tiogasavingsbank
In business, financing is just a way of life. Whether you're a small business owner trying to get an SBA small business loan or the CFO of a major corporation that is looking for financing to build a new manufacturing plant, getting financing is a must.
For the purposes of this blog, we are going to talk about small business loans for the most part. Small business owners may apply for an SBA small business loan for a number of reasons. For example, small business owners may need additional operating income to hire seasonal employees or to cover an expansion or a much needed repair.
If a small business owner decides that he or she is need of money that will ultimately help the business, he or she may decide to apply for a SBA small business loan. While a lender may be able to offer the best deposit rates, there isn't too much it can do if a business owner doesn't meet the requirements per the SBA. When this happens, the application is rejected.
With that in mind, we wanted to list the main reasons why small business owners come back without the money so you can avoid being a part of this group. By doing your research and providing the bank with all of the documents it requires, you will improve your chances of being approved in a timely manner.
You had a low business credit score or even a low personal credit score
You don't have much regarding collateral
You have limited cashflow
You have too much debt already
Your business plan isn't very good or you're applying for a business loan for the wrong reasons
You're too early in the game as a start-up
