Applying for a Business Loan: Writing an Essay to Make Your Application Stronger
Business loans are a common thing amongst business people. Whether you’re just looking for ways to launch your startup, or you’re looking for ways to improve your existing business, a loan is sometimes a necessity. This is why so many business people decide to apply for a loan in order to get funds for their business projects.
When applying for a loan, you’ll have to submit a ton of documentation: business records such as balance sheets, profit reports, tax returns, business plan etc. These are all standard loan application requirements. However, if you want to make a stronger impression you can take a step further and write an essay to make your application memorable.
Here’s what a loan application essay should be about and how you can write it.
1. What to Write
Let’s first discuss and cover the content of your business essay. Here’s what we feel like you should cover in your essay, in order to state your case and prove you deserve the investor’s or the bank’s trust.
- What is the loan for?
Sum up your business idea and reduce it to no more than a couple of paragraphs. Show why you’re passionate about the idea and what you envision you’ll achieve in the upcoming period.
Write about:
- the boldness, uniqueness, and originality of the idea
- the passion you have for doing more in business
- the reasons why you believe it will be a success
- Why do you need that amount of money?
This means you have to show:
- how you’ll spend the money
- how did you come up with that exact amount
- which methods did you use to create the financial plan
- How will you pay it back?
It’s a sort of a promise you make to those you’re asking the loan from, showing them you have a detailed plan about giving them the money back.
In this section, you need to write about:
- the estimated amount of time you’ll need to pay it back
- your prediction about how much you’ll earn with the money invested
- your plan B in case things don’t go exactly how you expected them to go
2. How to Write
Now it’s time to discuss the technical details of your essay. There are several aspects of essay writing you need to be aware of.
- Accuracy
This implies your essay needs to be:
- grammar mistakes free
- spelling mistakes free
Whatever you do, make sure your essay is 100% accurate and thoroughly proofread.
- Vocabulary
Here’s what to pay attention to:
- use formal vocabulary
- don’t use slang and conversational style
- don’t use contractions
- include business terminology
Final Thoughts
Applying for a business loan is a huge step for anyone who wants to do greater things in business. Although this process might be a bit stressful, you still need to walk the extra mile and do everything that’s in your power to have it approved.
Therefore, use the advice given above and make your application even stronger with an essay to back you up.
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