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Banks Have a Lot of Reasons to Reject Your Small Business Loan By Pierre Jean-Claude For a small business to grow into a big business, it needs a loan unless it has exceptional sales and profit margins.
A small business owner has quite a few places where he/she can go with a loan request.
Some of the common reasons are as under: Reasons for Banks to Reject Your Small Business Loan Credit History One of the barriers between you and the business loan is credit history.
When you go to a bank, they look at your personal as well as business credit reports.
It seems that banks are more interested in financing large businesses due to their benefits.
A bank can come up with a variety of reasons to reject loan approval for a small business.
Cash Flow As stated earlier, your credit history matters a lot when a bank is to approve your loan request.
In fact, lending institutions have created an entire industry for high-risk businesses to help them with loans, credit card payments, etc.
A bank can look at a lot of factors to evaluate your business as a high-risk business.
It is imperative to understand that your business' activities can also make it a high-risk business.
For example, your business might not be a high-risk business per se, but perhaps you have received too many charge-backs on your shipped orders from your customers.
The length of your credit history can affect your loan approval negatively or positively.