We know that seeking business financing can be full of surprises. In the Halloween Spirit, we’re taking a tour through the Business Financing House of Horrors to give business owners an idea of what hiccups to expect from the financing process with some spooky stats from the 2019 Federal Reserve Small Business Credit Survey. Lenders consider 3 main factors when you apply for a business loan: time in business, revenue, and credit score. Both the business owner and the business have their own credit scores, but 85% of borrowers rely on the business owner’s personal credit score. Banks approve only 26% of borrowers. This scary fact adds to the financial challenges many business owners faced in the past year. Talk about hocus pocus!