Some time in your life, you will probably need to apply for a loan. However, like most things, there is a wrong way and a right way to go about it. Here are some key tips on getting the loan of your choice.
When applying for a loan, you must prepare a written loan proposal. Make your best presentation in the initial loan proposal and application; you may not get a second opportunity.
Always begin your proposal with a cover letter or executive summary. You will need to include a variety of information. Clearly and briefly explain who you are, your business background, the nature of your business, the amount and purpose of your loan request, your requested terms of repayment, how the funds will benefit your business, and how you will repay the loan. Keep this cover page simple and direct.
Many different loan proposal formats are possible. You may want to contact your lender to determine which format is best for you. When writing your proposal, don’t assume the reader is familiar with your industry or your individual business. Always include industry-specific details so your reader can understand how your particular business is run and what industry...
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