Getting rejected – be it for a programme, a job, or even by a romantic partner – can be discouraging. A business loan is no different.
According to a Goldman Sachs survey, it was discovered that 70 per cent of small business owners said their personal credit score played a key role in their business funding.First, the businesses may not have had sufficient time to build a good credit history, leading back to the first point. The second is that the business is simply not eligible for the loan.
So, if you are rejected from one bank, fret not, there could be another out there that is the right fit for you.The five reasons mentioned above are some of the most common reasons why a business loan may be denied.
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