Why Banks Say NO to Startup Business Loans

Why Banks Say NO to Startup Business Loans

It can be difficult for a new business to secure a loan from a bank or from money lenders. This is because new businesses usually don’t have a credit of their own, so the bank or lenders will look at the credit of the business owner. Banks will deny a startup loan application if the personal credit of the borrower has a problem. Here are five common reasons why your loan application was denied, and how to avoid such a scenario.