My application for a business loan was rejected!


#1

I am not sure what to do next.


#3

First of all, what was the reason for rejection? The reason could be anything - you may be having an insufficient credit history or a bad one. It could also be that you have already taken a lot of credit. Were the documents accurate? Is your balance sheet or P/L account showing healthy finances? What industry does your business belong to? Sometimes, lenders refuse to lend money owing to the riskiness of the industry.

Figure out the reason why your application may have been rejected, and work to improve them. You can also look for other alternatives - first check the eligibility criteria, and other essential requirements. And only then apply for a business loan.