12/02/13

After the Bank Says “No”

If you’ve been to the local bank looking for a small business loan, sat across the desk from a loan officer, and been told no, you’re not alone.

Although the bank around the corner has traditionally been where Main Street business owners found the capital they needed to fuel growth and expansion, it’s no secret to anyone that times have changed. Some of the change is the result of how bankers look at small business, but some of the change in attitude at the bank is the result of small business borrowers who have let their financial house fall into disrepair. That being said, small business owners have options, even if they don’t meet the profile most bankers are looking for.

If you’re one of the lucky 10 percent of small business owners who is able to get a traditional small business loan from the bank, congratulations—you need read no further. If you happen to be one of the 90 percent of Main Street business owners who left the bank frustrated and disappointed, keep reading. The following may help you regroup and prepare for the next go around.

If you’ve been turned down by the bank and have found success by any of the approaches listed above please share them here. If you’ve found success in other ways, I’d welcome your comments as well.

If you’d like to dig a little deeper into what you can do to prepare for your next conversation with a lender, clicker HERE.

Get more small business tips from Lendio.

About the author

Ty Kiisel
Small business evangelist and veteran of over 30 years in the trenches of Main Street business, Ty makes small business financing and trends accessible in common sense language devoid of the jargon.

Comments

  1. I have moderate credit and a good sense for business what is the best way to get a proposal across to investors

    • The best way to start the process is to answer a couple of questions on Lendio to see if you get matched to any lenders. There is no cost and it will only take a minute or two.

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