Name: charan teja chuchikonda
Student ID number: 1251159
Dear valued customer,
Monica we would like to thank you for your application for business loan. Your application will be held on file at this time as the information given by you is not enough to lend you a business loan. The balance sheet submitted by you for the year 2011 clearly says that the total assets are equal to the total liabilities and shareholder’s funds. Many other details are missing as you need all that information to put a full proposal to our bank.
You will need to tell me the actual facts and business estimation, which is usually done by your accountant. Well, let me give you the details of the information that you are recommended to submit to the bank for the further progress in your business loan. As per the norms I would like to know the current assets and non-current assets of your supermarket in detail and also the source of accretion for this. A personal statement is needed for your assets and liabilities. Also give a detail about your source of income and living expenses.
You are advised to give detailed information about your personal contribution to your business. According to our bank norms, a complete amount cannot be sanctioned as a business loan. In your application, you have requested for $150,000 as a business loan but you have failed to declare the total amount you need for the business and your personal contribution to the business. Also attach any external incomes like salary of the business partner and any rental incomes which can help you in repaying the loan installments. Also lay out how much amount you dedicate to your personal debts and living expenses from the business. And information...
... middle of paper ...
You need to provide income and expenditure statements which could convince the bank that you have enough income to pay the monthly interests of the loan taken, pay the business creditors and sufficient income left for you. The financial details given in the application is not enough. We need at least two years of income and expenditure statements which will help us in estimating the financial status of your business. The cash flow statement of your business clearly indicated that there are no much profits in business for the year 2011. So we want you to comment on how you believe in increment of sales and achieve the projected gross profit margins. We can process your application further if you can provide us the above mentioned statements and documents. You can come and meet our business team with a regards to any other information. Thanks again for your interest.
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