Most founders judge success by the size to which they grow the business using measures such as revenue or number of employees. Your goals may not be solely financial. You may also wish to provide jobs or solve a societal problem. If that’s the case, mention those goals as well.

If you are seeking outside funding, explain why you need the money, how you will put it to work to grow the business and how you expect to achieve the goals you have set for the business. Also explain your exit strategy—that is, how you would enable investors to cash out, whether that means selling the business or taking it public.

4. Management and organization

Many investors say they bet on the team behind a business more than the business idea, trusting that talented and experienced people will be capable of bringing sound business concepts to life. With that in mind, make sure to provide short bios of the key members of your management team (including yourself) that emphasize the relevant experience each individual brings, along with their special talents and industry recognition. Many business plans include headshots of the management team with the bios.

Also describe more about how your organization will be structured. Your company may be a sole proprietorship, a limited liability company (LLC) or a corporation in one or more states.

If you will need to hire people for specific roles, this is the place to mention those plans. And if you will rely on outside consultants for certain roles — such as an outsourced CFO — be sure to make a note of it here. Outside backers want to know if you’ve anticipated the staffing you need.

5. Service or product line

A business will only succeed if it sells something people want or need to buy. As you describe the products or services you will offer, make sure to explain what benefits they will provide to your target customers, how they will differ from competing offerings and what the buying cycle will likely be so it is clear that you can actually sell what you are offering. If you have plans to protect your intellectual property through a copyright or patent filing, be sure to mention that. Also explain any research and development work that is underway to show investors the potential for additional revenue streams.

6. Market/industry analysis

Anyone interested in providing financial backing to your business will want to know how big your company can potentially grow so they have an idea of what kind of returns they can expect. In this section, you’ll be able to convey that by explaining to whom you will be selling and how much opportunity there is to reach them. Key details to include are market size; a strengths, weaknesses, opportunities and threats (SWOT) analysis ; a competitive analysis; and customer segmentation. Make it clear how you developed any projections you’ve made by citing interviews or research.

Also describe the current state of the industry. Where is there room for improvement? Are most companies using antiquated processes and technology? If your business is a local one, what is the market in your area like? Do most of the restaurants where you plan to open your café serve mediocre food? What will you do better?

In this section, also list competitors, including their names, websites and social media handles. Describe each source of competition and how your business will address it.

7. Sales and marketing

Explain how you will spread the word to potential customers about what you sell. Will you be using paid online search advertising, social media promotions, traditional direct mail, print advertising in local publications, sponsorship of a local radio or TV show, your own YouTube content or some other method entirely? List all of the methods you will use.

Make sure readers know exactly what the path to a sale will be and why that approach will resonate with customers in your ideal target markets as well as existing customer segments. If you have already begun using the methods you’ve outlined, include data on the results so readers know whether they have been effective.

8. Financials

In a new business, you may not have any past financial data or financial statements to include, but that doesn’t mean you have nothing to share. Preparing a budget and financial plan will help show investors or bankers that you have developed a clear understanding of the financial aspects of running your business. (The U.S. Small Business Administration (SBA) has prepared a guide you can use; SCORE , a nonprofit organization that partners with the SBA, offers a financial projections template to help you look ahead.) For an existing business, you will want to include income statements, profit and loss statements, cash flow statements and balance sheets, ideally going back three years.

Make a list of the specific steps you plan to take to achieve the financial results you have outlined. The steps are generally the most detailed for the first year, given that you may need to revise your plan later as you gather feedback from the marketplace.

Include interactive spreadsheets that contain a detailed financial analysis showing how much it costs your business to produce the goods and services you provide, the profits you will generate, any planned investments and the taxes you will pay. See our startup costs calculator to get started.

9. Financial projections

Creating a detailed sales forecast can help you get outside backers excited about supporting you. A sales forecast is typically a table or simple line graph that shows the projected sales of the company over time with monthly or quarterly details for the next 12 months and a broader projection as much as five years into the future. If you haven’t yet launched the company, turn to your market research to develop estimates. For more information, see “ How to create a sales forecast for your small business. ”

10. Funding request

If you are seeking outside financing such as a loan or equity investment, your potential backers will want to know how much money you need and how you will spend it. Describe the amount you are trying to raise, how you arrived at that number and what type of funding you are seeking (such as debt, equity or a combination of both). If you are contributing some of your own funds, it is worth noting this, as it shows that you have skin in the game.

