In the business loan environment, one of the approval factors that is often overlooked is the amount of the request. The amount of a business loan request is important.
The main factors that are most often cited are the time in business, personal and business credit, type of business. However, one of the biggest factors that is never discussed is the amount of the request. All other things equal, it is far easier for a company to be approved for a $10K or $25K loan request than for a $100K loan request. Also, if a loan request is made for $100K, it may be declined for $100K whereas it might have been approved for $25K.
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In such a case the applicant could be shorting themselves of funding by applying for too much money. Many applicants believe that they should apply for as much as possible. This is incorrect. Applicants should apply for roughly the lowest amount they feel they need funding for.
If a business is approved for funding but not enough, they can try to get another type of business loan. The business can look at other loan types to see if another type of funding may work for them, such as accounts receivables financing, or a loan based on the Real Estate owned by the business. There are other types of loans such as inventory loans, or equipment loans. If your business was able to receive some funding, but not enough, contact us above and will discuss your options and the types of other loans your business would be most likely to qualify for.