What to Do If Your Application is Declined

A decline isn't the end. Here's your action plan:

Step 1: Find Out Why Lenders must tell you why. Common reasons:

• ●Insufficient time in business
• ●Revenue too low
• ●Credit issues
• ●Recent overdrafts/NSFs
• ●Industry concerns
• ●Too much existing debt

Step 2: Don't Panic Apply Resist the urge to apply everywhere else immediately.

• ●Creates multiple hard inquiries
• ●Looks desperate to lenders
• ●May result in more declines

Step 3: Address the Issue

If Time in Business: Wait until you meet minimum (usually 6-12 months)

If Revenue:

• ●Wait for stronger months
• ●Try product with lower revenue requirement
• ●Consider MCA (lowest revenue minimums)

If Credit:

• ●Work on credit improvement
• ●Try revenue-based products (MCA, invoice financing)
• ●Offer collateral

If Bank Statement Issues:

• ●Clean up statements for 60-90 days
• ●Reapply with cleaner history

If Industry:

• ●Find lender specializing in your industry
• ●Some industries are restricted (check first)

Step 4: Try Alternative Products

Step 5: Build and Return

• ●Take smaller amount if available
• ●Build payment history
• ●Reapply in 6-12 months with track record