Financing is a key for new businesses, but convincing a bank or other lender to provide a loan isn’t always quick or easy. Preparation of a strong financial management package can speed up the loan process and even make the difference between obtaining financing and not. A financial management package will include a letter or summary describing you, your business and a summary of the purpose of the loan. It also includes a detailed description of the loan, how you will use the money and how you plan to pay it back. It will include budget projections and other business financial information as well as any legal documents associated with your business. It will usually require summaries of your personal financial situation well.
Letter or Summary
The first component is a two-to-three page cover letter or executive summary that clearly describes you, the nature of your business, the amount you