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The 5 Credit File Issues That Kill An SBA Loan Approval
Business owners get declined for a business loan by the SBA for many reasons, over 100 easily. The top 33 are clearly illustrated in author Mark Ayers' book on Amazon: "Struggling to Get a Business Loan?
33 Reasons Lenders Decline Business Loan Applications
—and How to Fix Each One."
Most SBA loan declines come down to 3 to 5 fixable issues, others have problems that may take time, perhaps 90 days. Others may have issues so severe that the SBA will never lend to them, such as #1: Low credit score #2: Insufficient volume of deposits #3: NSFs #4: Too short of a time in business #5: A criminal record. That's an instant decline.
Non-financial criminal records are not a problem at A1. Another reason folks say "A1 Financial USA saved the day" for their business.
We fund 98.7% of all pre-qualified business applications, and can fund down to a 300 FICO score. We also offer a 90 day FREE Loan Coaching Program if you are in that 1.3% group.
Think you may fall in that group and wish to avoid the embarassment?
Grab the book on Amazon, you may even be able to get it free with some of their promotions. The cleaner your total file, the better the offer. The book is like a steam cleaner to get you in beautiful shape for funding. Apply with us on the home page when you feel you're ready.
The #1 reason is choosing the right lender. We hear about this mistake every day. A business owner with a 508 credit score went to a bank, waited three weeks without hearing a word, then finally, one day received an "Unfortunately" letter.
If they would have come to us first, they would have likely had their money in just 24 hours. It all starts with choosing the proper lender. In the past, and today as well, any and all of the folks declined by A1 receive 90 days of free loan coaching where we teach the prospective borrower exactly what to fix. In 30 days, we can try again, usually with great success, as long as the revenue and daily account balances didn't decline drastically.
Fixing the "#1 Reason" is many times all you need to do.
Find out— click one below:
To order the book so you can learn about, and fix all of the 33 reasons first, click here.