
Receiving a rejection letter for a business loan you were counting on can be discouraging. Data from the Small Business Administration (SBA) reveals that nearly 50% of small business loan applications are rejected for a variety of reasons. Understanding the most common reasons banks decline loan applications can be useful for your own business endeavors. 1. You applied for the wrong loan product Some banks may specialize in a certain type of lending or industry. For example, a lender may choose to fund large corporations that reach a certain revenue threshold or carry a specific number of assets. Other banks […]
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