Subject: Request for Extension of Time — Urgent Business Matter [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Bank Name] [Bank Address] [City, State, ZIP] Dear [Bank Name], I am writing to request an extension of time regarding an imminent payment on my loan account with your esteemed bank. I regret the inconvenience caused by this situation and sincerely appreciate your understanding and cooperation. As an experienced business owner, I have always valued maintaining prompt payments and keeping a good financial track record. However, due to unforeseen circumstances arising from a recent economic downturn within our industry, I find myself temporarily facing financial strain. To emphasize the gravity of the situation, I would like to provide you with a breakdown of the extenuating circumstances that have led to this request for an extension: 1. Economic Downturn: The current economic situation has significantly affected our revenue flow, making it challenging to meet all financial obligations on time. 2. Unforeseen Expenses: We have recently experienced unexpected expenses, including necessary repairs and maintenance of crucial equipment essential for our day-to-day operations. 3. Market Slowdown: Our industry is currently facing a severe slowdown in customer demand, affecting sales turnover and cash flow in general. 4. Customer Payment Delays: Several of our key clients are facing payment delays themselves, which in turn affects our ability to repay our outstanding dues on time. Considering the above circumstances, I kindly request an extension of [mention the requested extension period, e.g., 60 days] for the payment due on [mention the payment due date]. This extension will allow us to stabilize our cash flow and ensure timely repayment without affecting our commitment to the terms and conditions of our loan agreement. I assure you that we are actively implementing strategies to address the current situation, seeking new business opportunities, adjusting our budget, and exploring alternative revenue streams to preserve our financial stability. We value the relationship we have built with your institution and have always made it a priority to honor our obligations. I believe that a reasonable extension of time will be essential in allowing us to rectify the temporary setback and restore our impeccable repayment track record. Please find attached the necessary supporting documents such as financial statements, budget projections, and any other relevant materials. These documents aim to provide you with a comprehensive overview of our current financial status and assist you in understanding our sincere commitment to resolving this matter. I kindly request your prompt attention and understanding in this exceptional situation. If necessary, I am open to discussing alternative solutions or any further information required to review my application in more detail. Thank you for your time and consideration. I trust you will recognize our genuine effort to meet our obligations and grant us the extension we seek. I look forward to your positive response at your earliest convenience. Yours faithfully, [Your Name]
Subject: Request for Extension of Time — Urgent Business Matter [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Bank Name] [Bank Address] [City, State, ZIP] Dear [Bank Name], I am writing to request an extension of time regarding an imminent payment on my loan account with your esteemed bank. I regret the inconvenience caused by this situation and sincerely appreciate your understanding and cooperation. As an experienced business owner, I have always valued maintaining prompt payments and keeping a good financial track record. However, due to unforeseen circumstances arising from a recent economic downturn within our industry, I find myself temporarily facing financial strain. To emphasize the gravity of the situation, I would like to provide you with a breakdown of the extenuating circumstances that have led to this request for an extension: 1. Economic Downturn: The current economic situation has significantly affected our revenue flow, making it challenging to meet all financial obligations on time. 2. Unforeseen Expenses: We have recently experienced unexpected expenses, including necessary repairs and maintenance of crucial equipment essential for our day-to-day operations. 3. Market Slowdown: Our industry is currently facing a severe slowdown in customer demand, affecting sales turnover and cash flow in general. 4. Customer Payment Delays: Several of our key clients are facing payment delays themselves, which in turn affects our ability to repay our outstanding dues on time. Considering the above circumstances, I kindly request an extension of [mention the requested extension period, e.g., 60 days] for the payment due on [mention the payment due date]. This extension will allow us to stabilize our cash flow and ensure timely repayment without affecting our commitment to the terms and conditions of our loan agreement. I assure you that we are actively implementing strategies to address the current situation, seeking new business opportunities, adjusting our budget, and exploring alternative revenue streams to preserve our financial stability. We value the relationship we have built with your institution and have always made it a priority to honor our obligations. I believe that a reasonable extension of time will be essential in allowing us to rectify the temporary setback and restore our impeccable repayment track record. Please find attached the necessary supporting documents such as financial statements, budget projections, and any other relevant materials. These documents aim to provide you with a comprehensive overview of our current financial status and assist you in understanding our sincere commitment to resolving this matter. I kindly request your prompt attention and understanding in this exceptional situation. If necessary, I am open to discussing alternative solutions or any further information required to review my application in more detail. Thank you for your time and consideration. I trust you will recognize our genuine effort to meet our obligations and grant us the extension we seek. I look forward to your positive response at your earliest convenience. Yours faithfully, [Your Name]