11. Appendix

This should include any information and supporting documents that will help investors and bankers gain a greater understanding of the potential of your business. Depending on your industry, you might include local permits, licenses, deeds and other legal documents; professional certifications and licenses; media clips; information on patents and other intellectual property; key customer contracts and purchase orders; and other relevant documents.

Some business owners find it helpful to develop a list of key concepts, such as the names of the company’s products and industry terms. This can be helpful if you do business in an industry that may not be familiar to the readers of the business plan.

Tips for creating an effective business plan

Use clear, simple language. It’ll be easier to win people over if your plan is easy to read. Steer clear of industry jargon, and if you must use any phrases the average adult won’t know, be sure to define them.

Emphasize what makes your business unique. Investors and bankers want to know how you will solve a problem or gap in the marketplace differently from anyone else. Make sure you’re conveying your differentiating factors.

Nail the details. An ideal business plan will be detailed and accurate. Make sure that any financial projections you make are realistic and grounded in solid market research. (If you need help in making your calculations, you can get free advice at SCORE.) Seasoned bankers and investors will quickly spot numbers that are overly optimistic.

Take time to polish it. Your final version of the plan should be neat and professional with an attractive layout and copy that has been carefully proofread.

Include professional photos. High-quality shots of your product or place of business can help make it clear why your business stands out.

Updating an existing business plan

Some business owners in rapidly growing businesses update their business plan quarterly. Others do so every six months or every year. When you update your plan make sure you consider these three things:

  • Are your goals still current? As you’ve tested your concept, your goals may have changed. The plan should reflect this.
  • Have you revised any strategies in response to feedback from the marketplace? You may have found that your offerings resonated with a different customer segment than you expected or that your advertising plan didn’t work and you need to try a different approach. Given that investors will want to see a marketing and advertising plan that works, keeping this section current will ensure you are always ready to meet with one who shows interest.
  • Have your staffing needs changed? If you set ambitious goals, you may need help from team members or outside consultants you did not anticipate when you first started the business. Take stock now so you can plan accordingly.

Final thoughts

Most business owners don’t follow their business plans exactly. But writing one will get you off to a much better start than simply opening your doors and hoping for the best, and it will be easier to analyze any aspects of your business that aren’t working later so you can course-correct. Ultimately, it may be one of the best investments you can make in the future of your business.

Business plan FAQs

What are common mistakes when writing a business plan.

The biggest mistake you can make when writing a business plan is creating one before the idea has been properly researched and tested. Not every idea is meant to become a business. Other common mistakes include:

  • Not describing your management team in a way that is appealing to investors. Simply cutting and pasting someone’s professional bio into the management section won’t do the trick. You’ll want to highlight the credentials of each team member in a way that is relevant to this business.
  • Failing to include financial projections — or including overly optimistic ones. Investors look at a lot of business plans and can tell quickly whether your numbers are accurate or pie in the sky. Have a good small business accountant review your numbers to make sure they are realistic.
  • Lack of a clear exit strategy for investors. Investors may want the option to cash out eventually and would want to know how they can go about doing that.
  • Slapdash presentation. Make sure to fact-check any industry statistics you cite and that any charts, graphs or images are carefully prepared and easy to read.

What are the different types of business plans?

There are a variety of styles of business plans. Here are three major types:

Traditional business plan. This is a formal document for pitching to investors based on the outline in this article. If your business is a complicated one, the plan may exceed the typical length and stretch to as many as 50 pages.

One-page business plan. This is a simplified version of a formal business plan designed to fit on one page. Typically, each section will be described in bullet points or in a chart format rather than in the narrative style of an executive summary. It can be helpful as a summary document to give to investors — or for internal use. Another variation on the one-page theme is the business model canvas .

