sample application letter for provident loan

WTO / Applications / 20 Best Loan Application Letter Samples (Guide and Format)

20 Best Loan Application Letter Samples (Guide and Format)

An application letter for a loan is a formal letter written to a financial institution by a borrower requesting a loan, payable in a specified amount of time.

The letter helps lenders get acquainted with the borrowers better to determine if they qualify for the loan based on the information provided or not. Writing it is important because it helps convince lending institutions to lend you a specific amount of money. It is their first impression of you, which is why it should be written with great care. In this article, we will guide you on how to write it, the type of information you should provide, and some pointers that will help you highlight your strengths in the letter.

Brief Overview- What to Include

There are no strict rules for writing an application for a loan. It depends on the borrower to decide what information to include, but the following items are typically included in it:

• Contact information
• Explanation of why money is needed
•  Amount of money being requested
• Purpose of the money
• Details about employment history
• Personal references
• Company information
•  A list of supporting documents

When to Write?

Two main situations warrant this letter. The first instance is when you are seeking a loan from a conventional bank lender. Conventional bank lenders are financial institutions that do not offer loans but make them available to the general public. Conventional banks usually require applicants to submit this application to prove their creditworthiness.

The second situation that warrants its use is when applying for an SBA-guaranteed loan. An SBA-guaranteed loan involves the federal government; applicants must undergo additional screening before they are approved for funding. Applicants can improve their chances of getting an SBA guarantee by submitting a personalized, formal loan application with supporting documentation.

There are situations when you do not necessarily need to write this letter, such as when you are borrowing from friends and family, from an alternative lender who may only require your bank statements or pay slips, when seeking equipment financing, and lastly when you are requesting a business line of credit.

Free Templates

Pre-writing Considerations

Applying for a loan involves being prepared for anything, so it is important to have the things you need before writing. Do some research on your lender, and write down notes about why they are suitable for you and what you would like them to know about your project. Write those questions that may arise during the process of applying for your loan. Check your credit score and know your rights as a borrower when you apply for a loan.

After you have done all of the above, review everything and ensure that what you’ve written is easy to understand by someone who has not read your notes or audited your finances. When applying for a loan in a major financial institution or applying for an SBA loan, you will almost always be required to write an application letter for a loan. It is important to note that unless it is supported by a sound credit situation or proper financial planning, it may not be enough to help you secure the loan. 

Fortunately, there are two things that you can do to increase your loan limit and increase your chances of getting a loan. You can first check your business and personal credit scores from accredited credit reporting bureaus such as TransUnion, Equifax, and Experian and take the necessary steps to improve them.

The second thing that you can do is to prepare your business financial statements, i.e., your profit and loss statement , cash-flow statement , balance statement, etc., for the past six months and attach them to your letter. These documents are essential when applying for a loan as they help the financial institution assess your creditworthiness and increase your chances of securing a loan.

How to Write a Loan Application?

Writing it can seem daunting, but it can be a simple process if you follow the proper format and include all the required information.

The following is a summary of the information you must provide in your letter:

The header is an integral part of the standard business letter format . It should include:

• Your name and contact information : Make sure to include your full name, address, and contact information. This should include a mailing address with a zip code, a business email address, and your cell phone number where you can be reached.
• The date : Include the month, day, and year of the letter. You must ensure that you write the date on which the letter was created.
• The name of the recipient : This will be a bank representative in many cases, but it can also be an SBA representative or another financial institution to whom the borrower is addressing the letter.

Subject line

When writing it, make sure to include a clear subject line that will help the recipient understand the purpose of the letter. Make sure to include whether the loan is for personal or professional use in the subject line.

“Loan Request Application Letter.”

Address your letter correctly. If you do not know who will be reading it, write “ To Whom It May Concern . ” If you are trying to get a business loan, address it to the company’s representative issuing the loan. If you are applying for a personal loan , address it to the bank or whoever provides it.

Introduction

It should begin with a brief statement of the goal and amount you are requesting. It should also state your qualifications for the loan and any other pertinent information that can be used for your evaluation as a borrower such as your financial status , your work history, the length of time you have been in business, etc.

The body is the main part of the letter, and it should contain all the information the recipient will need to decide whether to grant the loan or deny the request.

