Appendix RR

5% Follow-Up: Project Director Letter to Nonrespondents

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Date

Business Name

Address 1

Address 2

City, State, Zip code

Dear <FIRST NAME> <LAST NAME> or Current Owner,

We are sorry that you have been unable to participate in the 2003 Survey of Small Business Finances (SSBF).

The 2003 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.

Please take just a moment now to complete and return the enclosed one-page questionnaire. This short, simple questionnaire will help us to more accurately interpret the survey results.

As a token of our appreciation, we have enclosed a check for $25. The check is our way of thanking you for taking a moment to fill out this very short questionnaire and returning it to us by Thursday, December 30, 2004, using the postage-paid return 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.uchicago.edu/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 enclosed check for $25 is our token of appreciation. After you have returned this questionnaire by Thursday, December 30th, 2004, your participation in the 2003 SSBF will be completed.