{"id":4363,"date":"2018-05-23T09:31:54","date_gmt":"2018-05-23T09:31:54","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=4363"},"modified":"2020-07-19T07:25:22","modified_gmt":"2020-07-19T07:25:22","slug":"steps-take-youve-denied-small-business-loan","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/steps-take-youve-denied-small-business-loan\/","title":{"rendered":"Steps to Take after You’ve Been Denied a Small Business Loan"},"content":{"rendered":"
\"Steps
Steps to Take after You’ve Been Denied a Small Business Loan<\/figcaption><\/figure>\n

Startups and small business often fail to meet the stringent qualifications set by bank for business loans. As such, rejection of loan applications<\/a> is one of the main problems that startup entrepreneurs face before their businesses peak.<\/p>\n

As a business owner, having your business loan application declined can be quite devastating. However, you can’t let this weigh you down. Your next moves will have a big bearing on the direction that your business takes thereafter. So you need to make sure it\u2019s a smart move and make it fast.<\/p>\n

If you want to grow your business after a rejected loan application, here are some of the steps you can take.<\/p>\n

Seek answers for the rejection from the lender<\/h2>\n

Although it is common for loan applications for startups to be rejected, the reason for the rejection differs from one case to another. You should therefore ask your nation 21 same day lender to give you reasons why your application failed.<\/p>\n

The answers you get can be useful for the improvement of your business and future applications to improve chances of having the loan approved. General answers will not help you towards that end. You should therefore insist on very specific answers.<\/p>\n

In addition to the reasons why the loan wasn\u2019t granted, ask for further information. For example, you can ask how long you need to wait before you can apply again and referrals to other lenders that may accept your application as per their assessment.<\/p>\n

Get and keep track of your business credit rating<\/h2>\n

If you have applied for a personal loan before, you know that your credit rating is important. For most lenders, your credit rating and history can be a deal breaker when assessing your eligibility for a loan.<\/p>\n

Similarly, you can get a credit rating report for your business at a small fee. Once you do, ensure that all the details are correct and accurate. You then have to keep working on improving the credit score by keeping a healthy credit history.<\/p>\n

When you apply for small business loan, the lenders will check both your personal and business credit rating. Maintaining high personal and business credit score and healthy credit histories will therefore go a long way into making you more creditworthy.<\/p>\n

Streamline your business\u2019s financial information<\/h2>\n

As you chart the way forward for your company, a lot of your effort should go towards improving your chances of having your future applications approved. You also want your business to qualify for high amounts of credit.<\/p>\n

Having certain details of your business\u2019s financials streamlined can be helpful in making your business more creditworthy. Some of the details you should work on include:<\/p>\n