What to do if your sba loan application is denied

What to Do If Your SBA Loan Application is Denied

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SBA loans are Small Business Administration loans backed by the US government.

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The government accounts for 75% of the loan while the banks handle the remaining 25%.

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SBA loans are competitive because of their low interest rates.

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There are multiple reasons why the bank may not be willing to give out loans to small businesses.

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Small businesses are classified under high risk ventures.

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A credit score below 600 may lead to rejection of SBA loan application.

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Banks often require collaterals and personal guarantors.

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There are industries that are excluded from accessing SBA loans.

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The incapacitation to SBA loans can be bypassed by using alternative funding.

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Alternative loan houses would usually seek other forms or guarantee.

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Read the full article: https://businessloans.wordchapter.com/what -to-do-if-your-sba-loan-application-is-denied/

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