Lean plan. This methodology for creating a business plan is ideal for a business that is evolving quickly. It is designed in a way that makes it easy to update on a regular basis. Lean business plans are usually about one page long. The SBA has provided an example of what this type of plan includes on its website.

Is the business plan for a nonprofit different from the plan for other business types?

Many elements of a business plan for a nonprofit are similar to those of a for-profit business. However, because the goal of a nonprofit is achieving its mission — rather than turning a profit — the business plan should emphasize its specific goals on that front and how it will achieve them. Many nonprofits set key performance indicators (KPIs) — numbers that they track to show they are moving the needle on their goals.

Nonprofits will generally emphasize their fundraising strategies in their business plans rather than sales strategies. The funds they raise are the lifeblood of the programs they run.

What is the difference between a business plan, a strategic plan and a marketing plan?

A strategic plan is different from the type of business plan you’ve read about here in that it emphasizes the long-term goals of the business and how your business will achieve them over the long run. A strong business plan can function as both a business plan and a strategic plan.

A marketing plan is different from a business plan in that it is focused on four main areas of the business: product (what you are selling and how you will differentiate it), price (how much your products or services will cost and why), promotion (how you will get your ideal customer to notice and buy what you are selling) and place (where you will sell your products). A thorough business plan may cover these topics, doing double duty as both a business plan and a marketing plan.

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Starting a new business

1 . Francis J. Green and Christian Hopp. “Research: Writing a Business Plan Makes Your Startup More Likely to Succeed.” HBR. July 14, 2017. Available online at https://hbr.org/2017/07/research-writing-a-business-plan-makes-your-startup-more-likely-to-succeed.

2 . CorpNet, “The Startup Business Plan: Why It’s Important and How You Can Create One,” June 29, 2022.

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Greenbank capital inc. announces revocation of failure-to-file cease trade order.

TORONTO, ON / ACCESSWIRE / May 1, 2024 / Greenbank Capital Inc. (CSE:GBC) (" Greenbank " or the " Company ") announces that the Ontario Securities Commission has issued a revocation order revoking the failure-to-file cease trade order issued against Greenbank on December 4, 2023 (the " FFCTO "). The FFCTO was issued for failing to file its annual audited financial statements and related management discussion and analysis and certifications for the financial year ended July 31, 2023 as required by National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings (" NI 52-109 ") by October 31, 2023. (" Required Filings "). Between March 5, 2024 and March 7, 2024 the Company filed the Required Filings. The Required Filings are available for review under the Company's profile on SEDAR+ ( www.sedarplus.com ). Following the filing of the Required Filings, the Company is up to date with its continuous disclosure obligations. Greenbank will be following up with the Canadian Securities Exchange to remove the suspension and resume trading of Greenbank's common shares, which resumption when effected will be confirmed in a follow up press release. Greenbank confirms that its business has not changed, remains active, and there are no changes to its current business plan.

About Greenbank Capital Inc.

GreenBank is a business-transformation firm, which aims to nurture early-stage and growth companies to their full potential. Through modern approaches to the provisions of consultancy services, GreenBank takes a stake in companies it hopes to nurture and gives the opportunity to the founders and executives of those companies to benefit from the years of collective experience of the GreenBank management team.

The team are based in London, Reykjavík and Toronto and works diligently across borders to ensure that businesses in the GreenBank portfolio reach their core objectives. The businesses the Company typically works with are start-ups or early-stage and include mining and mineral exploration companies. From this emergent state, Greenbank aims to quickly implement strong business practices by, where possible and required, deploying operations, communications, data strategy and financial expertise.

Whether a business desires to become a successful private company, lists publicly or is seeking a profitable exit, GreenBank tries to add value at every stage as a strategic partner. GreenBank is listed on the Canadian Securities Exchange, under the symbol "GBC", and on the OTC markets (OTCMKTS: GRNBF) as well as the Frankfurt Boerse (FRA: 2TL).

For further information, please contact:

Vilhjalmur Thor Vilhjalmsson, CEO and Chairman, GreenBank Capital Tel: +354 8697296 Email: [email protected]

SOURCE: Greenbank Capital Inc.

