I was pleased to receive and examine your proposal of [DATE, ex. June 10]. Thank you for your interest in [NATURE OF PROPOSAL, ex. providing advertising services to our firm]. We find your [products / services] to be of high caliber.
Although we are unable to accept your proposal at this time, we do foresee a possibility of doing business in the future. [STATE REASON(S), ex. As a relatively small and new firm in the computer hardware business, it is not cost effective for us to contract the services of an advertising agency at this moment. Simply stated, we currently cannot bear the costs involved. As we grow however, we may indeed require the services you offer.]
{IF YOU WISH THEM TO CONTACT YOU IN THE FUTURE, MENTION SO, ex. I will be interested in speaking with you in about a year's time.} I do appreciate your time and effort and wish you the best in the future.
Sincerely,
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