Some of the information that must be covered in the body includes:

• Basic business information : If you are writing it, the first item to include in the body of the letter is details about your business. This information will help the lender understand who you are and will serve as the foundation for your loan application. Some of the information that you should cover in this section includes your business’s registered name, business type (i.e., partnership , sole proprietorship, LLC , etc.), nature of your business (i.e., what you do), main services and products, your business model, the number of employees that you have, and your annual generated revenue.
• The purpose of the loan : You must explain why you need the loan and the purpose for which it is being requested. This can be to purchase or expand a business, for a personal reason, or to pay some debt.
• Present yourself as being trustworthy : To get a loan, you need to establish trust with the lender. This can be achieved by explaining what you do for a living, providing some identity documents, and demonstrating why you deserve to be trusted.
• Explain how you intend to pay back : Explain briefly how you plan on repaying the loan. This should include a timeline for repayment and be supported by evidence such as a business plan, personal financial statement, or credit report .
• Proof of financial solvency : In some cases, you will be asked to provide evidence that the funds requested are not your only source of income. Documents like bank statements or tax returns can help you prove that you have other sources of funding, which will increase the likelihood that your request will be granted.

In the conclusion, you must thank the lender for considering your request. Briefly mention all the attached financial documents. Remember that each lender has their own set of loan application requirements and may request different information or documentation from borrowers, so make sure to double-check the specific instructions provided by the lender.

Once you have finished writing the letter, be sure to sign it at the bottom. You may include phrases such as:

“Respectfully yours” or “Sincerely yours”.

Place your name and contact information directly above the signature line.

SBA Loan Application Letter Template

[Your Name]

[Your Address]

[City, State ZIP Code]

[Your Phone Number]

[Your Email Address]

[Loan Officer’s Name]

[Bank Name]

[Bank Address]

Dear [Loan Officer’s Name],

I am writing to apply for a Small Business Administration (SBA) loan to help fund my [business name]. I am excited to have the opportunity to present my business plan to you and explain why I believe my business is a great candidate for an SBA loan.

[Provide an introduction to your business, including its history, products or services offered, and unique selling proposition. Explain why you started the business and what sets it apart from competitors. This should be no more than two paragraphs.]

I am seeking an SBA loan in the amount of [$ amount], which will be used to [briefly explain how the funds will be used]. My business has experienced steady growth in recent years, but we need additional capital to take advantage of new opportunities and expand our reach.

[Provide a detailed explanation of how you plan to use the funds, including any expected return on investment. Be specific about the amount of money you need, how long you will need it for, and how it will be used.]

As part of my loan application, I have included the following documents for your review:

• Business plan
• Financial statements for the past three years
• Tax returns for the past three years
• Cash flow projections
• Articles of incorporation
• Personal financial statements for all owners

A list of collateral that will be used to secure the loan, if applicable

[Provide a comprehensive list of all the documents you have included with your application. Make sure you have included everything the bank has asked for, and any additional documents that may be relevant.]

I am confident in the future success of my business and believe that an SBA loan is the right choice for us. I understand that the loan application process can be lengthy, and I am committed to providing any additional information or documentation that may be required to support my application.

Thank you for considering my loan application. I look forward to hearing from you soon.

Loan Application Letter Sample

Make your small business loan application more polished with our simple sample letters. They’re crafted to help you convey your needs professionally and improve the impact of your request. 

Sample letter 1

Dear Sir/Madam,

I am writing to apply for a Small Business Administration loan to support my growing business, GreenTech Innovations. Established in 2018, we specialize in eco-friendly technology solutions. Our recent market analysis indicates significant growth potential in sustainable energy products.

To capitalize on this opportunity, we require additional funding for research and development, marketing, and expanding our team. An SBA loan would enable us to invest in these critical areas, fostering innovation and job creation. Our business plan, attached to this application, outlines our strategy for a sustainable and profitable future.

GreenTech Innovations has a strong financial track record, with consistent revenue growth over the past three years. We have maintained a healthy cash flow and have a solid plan for loan repayment, as detailed in our financial projections. Our commitment to financial responsibility and strategic growth makes us an ideal candidate for an SBA loan.

Thank you for considering our application. We are committed to contributing positively to the economy and the environment. Your support would be instrumental in helping us achieve our goals.

