How to Write a Financial Letter of Intent

How to Write a Financial Letter of Intent
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Whether you are applying for grant funding for a project, asking for a loan to start a business, asking for leniency on a loan or in communication with a person to address your financial situation, you might be asked to write a formal letter of intent. This letter of intent can be used to show your credibility as a financial candidate or allow you the opportunity to get your finances in order.

Format your letter in a standard business letter format. Your letter should be single-spaced, with one line in between each paragraph. Start with your contact information at the top left, followed by the date, the address of the person you are contacting and a formal greeting.

Address your letter to one specific person. To ensure your letter is carefully reviewed, make sure your letter gets into the right hands and not sent “to whom it may concern.” If necessary, contact the business or organization for verification of the name, title and correct spelling of the person you are addressing.

Introduce yourself and why you are writing in the first sentence of the body of the letter. Be concise and clear as to what it is you hope to get out of sending this letter. For example, “I am a small business owner looking for funding to expand my franchise.”

Explain how you intend to use the money if you are asking for a loan or grant. Detail the amount you need and a rough description of where that money will be directed.

Describe your financial situation--for instance, why you need funding and if you have a good credit score and a demonstrated record of financial responsibility. If not, describe how you hope to change this.

Close by thanking the reader for his time. Indicate how you would like the reader to proceed. For example, “Thank you for your time and consideration in reviewing this letter. I hope that now you understand why I should receive a student loan deferment at this time.” Include your phone number and email address for ease of reference.