You will have to know how to write a business loan request letter when you apply for a traditional bank term loan.
The bank lenders will need some basic information to be covered in the request letter and everything they can about you and your business.
A business loan request letter is basically a way by which banks judge you and your creditworthiness.
Ideally, the letter should be of just one page. Let us have a look at some important points to remember while writing a letter.
How to write basic information about your business?
The first line should be express your request for the loan and the amount you want to borrow.
Then write some short sentences to provide an overview of your business.
Make sure that you include:
- Name of the business.
- Structure of your business.
- A brief description of what your business does.
- How long your business has been operating.
- The number of employees currently employed.
- Current annual revenue.
How do you write the purpose of the business loan?
Try to be as specific as possible, so that it is clear to the lender that you have carefully considered what this new loan will help you accomplish.
Remember, that every lender’s priority is to know about loan repayment by you. So make sure you mention how exactly you will cover repayment of your requested business loan.
How do you write about the confirmation of the repayment of the loan?
Once you write about how you plan to use the funds requested, you will then have to include some proof about your loan repayment.
Highlight some specific financial information to support your claim about how the funding will be a low-risk to the lender.
Use some figures from your most recent balance sheet and profit & loss statements to describe the current financial health of your business.
Then write about how you plan to fit repayment of the requested principal and interest into your budget.
Including all these things in the request letter is very important for a smooth loan process.
If you are in need of an unsecured loan for your business, contact Gromor for a simple, online loan application process. Just make sure all your documents are in place, and that you have been in business for more than a year!