Jordan Smith

Owner, GreenTech Innovations

Sample letter 2

Dear Business Loan Officer,

I am reaching out to request a business loan for my company, Bella’s Boutique, a unique clothing and accessories store located in downtown Springfield. Since our opening in 2019, we have become a beloved part of the local community, known for our exclusive designs and personalized customer service.

This loan is sought to enhance our inventory, upgrade our in-store technology, and expand our online presence. These improvements are essential for keeping pace with the evolving retail landscape and meeting the growing demands of our customers. Our detailed business plan is attached for your review.

Financially, Bella’s Boutique has demonstrated resilience and growth, even amid challenging economic times. Our sales figures have shown a steady increase, and we have a clear plan for managing the loan and ensuring its repayment. We believe these factors make us a strong candidate for a loan.

Your consideration of our loan application is greatly appreciated. This funding will not only help Bella’s Boutique thrive but will also support the local economy by providing more employment opportunities and enhanced retail experiences.

Thank you for your time and consideration.

Warm regards,

Isabella Martinez

Founder, Bella’s Boutique

The effectiveness of these sample letters as a guide for someone seeking to write a loan application lies in several key aspects. Firstly, they demonstrate the importance of a clear and concise introduction, where the purpose of the letter is immediately stated, ensuring the reader understands the intent from the outset. This is crucial in any formal business communication. Both samples skillfully describe the nature and background of the respective businesses, providing just enough detail to give the reader a sense of the company’s identity and market position without overwhelming them with unnecessary information. This balance is vital in maintaining the reader’s interest and establishing the context of the request.

Moreover, the letters excel in explicitly stating the purpose of the loan, which is a critical component of any loan application. They outline how the funds will be utilized to grow and improve the business, demonstrating not only a clear vision but also a strategic approach to business development. This helps in building a sense of trust and reliability with the lender. Furthermore, the inclusion of financial health indicators, such as past revenue growth, cash flow management, and a repayment plan, adds to this trust by showing financial responsibility and foresight.

The writers also incorporate attachments like business plans and financial projections, which provide additional depth and substantiation to their claims. This shows thorough preparation and professionalism, which are highly regarded in the business world. Finally, the tone of the letters is appropriately formal yet approachable, and they conclude with a note of gratitude, reflecting good business etiquette. This combination of clarity, conciseness, relevance, and professionalism makes these letters exemplary guides for anyone looking to draft an effective and persuasive business loan application.

Tips for Writing

Following are some tips for writing this letter:

Be specific

Be sure to include specific details in it to keep the reader’s attention. Ensure that you include information about the purpose of the loan, how much money you need, and the reason why you are a good candidate for a loan.

Brevity is essential when writing this letter. Stick to the essential points and avoid extraneous details. This will help to ensure that your letter is easy to read and that the reader is not distracted by irrelevant information.

Address the appropriate person

Ensure that you address your letter to the most relevant party for your particular situation.

Consider contacting the bank to find out to whom it should be addressed. This is how you can be sure that it will get to the right person.

Use a proper format and layout

As with all letters, you should use clear, concise paragraphs and avoid unnecessary jargon. Make sure to use the appropriate format for formal letter writing and use a professional, polished layout.

Include business financial statements

The financial statements for your company must be attached to your letter if you are a business owner. In this way, the reader will better understand your overall financial situation and help demonstrate that you are a good candidate for a loan.

The following are some of the purposes for which you may request a small business administration loan: to start a new business, to buy new equipment or inventory for your company, to upgrade or expand an existing business, to cover unanticipated expenditures, to pay off high-interest debt, to fund marketing campaigns, to move your office to a new location, to buy insurance for your business, to purchase stock, to buy out shareholders, and for any other lawful reason authorized by the lender.

Key Takeaways

Here are the key takeaways from this article:

• When writing an application for a loan, be sure to provide specific details about the purpose of the loan, how much money you need, and why you are a good candidate for a loan.
• Use the standard business letter format and use clear, concise paragraphs.
• Brevity is vital when writing such a document, so mention only the essential points and avoid extraneous details.
• Address your letter to the most relevant party for your situation, and be sure to include your company’s financial statements.

