What to Include in Your Funding Request

What to Include in Your Funding Request

We’ve talked before about the benefits of having a business plan for every business, but the truth is, most companies don’t put one together until they want to apply for funding, whether from a bank or investor. Sometimes, even if you don’t need a full business plan when applying for a loan, you will be asked for a funding request. You can also follow the guidelines below to prepare a stand-alone proposal to present to a potential lender with your application.

As we’ve said before about writing a business plan, it’s important to https://americashpaydayloan.com/title-loans-ok/ keep your audience in mind. You can certainly prepare different versions of your funding request depending on whether you’re applying for a loan or approaching an investor. The terms of each would be different, and you might be looking for different amounts of money or types of funding, especially if you’re approaching several potential partners.

Be clear about whom you’re directing the request to, and think about the questions they might have and what they would want to see. Make sure you’ve done your homework regarding the costs involved with your plans. This is where the financial section of your plan will work hand in hand with this one. Be consistent with your numbers, and ask for enough to cover your needs fully so you don’t fall short and remain unable to complete your goals. At the same time, don’t ask for more than you need.

1. A summary of the business

If the request is part of your business plan, you will have already put together all the information found in a business summary. If you’re creating a funding request as a stand-alone document, explain what the company is, where you’re located, what you sell or what services you offer, and who your customers are. Read More

DOE loan chief fleshes out clean energy plans

DOE loan chief fleshes out clean energy plans

The head of the Department of Energy’s loan program signaled yesterday that his office is in no rush to approve its “innovative” projects, as the Biden administration plans how to distribute funds from the infrastructure package.

The Loan Programs Office’s $40 billion in loan authority is viewed by many innovation advocates as an important climate policy tool. Under the Obama administration, LPO helped finance the first massive wind projects, giving legs to an industry that is now a linchpin of decarbonization efforts.

The office’s work was mostly put on ice under the Trump administration, however. And in the 11 months since President Biden began his tenure, the LPO hasn’t yet made a single award.

Yesterday, LPO’s director, Jigar Shah, defended the office’s pace and suggested that the Energy Department would likely take a similarly methodical approach with new energy funds from the $550 billion infrastructure package.

“When you think about how this stuff works, sometimes we confuse motion with progress, and I think we’ve been very careful at the Loan Programs Office not to confuse the two,” said Shah during a webinar hosted by the Bipartisan Policy Center.

So far, the loan office has received $53.6 billion worth of completed applications from energy companies, or 66 projects in total, he said. Read More