American desi girls pics , What to Do If Your Business Loan is Not Approved

What to Do If Your Business Loan is Not Approved

Words that all business owners dislike hearing from a lender are, "Sorry, we just can't approve your loan." It's frustrating when your business loan is not approved, and it may feel like your business ideas are now a hopeless venture. Rather than letting those feelings of despair overcome you because your business loan was not approved, though, step back and examine things carefully.

- Don't take it personally.

While some lenders can approve or decline a loan based on the business owner's character, there are other factors involved when your business loan is not approved, such as credit scores, income, debt ratio, and the risk of the business. When a business loan is not approved, it is most commonly due to one of these four reasons.

- Be gracious.

If your business loan is not approved, be sure to thank the lender for reviewing your loan application and proposal. Don't leave on bad terms. You never know what the future holds, and it could mean that you'll cross paths again, especially if your loan approval was considered "borderline." Just because the lender said "no" today, it doesn't mean that your business loan won't be approved in few years, or even a few months.

- Ask the lender to review the details as to why the business loan was not approved.

Without getting defensive, seek information from the lender stating why the business loan was not approved. This information will be one of your most valuable tools when applying for your next loan. The more details you can get from the lender, the more prepared you can be for the future. There may be instances where you can correct the loan proposal or application when your business loan is not approved, and eventually get approved for your business loan with that same lender.

In the instance that your business loan is not approved, it's time to not give up, but rather, to become resourceful. There's more than one way to get the money you need for your business.

- Review your loan proposal in detail.

When your business loan is not approved, it's time to go back to square one and look at your presentation pieces. After reading through the details, put yourself in the lender's shoes. Would you approve a loan to someone like yourself with the loan proposal you're reading? If there is inadequate or incomplete information in your proposal, such as a business plan that lacks direction and goals, rewrite that information for your next application. A business loan is not approved often because the lender is not clear as to how the business will operate and succeed. Additionally, examine your credit reports carefully. Request copies of your reports from Experian.com, Equifax.com, and Transunion.com.

Marks and errors on your credit report should be resolved accordingly before applying for a loan again. If the marks against your credit rating cannot be removed from your credit reports, be prepared to tell the second lender that you approach not that you are aware of these marks, and give they reason why they are there. Offering these explanations to the lender show that you are a responsible enough person to live up to these errors, and a trustworthy enough person to tell the lender about these marks before they find out for themselves.

Article Source: http://EzineArticles.com/123784