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Provident Fund Loan Guidelines and Other Concerns

Pursuant to DepEd Order No. 36, s. 2007, the guidelines and requirements in securing the said loan must be strictly followed to ensure equal opportunity from teaching and non-teaching personnel to be benefited from the said fund/loan.

The loan shall be used for emergency needs of the teacher/employee, or immediate and other members of his/her family up to the fourth degree of civil consanguinity or affinity:

• Hospital and/or medical expenses resulting from an accident/serious illness;
• Death of immediate and/or other members of his/her family up to the fourth degree of affinity and consanguinity;
• Educational loans

The following reasons for loan application are hereby discouraged:

• House repair
• Buy-out of loans from other lending institutions
• Business and similar ventures

The maximum total amount loanable shall be twenty five thousand pesos only (P25,000.00) subject to the availability of funds, the actual need of the teacher/employee-applicant, and to other pertinent limitations set forth, without prejudice to other pending applications for new loans.

Table of Contents

The loan requirements are as follows:

• Accomplished application form stating, among others, the specific purpose for which the loan will be used, including the appropriate supporting documents,
• Latest payslip/payroll indicating monthly salary deductions (borrower and co-maker); and
• Nationally paid Casual employee-borrowers shall also submit a copy of his/her latest appointment in addition to the above requirements.

The Provident Fund loan shall have an interest rate of six percent (6%) per annum, addon and straight computation. Repayment period shall be at the option of the borrower, subject to his/her capacity to pay and computation of his/her net take home pay which shall not be reduced to less than three thousand five hundred pesos (Php3,500.00) after all deductions including the Provident Fund loan amortization. The borrower may opt for a repayment schedule of twelve months (1 year) up to a maximum period of sixty months (5 years) equal monthly installments. In all cases, repayment of loans shall be through automatic deduction from the borrower’s salary either by agency payroll or OSD-IBM deduction (RPSU deduction).

The National Regional Boards (Division Secretariat) may allow renewal of loan provident that fifty percent (50%) of the previous loan has been paid, there is no pending application for new loan(s), and the balance of the principal amount shall be deducted from the new loan.

In addition to the above mentioned requirements, the teacher/employee applicant must also comply with the following:

• Teacher/employee applicant must submit necessary documents to support the application loan:

a. Medical certificate for hospitalization/medical expenses b. Death certificate c. Registration card/schedule of tuition fee payment

Processing of Provident Fund Loan Application:

The foregoing process shall be followed prior to the approval of the loan application:

• The teacher/employee applicant shall accomplish the application form and submit the same with the necessary supporting documents to the Schools Division Office through the Receiving Section.
• The application form will then be given to Accounting Unit for the computation of the amortization schedule according to the repayment period of the loan chosen by the applicant;
• Final approval will come from the Committee Chair;
• After approval, the application form will be returned to the Accounting Unit for processing of the Disbursement Voucher, subject to availability of fund.

June 01, 2007

DepEd Order No. 30, s. 2007

AMENDMENTS AND ADDENDUM TO DEPED ORDER NO. 12, S. 2004 (Revised Implementing Guidelines for the DepED Provident Fund)

Undersecretaries Assistant Secretaries Bureau Directors Directors of Services/Centers and Heads of Units Regional Directors Schools Division/City Superintendents

1. Pursuant to Resolution Nos. 02 and 03, s. 2007 of the National Board of Trustees of the DepED Provident Fund, the pertinent provisions of DepED Order No. 12, s. 2004, entitled Revised Implementing Guidelines for the DepED Provident Fund are hereby amended as follows:

a. Section X.4

i. Hospitalization and/or medical expenses resulting from an accident / illness; ii. Death of immediate and/or other members of his/her family up to the fourth degree of consanguinity or affinity; iii. Educational loans; iv. Minor but immediately needed repair of the house of the teacher/employee; and v. Other emergency expenses to be specified by the teacher / employee-applicant.

b. Section X.5

The maximum total amount of loans shall be One Hundred Thousand Pesos (P100,000.00), subject to the availability of funds, the actual need of the teacher/employee-applicant, and to other pertinent limitations set fourth, without prejudice to other pending loan applications for new loans.

c. Section X.7

i. Accomplished application form stating, among others, the specific purpose for which the loan will be used, including the appropriate supporting documents; ii. Latest pay slip/payroll indicating monthly salary deductions; and iii. Casual employee-borrowers shall also submit a copy of his/her latest appointment .in addition to the above requirements.

