After carefully evaluating the costs of starting and operating your business, you realized you need a little financial assistance. You decide to apply for a small business loan through a local bank or credit union. You gather the appropriate documentation and complete several applications, but unfortunately, you learn you’re not qualified.
What went wrong? More importantly, how can you improve your chances of getting approved for a loan in the future?
Your Business Lacks Credit
There’s a risk for lenders every time they issue a loan to a customer. While the hope is that you’ll receive the loan and repay it, that doesn’t always occur.…Continue reading