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When submitting a business plan to a lender or investor, it is important to include a business plan cover letter that is addressed to the person who will review the business plan.
People starting a small business may spend hours preparing their business plan, but not give much thought to the cover letter. This is a mistake.
The cover letter is an integral part of the plan. Even if the applicant knows the lender, they should still submit a formal business plan with cover letter. If they do not know the lender, they should remember that the lender will judge them by the content and tone of the letter.
The letter should be short, not more than one or, at the most, two pages. It should state right at the beginning that a business plan is attached, and that the applicant is applying for a business loan to start or develop a business.
It is important to state clearly the benefits for the bank or investor. They need to believe there will be a good return on their investment, or that the loan will be repaid on time.
Some tips for the style of the letter are: It can relate some marketing facts, focus group responses, demographic data or other key statistics from the business plan, but it should not be overloaded with these facts. It can have just enough to present the business as viable and show that the applicant has done his or her market research.
The rest of the statistics are in the plan. There should also be a brief mention of the financial position without going into too much detail.
The letter can mention how much has already been invested in the business, and what profits are projected for the next year or two. This will show the lender or investor that the business is worthwhile.
Here are examples of a business plan cover letter. It should be personalized for each lender or investor to whom it is sent.Even if you did the rest of your business plan yourself, the cover letter is the first look the bankers will get at your business.
Learn the properly accepted formatting and use it. Stick to a professional looking, east-to-read font, like Times New Roman. John Smith Angel Investor Network of Greater Metropolis Main Street Metropolis, NY Dear Mr.
Smith: To follow up on our phone conversation, I am forwarding you the requested copy of my business plan for Bob’s Rent-A-Bike. The business plan cover letter is different from any other types of letters because it is addressed to a lender or an investor who will review the proposed business plan.
This is the applicant’s chance to have a personal word with the lender and prepare him or her for reading the business plan. The bank loan request letter for small business is one that is commonly used from a small business to start the lending process from a bank.
While it can be used by an individual, it is just easier to fill out an application online or to see a bank specialist in person. Dear Mr. Sivan, I was recently made aware of your available Bank Teller position. I am currently working towards a Bachelor of Science in Finance at New Parkland Community College and look forward to starting my career at New Parkland Bank.
12+ Banking Cover Letter Templates – Sample, Example Job seeking is one of the most challenging events that every individual must take. It surely is not an easy task to do as well—from endless resume and cover letter making, looking for prospective employers, to repetitive questions from recruiters.