d. Section X. 10

The Provident Fund loan shall have an interest rate of six percent (6%) per annum, add-on and straight computation. Repayment period shall be at the option of the borrower, subject to his/her capacity to pay and computation of his/her net take home pay which shall not be reduced to less than Three Thousand Pesos (P3,000.00) after all deductions including the Provident Fund loan amortization. The borrower may opt for a repayment schedule of twelve (12, one (1) year) up to a maximum period of sixty (60, five (5) years) equal monthly installments. In all cases, repayment of loans shall be through automatic deduction from the borrower’s salary, either by agency payroll or PSD-IBM deduction.

e. Section X. 11

The National Regional Boards may allow renewal of loan provided that fifty percent (50%) of the previous loan has been paid, there are no pending applications for new loans, and the balance of the principal amount shall be deducted from the new loan.

2. The following is an additional provision in the implementing guidelines pursuant to Board Resolution No. 03, s. 2007:

The Chairpersons of the National/Regional Boards shall set aside an amount of One Million Pesos (PI,000,000.00) per annum to be used in granting additional loans to teachers and non-teaching employees subject to the following conditions:

i. Availability of funds; ii. The additional loan shall be granted in case the borrower is not qualified for renewal of loan when he / she has paid less than 50% of his/her previous loan; iii. The loan shall be used for extreme emergency cases only, as may be determined by the Chairpersons of the National/Regional Boards of Trustees. Examples of extreme emergency cases are: (1) payment for hospital bills of the teacher/employee or member of his/her family within the third civil degree of consanguinity/affinity; (2) death of a member of the borrower’s family within the third degree of consanguinity/affinity; or (3) borrower is a direct victim of a natural or man-made calamity, such as typhoons, lire, robbery, armed conflict, etc.; iv. The total loan account of the bprrower shall not exceed the amount of One Hundred Thousand Pesos (PI 00,000.00); v. The net take home pay of the borrower shall not be reduced to less than Three Thousand Pesos (P3,000.00) after the deduction of the amortization for the additional loan; and vi. Other conditions as maybe imposed by the National/Regional Boards of Trustees.

Applications for the additional loan shall be submitted to the concerned Secretariat which shall initially screen and evaluate the same as to the amount of additional loan that may be availed of by the loan applicant taking into consideration his/her net take home pay, existing loan account and other conditions set forth. Thereafter, the loan application shall be forwarded to the Board Chairperson who shall determine and decide the specific amount of additional loan that may be granted to the loan applicant based on the information provided by the Secretariat.

3. Qualified casual employees, including contractual employees with appointment and co-terminus employees, who have been in the service with the Department for at least two (2) years of continuous service, may avail of the Provident Fund loan up to a maximum amount of Twenty Thousand Pesos (P20,000.00) only, and shall be payable up to a maximum of two (2) years (24 months).

4. Provisions in the implementing guidelines in DepED Order No. 12, s. 2004 which are inconsistent with the above amendments and addendum are hereby rescinded while those that are not affected shall continue to be observed.

5. Immediate and wide dissemination of this Order to all concerned is directed.

TEODOSIO C. SANGIL, JR. Undersecretary Officer-in-Charge

• GSIS Scholarship Program (GS) FOR AY 2016-2017
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Mark Anthony Llego

Mark Anthony Llego, a visionary from the Philippines, founded TeacherPH in October 2014 with a mission to transform the educational landscape. His platform has empowered thousands of Filipino teachers, providing them with crucial resources and a space for meaningful idea exchange, ultimately enhancing their instructional and supervisory capabilities. TeacherPH's influence extends far beyond its origins. Mark's insightful articles on education have garnered international attention, featuring on respected U.S. educational websites. Moreover, his work has become a valuable reference for researchers, contributing to the academic discourse on education.

10 thoughts on “Provident Fund Loan Guidelines and Other Concerns”

Ilang days po I released ang money pagkatapos po apply?

Papaano po kung anh co maker ay kakabalik pa lang sa trabaho dahil nasuspinde.ok lang ba ang ganon?

