Common Reasons Why Business Loan Applications Are Denied
Many borrowers state that they have been turned down for business funding but get no reason as to why they were turned down.
Here are a few reasons why you may have been denied credit.
Your personal credit score is too low.
You don’t have enough time in business.
You don’t have a high enough annual revenue.
You can’t offer collateral on the loan if needed.
You have experienced a recent bankruptcy.
You applied for the wrong type of loan.
You aren’t in the right industry for that financing type.
The lender just wasn’t the right fit.
Your business has had legal action against it.
You haven’t established enough business credit.
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FREE Funding Consultations. Connect with Integrity Business Funding Consultants today and experience our commitment to providing business credit expertise & funding options. There are funding options you may not even know exist! Ask us about our time tested and proven Business Credit Mentoring/Consulting Program. Turn your business entity into a financial asset. Credit Lines attached to your EIN#, not your social security number. Please provide us with a good date and time to speak convenient for you.