You didn’t get your loan approval? Top Mistakes to Avoid!
The rigors and challenges of owning a small business can be intense at times. And when it comes to getting a business loan, it’s not uncommon for to see small business owners sometimes make mistakes which leads to their loan not getting approval.
To help avoid such problems, here are a few mistakes to look out for:
1. A low credit score
While the threshold varies from one lender to another, it’s a good idea to make sure you have a good credit score before applying for a loan. And if you don’t, take steps to improve it.
2. Your business is too new
We know, sometimes you need a loan when starting a business. But oftentimes, certain loans require a business to already be established for a certain amount of time.
3. Missing collateral
Even with the SBA 504 Loan Program’s relatively low down payment requirement, there’s still a certain amount if collateral required to fulfill the loan. Be sure of the amount required before you submit the loan application.
4. Incomplete or inaccurate paperwork
This is definitely one of the most common reasons loan applications get rejected. Even if you meet all the qualifications and have everything in order, if there’s a mistake on your application, you won’t get the loan.
At BFC we’re here to help you avoid these mistakes and get your business the funding it needs. To learn more, call us today at 1-800-SBA-REAL.