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Stocks in the news: YES Bank, Adani Green, Titan, IEX, Coforge, Coal India, Wipro and more

Titan company, adani green energy, britannia industries, godrej properties, mrf, jsw infra, mrpl and tata technologies are among the companies which will announce their march quarter results later today..

Pawan Kumar Nahar

  • Updated May 03, 2024, 8:38 AM IST

Carlyle Group is likely to offload a 2 per cent stake in Yes Bank valued at Rs 1,500 crore through a block deal on Friday.

omestic stock indices posted moderate gains on Thursday amid the expiry of weekly F&O contracts. The BSE Sensex added 128.33 points, or 0.17 per cent, to settle at 74,611.11. The NSE Nifty50 index gained 43.35 points, or 0.19 per cent, to end the session at 22,648.20. Here are the stocks that may remain under spotlight before the opening bell on Friday, May 3, 2024: Q4 results today: Titan Company, Adani Green Energy, Britannia Industries, Godrej Properties, MRF, JSW Infrastructure, Mangalore Refinery and Petrochemicals, Tata Technologies, Carborundum Universal, Inox Wind, Aptus Value Housing Finance, Raymond, HFCL, Firstsource Solutions, Aarti Drugs, Go Fashion (India), and Inox Wind Energy are among the companies that will announce their quarterly results today. Coal India: The country's largest coal mining firm has recorded consolidated net profit at Rs 8,640.5 crore for the quarter ended March 2024, rising sharply by 25.8 per cent over a YoY despite weak topline, aided by strong operating numbers. Revenue from operations fell 1.9 per cent YoY to Rs 37,410.4 crore. The board has recommended a final dividend of Rs 5 per share. Wipro: The IT major has been selected by Independent Health, Western New York’s Medicare Advantage Plan to implement their Medicare Prescription Payment Plan platform for the upcoming open enrollment period. The platform will help Independent Health streamline the payment process to seamlessly integrate these new provisions. YES Bank: Carlyle Group is likely to offload a 2 per cent stake in Yes Bank valued at Rs 1,500 crore through a block deal on Friday. The transaction is said to be facilitated by Goldman Sachs, according to reports. Carlyle holds an 8.74 per cent stake in Yes Bank via CA Basque Investments. Coforge: The IT services company reported a consolidated net profit of Rs 223.7 crore for the quarter ending on March 31, 2024. The company reported a consolidated revenue from operations of Rs 2,358.5 crore, up 8.7 per cent YoY. The IT firm also signed a definitive agreement to take over Cigniti Technologies. The board has declared an interim dividend of Rs 19 per share. Indian Energy Exchange: The electricity exchange achieved an overall volume of 9,044 million units (MU) in April 2024, growing 14.1 percent over a year-ago month. The market clearing price in the day ahead market during the month at Rs 5.1 per unit decreased approximately 6 percent year-on-year. MOIL: The manganese ore production in April 2024 increased by 22 percent year-on-year to 1.60 lakh metric tonnes, while sales grew by 17 percent year-on-year to 1.15 lakh metric tonnes during the month. CIE Automotive India: The automotive component maker has reported consolidated net profit of Rs 230.2 crore for the March 2024 quarter, rising 4.5 per cent YoY despite weak topline and operating numbers, supported by higher other income. Revenue from operations dropped 0.5 per cent YoY to Rs 2,426.8 crore for the period. Ajanta Pharma: The specialty pharmaceutical formulation firm reported consolidated net profit of Rs 203 crore for the quarter ended March 2024, rising sharply by 66 per cent YoY. Revenue from operations grew 20 per cent to Rs 1,054 crore with India businesses increasing 14 per cent, US generic businesses up 32 per cent, Asia segments up 18 per cent, and Africa businesses up 13 per cent.

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Ugro Capital: The shadow lender recorded net profit of Rs 32.7 crore for the quarter ended March 31, 2024, growing 132.8 per cent YoY. Total income for the quarter, at Rs 330.4 crore, up 52.1 per cent YoY. The company has also received approval from the board for the acquisition of MyShubhLife, the embedded finance fintech platform, for Rs 45 crore.

