You should spend about 20 minutes on this task.
You want to start your own small business. Write a letter to a bank requesting information about obtaining a business loan to finance your new company. Include the following information:
- what kind of business you want to start
- how much money you need
- the length of time over which you would expect to repay the money
You should write at least 150 words.
You do NOT need to write any address.
Begin your letter as follows:
Dear _ ,
The aim of this letter is to request information about getting a small business loan of $10,000. I am embarking upon a grocery shop later this year in our neighborhood.
The prospect of the grocery shop is bright as there is no other shop in the area. People have to walk about six kilometers to buy their daily groceries. Around six thousand people dwell in the neighborhood, and I believe everybody would be my regular customer.
I am investing $2,000 of my own money. My collateral consists of business assets having a fair market value of $4,000, and personal assets valued at $20,000. However, I need $10,000 to run business smoothly. Hence, I would like to know the interest rate you offer. Anyway, I could repay the sum within three years.
Please see that attached business plan that sketches my financial projection for the next three years. If you have any questions, please feel free to contact me at 020 7946 0725.