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Six common reasons bankers reject small business loans

1.“Our bank doesn’t make small business loans.” 
Cure: Before applying for a loan, research banks to find out which ones seek the type of loan you need.

2.“I don’t know enough about you or your business.”
Cure: Develop a detailed business plan to present to the banker.

  1. “You haven’t told me why you need the money.” 
    Cure: Your business plan should explain how much money you need and how you plan to use it.
  2. “Your numbers don’t support your loan request.”
    Cure: Include a cash flow forecast in your business plan.
  1. “You don’t have enough collateral.” 
    Cure: Be prepared to pledge your company’s assets – and perhaps your personal assets – as collateral for the loan.
  2. “Your business does not support the loan on its own.”
    Cure: Be prepared to provide a personal   guarantee on the loan.

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