We've been waiting a long time to write about this, enjoy:
Top 5 reasons you didn’t get approved for a business loan:
#1. Revenue - You don’t have enough deposits in your December Business Bank Statement.
Could be that you had $10,000 but you need $20,000 a month before you can qualify.
#2. Industry - You are in an industry that investors don’t like funding. Transportation, Used car sales are among the most common.
Not impossible to get capital, you just have to do better in all the other categories than usual.
#3. NSF’s/Negative days - If you’re bouncing checks left and right, don’t expect us to believe you can pay us back.
5-10 negative days is probably the cap of what we want to fund
#4. Too few deposits - If you are making one deposit per month and that’s where you get all your money from, what if that one payment didn’t make it to the bank that day?
Typically healthy banks have 10+ deposits per month, or every other day.
#5. Defaults/judgements/tax liens not in a payment plan - Alright, if you didn’t pay back Lender A, or get on a settlement/payment plan, no one in the industry wants to fund you. Period.
Tax liens, call up the IRS, and get on a payment plan, then we can fund.
If nothing relates to you go ahead and head onto our website to get funding approvals: