You ended up with a rejected loan application, didn’t you? Now what? Millions of business owners or entrepreneurs trying to get access to working capital reveal that there’re only a few lenders that’re ready to work with their type of business. What are the reasons? How can you improve your chances? Maybe alternative small business loans? Let’s move forward to see.
Business Loan Rejected?
According to Dun & Bradstreet and Pepperdine Graziadio Business School:
- Less than 1/3 of small business owners were able to obtain funding from a bank in Q2 2019, which was a decrease from 44% in Q1 2019.
- Over half of business owners note their growth is hindered by not being able to obtain a bank loan.
- 47% say the inability to get access to working capital stops them from enlarging their staff.
There’s more than one factor that can make it rather challenging or even …