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Why Lenders Decline Business Loans:
Business owners get declined for many reasons…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 business loan declines come down to 3–5 fixable issues — and many applicants can qualify in 24–72 hours once corrected.
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...So, 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.
To order the book so you can learn about, and fix all of the 33 reasons first, click here.