Business Loan Denied?

Starting a business is just like starting a car. A car won’t start without a fuel, the same is true with business, you cannot start a business without a capital. Most often than not, small business starters turn to banking institutions for their capitals. Getting a business loan from bank is not as easy as withdrawing money from your ATM account. You should undergo rigid interviews and discussions to persuade the lender. What if you end up with nothing? You have tried your best to convince the lender but you’re request has been denied. Are you going to give up?

Here are some alternatives that you might want to give a try after being refused:

1. Grants and Bursaries

I know that it is difficult to get this option but sometimes this may apply. Grants and Bursaries may apply if you are qualified for this, the criteria range from extracurricular involvement, leadership, etc. This option is actually offered to individual based on their financial need and this is not meant to be replaced, instead it will act out to supplement the fund needed.

2. Family members

If other people can’t help you, try to consult your family members. Seek help from them and ask for contributions to support you to start your small business. Family member often don’t have money to offer to other members but this is worth the try. They may have other connections and may help you to get to the right person.

3. Instant approval credit card

Use credit card as an alternative then. You can borrow the fund from credit card provider to start your business. With your credit card, you can have the goods you needed and start selling. The only disadvantage of using credit card is the high interest rate.

If you are determined enough, you can think of some other way to get the amount you needed to start your business.

1 comment:

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