Imagine this scenario: You require funds urgently. Perhaps, to finance a large-scale project.
Yet, when your SME loan application is disapproved, you will either have to cancel or postpone this project.
You might also lose an enormous amount of profits due to this missed opportunity.
Moreover, when your application is declined, you might not be able to submit another application to the same bank for the next 3-6 months!
Most commercial loan applications are rejected due to many reasons, such as
- Approaching the wrong banks
- Business owner’s personal credit profile
- Limits to financing for existing bankers
- Lack of understanding on financials