Gujarat Industries Power Company: The company has entered into a Rs 2,832-crore loan agreement with the National Bank for Financing Infrastructure and Development (NaBFID).


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Local elections live: 'Devastated' Tory candidate Andy Street refuses to blame Rishi Sunak after shock West Midlands defeat

Labour pulls off a stunning victory in the West Midlands mayoral election, with Tory incumbent Andy Street losing by just 1,508 votes.

Sunday 5 May 2024 00:22, UK

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  • Labour wins West Midlands mayoral election
  • 'Devastated' Street refuses to blame Sunak for loss
  • Tory MP says 'awful' results should be 'massive wake-up call' in WhatsApps leaked to Sky News
  • Khan heckled by losing candidate as he's declared winner of London mayoral election
  • Darren McCaffrey:  London loss asks bigger questions of the Conservatives
  • Andy Burnham re-elected as Greater Manchester mayor
  • Lib Dems win more council seats than Tories in England
  • Sam Coates:  Tory MPs sad but not mutinous
  • Vote 2024:   Council results in full  |  Mayoral results in full
  • Live reporting by Charlotte Chelsom-Pill and (earlier)  Ben Bloch

Thanks for joining us for another extremely busy day of local election news. You can join us tomorrow morning for a special election episode of Sunday Morning with Trevor Phillips.

Until then, here are today's headlines:

  • Tory incumbent Andy Street has suffered a shock loss to Labour in the West Midlands mayoral race in a major blow to the prime minister;
  • Labour leader Sir Keir Starmer has heralded the win as a "significant piece of political history";
  • Sadiq Khan has won a historic third term as London mayor;
  • Andy Burnham was re-elected as Greater Manchester mayor for a third term with more than 60% of the vote;
  • Labour also won mayoral races in West Yorkshire, South Yorkshire, Liverpool City Region and Salford ;
  • The results mean Labour has won all but one of the mayoral races they were contesting, losing Tees Valley to the Tory incumbent;
  • The Conservatives have lost 473 seats and control of 12 councils;
  • Labour has gained eight councils and 185 seats;
  • The results mean the  Liberal Democrats  have won more council seats than the Conservatives;
  • The  Green Party  has netted an extra 74 seats, making serious gains in places like Bristol.

Richard Parker has pulled off a surprise victory in the West Midlands mayoral election.

The Labour candidate unseated Andy Street, winning by just 1,508 votes, to end the Tory's seven-year term.

Here's what you need to know about the relatively unknown politician.

Originally from Bristol, Mr Parker's father was a dock worker and his mother a school secretary.

He left school aged 16 and went straight to work at a local port authority before getting an economics degree.

Mr Parker went to work for PwC in 1989, where he gained his accountancy qualifications and went on to become a partner, managing the accountancy firm's relationship with the Labour Party.

Mr Parker also worked with council leaders to set up the West Midlands Combined Authority in 2016 before leaving to set up his own company RP Strategy.

Read more here:

By Andy Hayes, news reporter

Tory incumbent Andy Street has suffered a shock defeat to Labour in the West Midlands mayoral election after a partial recount was ordered.

Labour's Richard Parker beat Mr Street by just 1,508 votes - 0.25% - to deliver a major blow to Rishi Sunak in the key electoral battleground after a hammering in the local elections.

With the race neck-and-neck, in the end it came down to the results in one borough - Labour-supporting Sandwell.

"This is the most important thing I will ever do," Mr Parker said in his acceptance speech.

"I promise you that I will deliver jobs," he added.

He told Sky News he would take buses "back into public control" and deliver the "largest programme of social housing we've had in this region for more than 40 years".

And he thanked his predecessor, who he said had "led this region through a number of great challenges and you deserve great credit for that".

Labour's win in the West Midlands has left Rishi Sunak with "just one man standing", Sky's  political editor Beth Rigby  says. 

The Conservatives have now lost all of the mayoral races in this election, with the exception of Tees Valley. 

Beth says one senior Labour figure has told her the West Midlands was the Tory scalp Labour really wanted - and were pulling resources from Tees Valley to make it happen.

"They were really fighting hard to take this Tory jewel from the crown," she says.

