Getting a business loan should be straightforward – it’s usually just a matter of talking the facts and figures through with your lender. But sometimes, things go wrong, and for reasons that often aren’t immediately apparent they say ‘no’. It can be a worrying turn of events, but there are a few reasons why it might have happened.
Before we go into those though, the first thing to do is simply ask the lender why they’ve turned you down. Don’t take this initial explanation on face value – if their explanation doesn’t make sense to you for any reason, ask, and keep on asking, until it does. It’s their responsibility to make their reasoning behind the rejection clear, so don’t be afraid to push them.
Beyond their initial explanation, there could be a number of other possible reasons why the lender has rejected your application.
