Declined for time in business

Has your business been declined for time in business?  We have alternative business loan options for businesses that have been in business as little as 3 months.

Join thousands of business owners who have gotten a loan through us after being declined for time in business.  Together, you will get you the best program for your business with Smallbusinessloansdepot, the first choice for short time in business and less than 6 months in business.  Apply below today.
Complete the Secure Docusign >>15 Second Application Now<<.
Or call us at Tel:  1-919-771-4177, or Question?

With our 3 Month time in business program your business can get money in as little as two days. Provide the most recent (3) months business checking account statements and a one page application and you can be on your way to funding within 2 business days.

1 Year time in business Program.

To get more funding, another funding program options is the 1 year time in business program.

Declined for Time in Business
How time in Business affects your Business Loan request

Frequently asked questions, faq’s, comments and requests:

– I was declined for time in business being too short. I need help.
We can help put you into a program that turns a decline into an approval and also fund your business within 2 days.

– How can I find out how long I have been in business?   What do you look at for time in business?
The time in business is how long your business has been listed with the secretary of state in your state.  As a result, check your Secretary of State business listing in order to find  your time in business.

– I have been in business longer than the lender says.   How can I prove my time in business?
Prove your time in business through one of several ways.   Your articles of incorporation as well as your business license prove time in business.   Another accepted proof of time in business is also business bank statements.

– What is tib time in business?   What is minimum time in business?
tib stands for time in business.   Time in business is the time since the business registered, not the time when operations began.   Operations sometimes begin before or after the business registers.

Thank you for visiting our time in business resource page.   Questions and answers will be added as customers call in.

Too Many Overdrafts and NSF’s

Too many Overdrafts and NSF’s

One of the reasons companies are declined for business loans is for too many overdrafts and NSFs.  They have excessive Overdrafts and NSF’s per month that exceed lender guidelines.   What is non sufficient funds?  What is an overdraft?  A overdraft or insufficient funds is a deficit in a bank account caused by drawing more money than the account holds. Businesses use MCA Merchant Cash Advances and ACH Bank loans to finance their businesses.
How can your business overcome being declined for a business loan or Merchant Cash Advance or ACH bank loan for having excessive Overdrafts or excessive NSFs?   Here are several tips that your business can follow to get a business loan.
Join thousands of businesses who have gotten a business loan with nsf’s and overdrafts.  Together, you will get you the best program for your business with Smallbusinessloansdepot, the first choice for a business loan.  Apply below today.

Complete the Secure DocuSign >>Fast Application Now.<<
Or Call us at Tel:  1-919-771-4177, or Get funding with too many overdrafts and NSF’s here. 

Business account overdrawn?  Our Small Business Development Center assists businesses in overcoming these obstacles so they can focus on making their business prosper.

Many times a business loan that is approved falls through at the last minute and does not close if there are overdrafts and NSF’s before closing.  If there are too many overdrafts and
NSF’s since the beginning of the Month, or between the time of approval and closing, it may be declined just before closing.   When a Bank verification is done and the Account is overdrawn, the loan may then not close and be declined.

At the time you are trying to close a loan with an overdrawn business account, make a deposit immediately before the Lender checks the bank account.   If you make a deposit beforehand, you can save the approval.    If it is too late and the loan is declined, ask the Lender if you can make a deposit to bring the account into the positive will they close the Loan then?  Do not try to close a loan if your account is overdrawn.   Wait until it is in the positive.

Too Many Overdrafts and NSF’s

FAQ’s:

What are too many overdrafts and NSF’s?
More than 5 Overdrafts and 5 NSF’s per month.

Frequent Requests by callers and applicants:
– I was declined for a merchant cash advance for having too many Overdrafts and too many NSFs.   Help me get a merchant cash advance.
– I was declined for a business loan for excessive Overdrafts and NSF’s.   What can our business do to get a loan with too many nsfs?

How to get approved with excessive Overdrafts or NSF’s

Talk to lenders in advance and find out if the lender has a maximum number of Overdrafts or NSF’s per month they accept.  We can put your business into qualifying programs so your business can get all the Capital it needs.

Too many Overdrafts and NSF's
Business Loans with Overdrafts and NSF’s

Other options if declined for too many Overdrafts or NSF’s for an MCA merchant cash advance or ACH bank loan

Talk to the Merchant Cash Advance companies and ACH business loan lenders directly about being declined for having too many Overdrafts or NSF’s per month.   Ask them if there are other programs available you may qualify for right now.   Always ask if you can start out for a lower amount.

In addition, make sure your business does  not have any more Overdrafts or NSF’s  for a few weeks and apply at the start of the next statement month.

