Loan Turndowns: How to Choose the Right Lender for Your Business

In the world of small businesses, loan turndowns are not uncommon. Banks and traditional lenders prefer to work with long-established businesses, and loan requirements are very high to minimize investments that banks deem too risky. Many loans hinge on arbitrary decisions or require a long history of perfect credit or high-volume revenue. To increase chances for approval and receive the funding your business requires, there are a few things to look for when choosing a lender.

The Right Lender Will Listen

Every business is unique and has different concerns and goals. When looking for the right lender, it helps to interview them. Traditional lenders understand loans, banking, and bottom lines. You need someone who understands your industry, or at the very least, someone who understands the needs of small businesses. A lender who is willing to bridge the gap from finance to business can help you find a solution tailored to your needs.

Loans Aren’t the Only Answer

Many lenders have a “one size fits all” approach to business finance. However, many businesses have needs and goals which fall outside of traditional debt-based solutions. Working capital, equipment, large projects, and much more cannot be solved by standard loans. Business owners need lenders who offer a wide range of solutions to fit their various needs.

Turndowns and Alternatives

Loan turndowns from traditional channels can often seem like the end of the road for many business owners. The right lender will be able to offer alternatives to loans because they understand that turndowns do not help anyone. Not all business funding programs require impeccable credit ratings or outstanding sales spanning years. Your lender should be able to offer funding for small startups on up to large organizations and work with you to ensure you get the financing you need to reach your goals.

Talk to Small Business Lenders

Nanaki Capital specializes in solutions for small businesses. Whether you need working capital, lines of credit, equipment, large project financing, or something more specific, we can help. Our team will work with you directly to understand your needs and create an accessible funding strategy to position your business for long-term success. Contact Nanaki Capital today, and learn more about the wide range of solutions we offer to businesses and say good-bye to turndowns.

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