Reasons Why you May Not be Eligible for a Business Loan
The majority of business owners require a business loan at some stage. It may be finance for a property refurbishment or extension, or capital to get the business off the ground and invest in machinery. Access to funding isn’t always simple though, and the eligibility for bank loans is becoming stricter.
High street banks have a set of tough criteria for businesses who apply for a loan. Small businesses have a huge struggle with traditional business loans, and with a long application process it’s extremely frustrating to be turned down. It’s important to know what lenders are looking for, and whether it’s worth processing an application for a business loan. Here are some common reasons why your company may not be eligible for a business loan from a high street bank.