The "energy and the euphoria was palpable" within the Labour camp after victory was declared, Beth says .

"They were so wired, excited, euphoric about this win because for them it is huge."

She says you could feel among the Labour activists, and Sir Keir Starmer himself, that they are beginning to feel "they can really do this" in the general election.

Symbolically they can say "we took your crown jewel in the West Midlands and we are coming for those seats".

"It gives Starmer momentum and it will leave the Conservatives hugely deflated," she adds.

Labour's new mayor for the West Midlands Richard Parker tells Sky News he plans to "work really closely with a future Labour government".

"I think that's the best way for us to work together for the wider benefit of this region," he says.

Mr Parker defeated Tory incumbent Andy Street in a major blow to the Conservatives.

Labour's election success is a "vindication of the hard work that we've done to change the Labour Party," Sir Keir Starmer says.

He heralds the "phenomenal result" in the West Midlands, which saw Labour's Richard Parker defeat the Tory incumbent. 

But he says Labour is now stepping up again towards the general election "so that we can serve the working people once again as a new and changed party".

He is asked about the extent to which Labour's stance on the Gaza war has cost the party votes.

"Where we have not been able to persuade people who might otherwise have voted for Labour, it is important to acknowledge that - to say I have heard, I've listened and I am determined to meet the concerns they have and win back their trust and confidence."

"But nothing takes away from the significance of this victory here in the West Midlands," he says.

Labour's Richard Parker is appearing alongside Labour leader Sir Keir Starmer after winning the West Midlands mayoral race. 

"It's time for a fresh start ... we start on Monday," Mr Parker says to a loud applause.

Speaking next, Sir Keir declares: "What a way to end the local elections in 2024". 

"This is a significant piece of political history that we have made here today," he says.

Defeated Conservative mayor Andy Street tells Sky News he would advise against his party drifting to the right, saying his brand of "tolerant conservatism" has come "within an ace of beating the Labour Party".

"The thing everyone should take from Birmingham in the West Midlands tonight is this brand of moderate, inclusive, tolerant conservatism that gets on and delivered has come within an ace of beating the Labour Party in, what they considered to be their backyard," he says. 

"That's the message from here tonight."

Asked if he is worried the Conservative party is drifting to the right and over-emphasising the threat from Reform UK while "ignoring other voters", he said: "I would definitely not advise that drift.

"The psychology here is really very straight forward isn't it: this is the youngest, most diverse, one of the most urban places in Britain and we've done, many would say, extremely well over a consistent period.

"The message is clear: winning from that centre ground is what happens."

Mr Street lost to Labour's Richard Parker in the West Midlands mayoral race by a margin of 1,508 votes.

Defeated Conservative mayor Andy Street tells Sky News he is "hugely disappointed" and "devastated", but "incredibly proud" to lose by a small margin of votes in a region of millions, "given the situation the party finds itself in".

"Given that this has always been a place where some people said you should never have won in the first place, I'm actually very, very proud of what we've done," he says.

"I genuinely believed we were making real progress across the region on so many pieces.

"And for that to be closed off, that is disappointing in the extreme."

But he says "we did not persuade enough people that our record was as good as I believed it was, or that our plans for the future were exciting enough".

Asked if it was the national Conservative Party picture that led to his defeat, he said: "It was my campaign totally".

"I am not going to try to push responsibility anywhere else ... they'll be no sloping shoulders from me".

Defeated Conservative mayor Andy Street has said he is sorry he "couldn't make it the hat-trick" after losing to Labour's Richard Parker in the West Midlands mayoral race. 

In a short speech, Mr Street said it had been his "honour" to serve as mayor for the last seven years, telling his team "you will be back".

He says he hopes he has led with "dignity and integrity" and has "bequeathed to Richard a combined authority and indeed a role to which young aspiring leaders will want to aspire one day".

"In a sense, I can have done no more than that," he said.

Mr Street thanked his fellow candidates, including Mr Parker, for a "very courteous campaign", wishing Mr Parker "all strength and wisdom as he takes on this role".

"Thank you and goodnight," he concluded.

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