2015 nagloan yung kasama ko… 2018 nag resigned.. ngayong feb 2023 naka reciv ako letter ng payment dahil co maker ako..angnproblema si teacher ay namatay na nungnpandemic.. babayaran konpa rin ba yung provident nya as co maker?

mam di naman po ma-clear for transfer kapag may utang po sa provident, di po mapipirmahan ang clearance kapag may balance pa sa provident po

hello po ,,magandang umaga,,,,

sir,, ask lng po if san pede mag ask ng statement of account ng provident loan?

maam/sir good day.. just in case namatay yung barrower, yung existing loan nya sa provident babayaran ba ng mga survivors nya? 0r considered paid na dahil namatay na ang barrower? thanks po

paano po kapag namatay na ang nangutang sa provident loan? insured po ba ang borrower?

Hi po, yes pwede po magkaroon ng arrangement ang 2 divisions. Just inform lang po ang division kung saan my existing provident loan cya that the borrower is transferred to another division para ang provident secretariat/incharge na po ang bahalang kumontak sa new division ng borrower.

Hello po, nakaltasan po ako ng provident loan eh hindi naman ko ako ng apply, ngayon gusto ko po ioa deletebang Decs provident loan ko po sa payslip ko pero ang tagal ng processing almost three months na po ako na undeducted sa ibank loan ko at baka lumobo na po ang interest. Sana matulungan po ako sa kung ano ang dapat gawin para mapadali ang deletion po.

Hello Sir Llego, inquiry lang po.. Di ba po kapag ung nagloan sa Provident Fund ay umalis sa service ang responsibility sa pagbabayad non ay mapupunta sa nag-guarantor? Eh paano po kung after almost 2 years ay bumalik sa service ung original na nagloan pero sa ibang division naman napasok, paano po maibabalik sa talagang nangutang ang responsibility ng pagbabayad? Pwede po bang magkaroon ng special arrangement ang 2 divisions para sa deduction ng payment? Pls. enlighten me. Thank you po.

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Home » Letters » Request Letters » Request Letter to Start PF Deduction from Salary – Sample Letter Requesting for Provident Fund Deduction from Salary

Request Letter to Start PF Deduction from Salary – Sample Letter Requesting for Provident Fund Deduction from Salary

Table of Contents:

• Sample Letter

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How to use live assistant, additional template options, download options, share via email, share via whatsapp, copy to clipboard, print letter, sample letter requesting for provident fund deduction from salary.

To, The HR Manager, __________ (Name of the company), __________ (Address of the company)

Date: __/__/____ (Date)

Subject: Request for PF deduction from salary

Respected Sir/Madam,

My name is _______ (name) and I am working as ________ (designation) in your company for the last _______ (mention duration).

I am writing this email to request you deduct the Provident fund from my salary from __/__/____ (date) onwards. This is to state that this will be helpful in providing me with good support in the later stage. I am ready to bear the _______ (amount) amount deduction from my salary for the Provident fund.

I shall be highly obliged for your quick approval in this regard.

Thanking you, Sincerely, ________ (Name), ________ (Designation), ________ (Employee ID)

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• Choose a Template: Click one of the template buttons ("Start with Sample Template 1", "Start with Sample Template 2", or "Start with Sample Template 3").
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• A: Requesting PF deduction ensures that a portion of your salary is contributed towards your Provident Fund account, which serves as a savings for retirement.
• A: Clearly state your name, designation, duration of employment, requested start date for PF deduction, and willingness to bear the deduction amount.
• A: Yes, expressing gratitude shows professionalism and appreciation for the HR Manager's consideration and prompt approval of the request.
• A: Begin with "Respected Sir/Madam" or a similar respectful greeting to address the HR Manager.
• A: Maintain a polite and professional tone throughout the letter, expressing respect and appreciation for the recipient's attention to the matter.

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Applications , Request Letters

Loan Request Letter (Format & Sample Applications)

A Loan Request Letter is a letter written by a loan applicant and addressed to a lending institution, generally sent as a part of the loan application process. A loan request letter introduces you to the bank or other lending institution, clearly describes your planned use for the loan funds, and describes how you will pay back the loan. It is the part cover letter and part resume because you demonstrate the qualities that make you a good candidate for a loan by outlining your qualifications.

