Appendix OO

5% Follow-Up: Project Director Letter to Noncontacts

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1/14/2005

Business Owner

Address 1

Address 2

City, State, Zip code

Dear Owner,

You are one of a select group of small business owners throughout the country being asked to participate in a study of the cost and availability of financial services.

The 2003 Survey of Small Businesses (SSBF) is a legitimate, scientific and confidential study sponsored by the United States Federal Reserve Board. The study is intended to help small businesses, but it only works if the selected firms - including your firm - participate.

This study has been endorsed by the National Business Association, the National Federation of Independent Business, and the U.S. Small Business Administration.

Your firm's participation is limited to completing the enclosed one-page questionnaire and returning it to us by Friday, January 21, 2005. Just for completing this short, simple questionnaire, you will receive, as a token of our appreciation, a check for $25.

Please take just a moment now to complete the one-page questionnaire and return it using the enclosed postage-paid envelope. (You may also fax your completed questionnaire toll-free to 1 866 435-5637.)

Of course, participation is voluntary and you may skip any question you choose. If you have questions about the study, or would like to complete the questionnaire with an interviewer, please contact us at 1-800-692-4192 or by e-mail at [email protected].

To learn more about how this study will benefit small businesses, please visit www.norc.org/ssbf or www.federalreserve.gov/ssbf.

Sincerely,

Carol-Ann Emmons

Project Director, Survey of Small Business Finances

P.S. We hope you will do your part to help American small businesses by taking a moment to complete the attached questionnaire. The study is legitimate, scientific and confidential. After you have returned the enclosed questionnaire by Friday, January 21, 2005, your participation in the 2003 SSBF will be complete, and we will send you a check for $25.