Possible solution:

If you know you will not have any more Overdrafts or NSF’s the next few weeks in your business checking account,  tell the Merchant Cash Advance company or ACH business loan company.    If the overdrafts or NSF’s were from a single event instead of spread out throughout the months, this can make a difference.   It is an isolated incident.   You can let the lender know they resulted from a one time event.   Many decisions are automated and made quickly.   Make a strong case and the lender may reconsider your request.

If the lender will still not approve it, ask how long you have to wait before your can be reconsidered.   Ask what needs to be corrected to avoid being declined again.

Get other working capital loans

Your business can apply for other types of business loans if time is critical.   Which ones are best depend on your company’s financing needs and situation.    Choices include:

– Business loans based on Real Estate or Equipment Assets
– Account Receivables Financing
– Monthly Term loans up to 60 months or longer with full financials.

Representatives service the following cities in the Western Region and can be contacted.

Alaska, Hawaii and California

In Anaheim, CA and Anchorage, AK. Bakersfield, CA and also in Carlsbad, CA. Chula Vista and also Fontana, CA. Fremont, CA and in Fresno, CA. Hayward, CA and Honolulu HI.  Irvine, CA and in Madera, CA. Modesto, CA and also Merced, CA.  Oakland, CA and in Ontario, CA. Oxnard, CA and Riverside, CA. Roseville, CA and in San Francisco, CA. San Jose, CA and also San Diego, CA. Santa Ana, CA and in Santa Clara, CA. Santa Rosa, CA and Sacramento, CA. Salinas, CA and in San Bernardino, CA. In Santa Barbara, CA and also Santa Maria, CA. Sunnyvale, CA and in Stockton, CA. Thousand Oaks, CA and Vallejo, CA. Ventura, CA and also in Visalia, CA.

West Region:

Representatives in the following cities may also be contacted:

Nevada, Oregon and Washington:

In Bellevue, Washington and Eugene, OR. Everett, WA and in Henderson, NV.  Kent, Washington in addition to Las Vegas, NV.  Olympia, WA and also Portland.  Reno, NV and Seattle, WA. Olympia, WA and in Paradise, NV.  Portland, OR in Renton, Washington.   Salem, OR and in Seattle, WA.  Sparks, NV as well as Spokane, WA. Tacoma, WA, Vancouver, Washington and Yakima, Washington.

Arizona and Utah:

Albuquerque, AZ and Avondale, AZ.  Chandler, AZ and in Flagstaff, AZ.  Gilbert, AZ and in Glendale, AZ.  Goodyear, AZ and also Mesa, AZ. Nogales, AZ as well as Ogden, UT.  Phoenix, AZ and in Peoria, AZ.  Provo, UT and Scottsdale, AZ. Salt Lake City, UT and also Scottsdale, AZ.  Surprise, AZ and aslo in Tempe, Arizona.  Tucson, AZ, Yuma, AZ and San Tan Valley, AZ.

Colorado, Idaho, Montana, New Mexico and Wyoming:

In Albuquerque, NM, Aurora, CO.  Boise, ID and in Cheyenne, WY.  Colorado Springs, CO as well as Denver, CO.  Helena, MT and Lakewood, CO as well as Santa Fe, NM.

South Region:  

Consultants in the following cities can be called to schedule a same day appointment
or call: 

Kentucky, Virginia, Washington, D.C., and West Virginia: In Alexandria, VA and Arlington, VA. Chesapeake, VA and in Hampton, VA.  Huntington, WV and also in Kenner, VA and Lexington, KY. Louisville, KY as well as Lynchburg, Virginia.  Newport News, VA and in Norfolk, VA.  Petersburg, VA and also in Portsmouth, Virginia.  Richmond, VA and Roanoke, Virginia.  In Suffolk, Virginia and also Virginia Beach, VA.

North Carolina, South Carolina:

In Anderson, SC and Asheville, NC.  Cary, North Carolina and also in Chapel Hill, NC. Charleston, SC and in Charlotte, NC. Chattanooga, TN as well as Columbia, SC. Concord, NC and Davidson, TN. Dunn, NC, Durham, NC and Fayetteville, NC. Franklin, TN, Gastonia, NC. as also in Greensboro, NC. Greenville, SC,  Henderson, NC as well as Hickory, NC. High Point, NC, Kingsport, TN and Knoxville, TN.  In Maudlin, SC, Memphis, TN and also Morristown, TN. Murfreesboro, TN, Myrtle Beach, SC and Nashville, TN.  North Charleston, South Carolina as well as Raleigh, NC. Sanford, NC, Lenoir City, TN and in Shelbyville, TN. Spartanburg, SC, Wilmington, North Carolina and Winston-Salem, NC.

