When you send your business plan to banks or other financial institutions in an attempt to receive a loan for your business, include a professional cover letter with the business plan. Type your name, the name of your business and your contact information at the top of the cover letter so the bank can get back in touch with you easily. Include your business address, office number, cell number and the email address you check most frequently.
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.Cover letters are an important part of your job search toolkit.
A cover letter serves as an introduction and is sent to the employer with your resume. In order to write a typical business letter, you should make sure that you include all the essential segments and present the content in the right manner.
Oct 23, · How to Write a Business Plan for a Subscription Box Service. Start With an Initial Assessment. you’re going to move on and describe how you’re actually going to make your business work.
You’ll cover your marketing and sales plans, operations, how you’ll measure success, and the key milestones that you expect to achieve. /5(). 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.
This is the applicant’s chance to have a personal word with the lender and prepare him or her for reading the business plan. Before you start writing a cover letter, take a look at administration and business cover letter examples to get an idea of how to construct a professional and effective letter that is going to sell your credentials to the hiring manager.
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. This is the applicant’s chance to have a personal word with the lender and prepare him or her for reading the business plan.