Which document would be significant for Alex to improve his chances of loan approval?

A business plan is a crucial document for someone like Alex seeking loan approval because it outlines the vision and structure of the business, detailing how it will operate and generate revenue. It provides potential lenders with insights into the business's objectives, target market, competitive analysis, and financial projections. A well-crafted business plan demonstrates to lenders that Alex has thoroughly researched his market, has a clear strategy for success, and understands the risks and challenges involved.

Moreover, it shows that he is committed to making the business viable and has a plan in place for achieving profitability. This level of preparedness and professionalism can significantly enhance his credibility in the eyes of lenders, thus improving his chances of securing the loan he needs to grow his enterprise. Other documents like a financial statement, community endorsement, or personal savings statement may support his application but do not provide the comprehensive overview that a business plan does.