Were you ever denied a loan for your business?

[Ravenfreak]

If you ever attempted to get a loan for your business and was denied, what happened that caused you to be denied? Did you ever attempt to get another loan after dealing with the issues that prevented you from getting one in the first place?

 

[Shortie]

I have not ever gone for a business loan myself so have not been able to have been denied as of yet.

I have friends though who put in for business loans and they were denied based on their business plans for the future as they stated they were not good enough plans to ensure that the business would take off enough to pay the loan back. They later asked family for help to fund their business and they now have a successful business.

 

[deucher]

I had such a case when I just opened my small business, I was looking for support, but there were not many who wanted to provide it, and somehow there was a person who decided to borrow a very generous amount, which alarmed me, and it is good that I did not take these funds, because it turned out that they were stolen and I could get into big trouble