SMALL BUSINESS BOOT CAMP EPISODE 7: MY BANK JUST SAID NO.

SMALL BUSINESS BOOT CAMP EPISODE 7: MY BANK JUST SAID NO.


(light music) – Welcome to Small Business Boot Camp! Today we’re talking about what to do when you’ve applied for a business loan, but it doesn’t get approved. As disappointing as it may be, remember it isn’t personal. This isn’t a character judgment. The bank is looking
strictly at the financials to figure out, does this loan make sense? If they decide it doesn’t make sense, and they deny your loan, there are two questions you should ask. First you should ask why? Why did the bank say no? Was it a cash flow issue? Was it something else? That’s important
information for you to have. And the second question to ask is what would it take to get to yes? Bankers want to say yes, so
find one who will work with you and help you figure out what
you can do to get there. It might mean shoring
up your cash reserves, or adjusting your inventory levels. Once you’ve got answers
to those two questions, take that guidance and try again. So two questions to ask if
your loan doesn’t go through. Why was he answer no? And what would it take to get to yes? I hope that helps. Thanks for coming to boot camp. See you next time. (light music)

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