if you have a business plan why aren't you giving the developer a cut of the profits after the site is built maybe like a 1%-3% of profits. Then you don't need the loan and can use the money for more tangible things like servers, ads, etc.
I don't know if this has ever worked for you, but this isn't exactly an option. Businesses, especially mine will take almost a year before any real money is being made. Website code monkeys have to pay the bills, and working for free in hope of a return a year later is not everyone's cup of Tea.
The repayment of my loan will be done from my own pocket from work outside of this project, however, i am quite willing to put the whole potential business on the line a collateral, that is why i would be showing my lender the business plan; if that makes sense?
Edit: what i was getting at, is yes, that is a good suggestion, but the person who i want working on my website isn't going to bite on that idea.