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A Sample of Loan Application Letter for Your Business

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The Music Telegraph
Text 2021-08-24

 

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A Sample of Loan Application Letter for Your Business

 

List of what should be written on the loan application letter:

  • Contact information
  • Purpose of the letter
  • Information about your business and any related experience and/or education
  • Past credit history (Creditor's capital, Owner's equity)
  • Set up interview or meeting

 

 

Sample:

 

Katz Praatz

1020 Wilcox Avenue

Bronx, NY 10468

 

August 24, 2021

 

Mrs. Olivia James

Loan Officer

Chase Manhattan Bank

1 Broadway

New York, NY 10001

 

Dear Mrs. James:

 

I am interested in a loan of $10,000 from your bank. I am the owner of ET Recording Studio, located at 1080 Ralph Avenue, Brooklyn, New York. I plan to open on November 1, 2021.

 

I feel granting me this loan will be advantageous. I know the business I am starting quite well. I had been an assistant recording engineer at Universal Audios for 2 years after I graduated from Famous Recording School. I made a study of the area that I plan to market my clients in. Judging from my surveys, my service should be very popular and in high demand in this area. Thus, this business venture should be profitable. 

 

At present, I have been using Visa and Mastercard. I have been diligent at paying off my charges. I have never made late payment. Fifty percent of my loan will go toward the purchase of recording equipment. This will be used as collateral in the event that my business fails. The balance of my loan will be secured by personal notes signed by my co-sponsors, who are my parents. Their liquid assets far exceed my loan.

 

I will make a visit to your bank on September 1, 2021 in order to receive an answer to my request for a loan of $10,000.

 

Thank you very much.

 

Sincerely yours,

Katz Praatz

 

 

 

 

 

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