Florida:

In Cape Coral, FL, Clearwater, FL and Daytona Beach, FL. In Jupiter, FL, Fort Myers, FL as well as Ft. Lauderdale, FL. Hialeah, FL, Jacksonville, FL and Lakeland, FL.  Melbourne, FL, Miami, FL and Ocala, FL.  Pensacola, FL, Kissimmee, FL as well as Naples, FL. Orlando, FL, Ormond Beach, FL and also in Palatka, FL.   In Palm Bay, FL, Pensacola, FL and also Port St. Lucie, FL. Saint Petersburg, FL, Sanford, FL and Tallahassee, FL. In Tampa, FL, West Palm Beach, FL as well as Winter Haven, FL.

Alabama, Georgia, and Mississippi:

In Atlanta, GA, Augusta, GA and Birmingham, AL.  Gulfport, MS, Hoover, AL and also Huntsville, AL. Jackson, MS, Mobile, AL as well as Montgomery, AL. Savannah, GA,  St. Mary’s GA and also in Talladega, AL.

Arkansas and Louisiana:

In Baton Rouge, LA and Fayetteville, AR.  Forrest City, AR,  Lafayette, LA and Little Rock, AR. Metairie, LA and New Orleans, Louisiana. Baton Rouge, Louisiana, Shreveport, Louisiana and also Lafayette, Louisiana.

Oklahoma and Texas:

In Arlington, TX and Austin, TX.  Bartlesville, OK, Beaumont, TX and in Corpus Christi, TX. Dallas, TX, Edinburg, TX and in El Paso, TX.  Ft. Worth, TX, Houston, TX as well as Killeen, TX. Lafayette, LA, Mission, TX and Muskogee, OK.  Oklahoma City, OK, McAllen, TX and also in New Braunfels, TX.  Round Rock, TX, San Antonio, TX, as well as Shawnee, OK.  Sugarland, TX, and The Woodlands, TX as well as Tulsa, OK.

Midwest Region:
Representatives in the following Midwest cities can be contacted:

Illinois, Indiana, Wisconsin:

In Anderson, IN, Carmel, IN, and Aurora, Illinois.  Chicago, Illinois, Elgin, Illinois as well as Rockford, Illinois.  Joliet, Illinois, Lee’s Summit, Missouri and in Naperville, Illinois.  Springfield,  Illinois,  Peoria, Illinois and also in Elgin, Illinois.  Waukegan, Illinois, Cicero Town, Illinois as well as Champaign, Illinois.  Bloomington, Illinois, Decatur, Illinois and Eau Claire, WI.  Fort Wayne, IN, Gary, IN and in Indianapolis, IN.  Madison, WI, Milwaukee, WI and Naperville, IL.  Green Bay, Wisconsin, Kenosha, Wisconsin, and Peoria, IL.  Racine, WI, Springfield, IL and also Waukesha, WI.

Michigan and Ohio:

In Akron, OH, Ann Arbor, MI and Canton, OH.  Cincinnati, OH, Cleveland, OH and also Columbus, OH.  Dayton, OH, Dearborn, MI and in Detroit, MI.  Flint, MI, Grand Rapids, MI as well as Marion, OH. Maysville, OH, Muskegon, MI and Parma, Ohio.  Toledo, OH, Wilmington, OH, Wyoming, MI and also  Youngstown, OH.

Kansas, Nebraska, North Dakota and South Dakota:

In Council Bluffs, NE and Kansas City, MO.  Lawrence, KS, Omaha, NE as well as Wichita, KS.

Iowa, Minnesota, and Missouri:

In Bloomington, MN and Columbia, MO. Davenport, IA, and also Des Moines, IA.  Duluth, MN and also Independence, Missouri.  Kansas City, Missouri and Minneapolis, MN. Overland Park, MO as well as Rochester, Minnesota.  Springfield, MO, St. Charles, MO as well as St. Joseph, MO.   Springfield, Missouri and St. Louis, Missouri.  St. Paul, Minnesota and St. Cloud, MN.

Northeast Region:

New York:

In Albany, NY,  Batavia, NY and Buffalo, NY.  Cheektowaga, NY, New York City, NY as well as Niagara Falls, NY.  Rochester, NY, Schenectady, NY, Seneca Falls, NY and Syracuse, NY.

Maine, Vermont, New Hampshire and Massachusetts:

In Bangor, ME and Boston, MA. Burlington, VT, Cambridge, MA and Concord, NH. Montpelier, VT, Newton, MA as well as Portland, ME.  Providence, MA and Springfield, MA. In Warwick, MA as well as Worcester, MA.

