What to Do If Conventional Banks Refuse to Fund Your Small Business?
Any business owner looking for a small business loan would think of a bank right off the bat. After all, why wouldn’t you think of getting a conventional bank loan at low-interest rates? However, as most business owners in the United States come to know eventually, it isn’t always easy getting accepted for a loan by your local bank.
Banks have always set tough requirements for businesses to qualify for a loan including high credit scores and a substantial annual revenue. This is not uncalled for either since the financial crisis of 2008 ravaged the economy and the banking sector has had to tighten up their regulations regarding loans and mortgages.
This means the odds are against small or relatively new businesses that are looking to acquire small business loans from a bank. However,...