See also Mypremiercreditcard Online
To apply for a credit facility, self-employed individuals or small to medium business owners need to get in touch with a bank and submit a credit facility proposal or letter. All information provided in the proposal must be factual and duly filled in. Moreover, several supporting documents need to be furnished along with the proposal. Some banks also charge certain processing fees while accepting applications for a credit facility.
Typically, the following information needs to be provided along with a credit facility proposal:
– Basic information about the business
– Purpose of availing the credit facility
– Copies of the company’s financial statements and bank statements
– Collateral documents
– Legal documents including company registration information, deed of establishment, work contracts and business licenses
Once this application is submitted to the bank with all supporting documents, the bank will review the information. If the bank finds the applicant to be eligible and if all information in the application is verified to be factual, the process commences. Usually, banks assign a relationship manager to guide people through the intricacies of a credit facility.
How to write a credit facility proposal or letter?
Writing a credit facility proposal or letter is the same as writing any business proposal. While applicants can choose to write the proposal themselves, they can also choose to use premade sample forms and templates.
See also www.Mypremiercreditcard.com Account
Typically, a sample credit facility proposal should include the following:
Date of Application:
Contact Name & Address of the Business:
Subject: Request Proposal for Credit Facility
Body of the letter: This section should include details about the company such as the industry it is operating in, the number of years it has been active and its growth or achievements over the past few years. This should be followed by the reason for applying for the credit facility.
Applicant’s Name & Contact Details:
This proposal must always be supported with valid documents as mentioned above. Also, it is always advisable to write this proposal on the official company letterhead.
These days, most banks offering a credit facility have expedited procedures in place for credit facility applications. While some banks require applicants to fill in a custom-made credit facility application form, others simply require applicants to get in touch with them. The application process differs from one bank to another.”