Top 3 Reasons Your Business Loan was Denied

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Complete Video Transcript

0:01your small business owner
0:03oranges that is starting this blog is I’m sure you already know that any
0:07at capital is critical successfully establishing and running your business
0:14is matter-of-fact according to the SBA
0:16seventy-four percent of businesses fail within the first four years
0:20due to lack capital still is interesting to note that
0:24even with such a big need for capital 18 I present a business loan applications I
0:29did not
0:30chances are at some point
0:33you probably try to get a business loan you sell your application with the night
0:37like many other business owners
0:40the problem frustrated but his lengthy process
0:43and find it difficult to understand wat you need to do
0:47to get a credit you need for capital to grow your business
0:51well one of the primary reasons
0:54eighty-nine percent offices close at nine is because most bob is on the same
0:59thing on where
1:00how to apply for business credit to meet the bank lending requirements
1:05he once you understand how the business lending process works
1:09you can prepare in advance to be lending guidelines
1:12eat before you apply position is up to the park the 11 present a business loan
1:17applications
1:18that to get approved is the
1:22most business lending guidelines based upon assessment a
1:25your personal credit your cash flow and your business credit
1:30however not all lending institutions are created equal
1:33so different lending institutions maybe a greater
1:37or less consideration each of the three factors
1:40as a result is important to apply for credit lending institutions
1:46that matched your particular credit situation for example
1:50summit is someone getting a personal credit challenges
1:54he had a very good cash flow a good business credit
1:57so you have left is della personal credit
2:01is important optimize your business credit and apply
2:04lending institutions that get more weight to business credit
2:08and cash flow Betty a personal credit situation so what is the business spread
2:16though is that this is not business credit is pretty issue
2:19for business based upon your employer identification number
2:23is that use a secure email his credit but the biz
2:27entity itself separate from the owner’s personal credit
2:31it’s crazy that does not show up on the owners
2:34personal credit reports building business credit
2:40as many advantages including higher credit capacity
2:44since then this is gonna change 10 to 100 times greater financing
2:48that individual
2:51also you can use business credit to purchase the editorial volume
2:55and get pricing discounts from your suppliers lower material costs
2:59and improved cash flow can translate into more competitive pricing
3:04to help you grow your business however it does take time to build business
3:09credit
3:10usually six to 12 months thought process
3:14this is the text destiny dictate
3:17is important to persist out as a strong credible foundation for your business
3:21because the weather you’ve been in business for years we’re just getting
3:25started
3:26most lending institutions have a 20-point verification process
3:30we’re reviewing your business credit application and
3:34Nuvi hands on their cation channel is a Honda Accord
3:37he could be grounds for immediate denial of your loan application
3:40saw the point is your compliance with e2 the 20 points verification
3:45in advance applying for your business mom is like 20 answers before taking the
3:50test
3:51on you also need is doubtless business credit profile
3:55with each three business fair reporting agencies
3:59and then does prime business credit history with increasingly higher credit
4:03limits
4:04and build good business practice course by paying on time
4:07study business solutions
4:10whether your revenues two hundred fifty thousand dollars of four million dollars
4:15our goal is providing the solutions for capital
4:18strategies to grow your business s systems
4:21to hold a letter to your customers

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