Anyone who applies for personal or business loan should write a loan request letter and enclose it with their loan application. This letter is often the lending institution’s first impression of you as a borrower. Therefore, it should be professional, clear, and concise, easily fitting into one page.

Important: Write using a professional format and in a professional tone. Banks and other lending organizations are concerned about your ability to repay the loan. Pointing out your financial problems works against you – instead, point out your qualifications as a borrower. Remember, this letter is your first contact with the lender and uses it to showcase your company as a reliable borrower.

What a Lender Needs to Know

In order to consider your loan request, a lender needs some information about you or your company. Although this information is included in detail in your loan application, your letter should formally introduce your request. Here is what you should include in your loan request letter:

• Your name and/or your company name, including any DBA
• Your contact information
• Your business entity structure
• Brief description of your business
• Your number of employees
• How long you have been in operation
• Annual revenue and profits if your company is profitable
• Amount of loan requested
• How the funds will be spent
• Your financial security
• A list of enclosures

The bank or lending institution is primarily concerned with how the money they are lending will be spent and repaid. Be sure to include information on these two critical points in your letter.

In addition to the loan application, you should enclose applicable financial documents, such as tax returns. Send your business plan, cash flow statement, and profit and loss (P&L) statement.

Loan Request Letter (Format)

{your name}

{your company’s name}

{your address}

{lender name}

{lender title}

{lender institution name}

{lender address}

RE: {(Small business) or (Personal)} loan request for {amount}

Dear {lender name}:

The purpose of this letter is to request a {(small business) or (personal)} loan in the amount of {amount} for the purpose of {purpose}. {Use this space to discuss your small business. Include name, business structure, and industry.}

{Business name} began operation on {date}, with {number} employees. As a {business structure type}, {business name} has consistently grown and now employs {number} individuals. {Use this space to discuss your marketing presence.}

{Use this area to briefly discuss your most recent year’s revenue and profit, if profitable. Discuss revenue and profit consistently over time when possible.}

{Use this area to describe the reason for the loan request.} {Use this area to explain that the opportunity is immediately available, but you lack sufficient immediate funds.}

Attached, please find our business plan, our annual profit and loss statement, and our most recent cash flow statement for your review. These financial documents and our strong credit score of {number} combine to make us a safe credit risk for {lending institution name}.

I would greatly appreciate the opportunity to speak with you about a {(small business) or (personal)} loan. I can be reached at {phone number} or by email at {email address}.

Thank you for your time and your consideration of my request.

{your signature}

Sample Loan Application Letter

Matthew Dobney

Entirely Electronics

3048 West First Street

Spavinah, OK 89776

EntirelyElectronics.com

June 22, 2048

Mr. James Burrows

SBA Loan Administrator

Bank of American Businesses

New York, NY 65782

RE: Small business loan request for $20,000

Dear Mr. Burrows:

The purpose of this letter is to request a small business loan in the amount of $20,000 for the purpose of enlarging our warehouse.

Entirely Electronics began operation on June 1, 2020, with two employees. As a partnership, Entirely, Electronics has consistently grown and now has 20 full-time employees. Entirely Electronics has been quite successful in obtaining a proportionate share of the online electronic retail community. Our online presence has grown from our website alone to Facebook, Instagram, and Yelp. Our marketing techniques consistently drive new customers to Entirely Electronics, and we boast a high customer retention rate.

Last year, Entirely, Electronics saw a growth of 25% in revenue over the previous year. Our profit margin remained stable at 18% throughout the year.

Our growth has created a significant shortage of available warehouse space, and market research shows we will continue to grow. As we look to the future, we understand we must create more warehouse space to continue growing. Although our revenue is consistent, we do not have the immediate large amount needed to complete the necessary expansions to our warehouse.

Attached, please find our business plan, our annual profit and loss statement, and our most recent cash flow statement for your review. These financial documents and our strong credit score of 790 combine to make us a safe credit risk for Bank of American Businesses.

I would greatly appreciate the opportunity to speak with you about a small business loan. I can be reached at 983-744-6597 or by email at [email protected] .

Loan Request Letter Template

Writing a loan request letter takes a bit of time and research, but does not have to be difficult. Using the above format, you can easily request a loan for your small business or a personal need. The sample letter demonstrates how to make a great first impression on a lending institution.

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