Pennsylvania, Maryland and Delaware:

In Allentown, PA and Baltimore, MD.  Bethlehem, PA, Columbia, MD and Dover, DE. Harrisburg, PA, Lancaster, PA and in Lansing, MI.  Lebanon, PA, Manchester, PA as well as New Castle, PA.  Philadelphia, PA, Pittsburgh, PA and also Reading, PA. In Salisbury, MD, Scranton, PA and Towson, MD.  In Weirton, PA, Wilmington, DE and also in York, PA.

Connecticut, New Jersey and Rhode Island:

In Bridgeport, CT and Camden, NJ.  Hartford, CT, Jersey City, NJ as well as Milford, CT.  New Haven, CT,  New London, CT and Newark, NJ.  Norwalk, CT and Norwich, CT.  Providence, RI, Stamford, CT and also in Trenton, NJ.

Your business can overcome being declined for a MCA Merchant Cash Advance or ACH business loan for having too many Overdrafts and NSF’s.     The SBA small business administration offers advice and workshops on business loans.

Not enough Deposits – MCA Merchant Cash Advance Declined

Not enough deposits – MCA Merchant Cash Advance Declined

What does not enough deposits mean?
Businesses have used MCA Merchant Cash Advances and ACH loans to a great extent in recent years to finance their businesses.    One of the reasons Companies are declined is for not enough deposits or too few deposits  per month.  They are not making enough deposits into their business checking account per month.    The business account has limited activity or no activity in one of the most recent months.
How can your business overcome being declined for a Merchant Cash Advance or ACH bank loan for having too few deposits?   There are several tips that your business can follow to get financing, either right away or in the short term.

Complete the secure DocuSign >>15 Second application for business loan with not enough deposits now.<<
Or call us at Tel:  1-919-771-4177, or Get a business loan with not enough deposits. 

Our Small Business Development Center assists businesses in overcoming these obstacles so they can focus on making their business prosper.

FAQ’s:
What are too few deposits ?
This is usually less than 4 Deposits per month.

Most frequent Requests:
– I was declined for a merchant cash advance for having too few deposits, or not enough deposits.   Help me get a merchant cash advance.
– We were declined for an ACH loan for not having enough deposits.  What resources are available to help our business overcome this?

Not enough deposits per Month
Has your business been declined for not having enough deposits per month?

How to get approved with little or too few deposits per month

Talk to lenders in advance and find out if the lender has a minimum number of deposits per month needed to be approved for financing.  We can direct your business to these programs so that you can apply for the right program and can get approved.

Other options if declined for not enough deposits per month for a merchant cash advance

Make more deposits immediately during the rest of the month and apply at the start of the next month.   A deposit to a business checking account statement is often from several customers.   Retailers usually have several checks and cash from several customers, go to the bank and make 1 deposit.    Instead of 1 large deposit, break the deposit into several smaller deposits over the course of 2 or 3 days.

Talk to the Merchant Cash Advance companies and ACH business loan lenders directly about being declined for not having enough deposits per month.   Ask them if there is anything that can be done.

Possible solution:

If you know the deposits you make into your business checking account have multiple items, you can tell the Merchant Cash Advance company or ACH business loan company.
What are multiple items?
Multiple items means that the funds in the deposit are from more than 1 customer.    If the merchant cash advance company knows this, you can get a copy of the deposit from the bank.   The copy of the deposit will show the items deposited. If it is 5 items, you may get credit for 5 deposits instead of 1.     You may be able to get the MCA company to change the decline to an approval.   A number of ACH lenders and merchant cash advance companies are open to this.

If this does not work, ask how long you have to wait before they will consider you again.  Be clear on what they want to see the next time so you will not be declined again.

Get working capital through other loans

If the options above do not work or you cannot wait, your business can consider other types of business loans.   Which ones are best depend mostly on your company’s profile.    Choices include:
– Monthly Term loans up to 48 months based on Tax Returns
– Accounts Receivables Financing
– Business loans based based on Real Estate or Equipment Assets

With one of the above options, your business may overcome being declined for a MCA Merchant Cash Advance or ACH business loan for not having enough deposits and get the needed funds.     The SBA small business administration also has excellent resources on alternative business loans

Top 6 business loan decline reasons

Businesses are declined for business loans for many reasons.   Below are the top 6 business loan decline reasons.   Your business can do several easy things to prevent many of these declines.   Use the following list to increase your chances of getting approved for a business loan by avoiding the decline reasons listed.

Complete fast and easy form below to get your business loan approved, not declined.
Secure DocuSign 30 Second Application here.
Or call us at Tel:  1-919-771-4177, or Question? Contact us here.

Don’t let your business get turned down for any of these top 6 business loan decline reasons.
Top 6 business loan decline reasons

1. Derogatory Personal Credit.   Poor, damaged, or delinquent personal credit  of the owner is
the main reason for being turned down for a business loan.  Most businesses are less than 35 employees and the personal credit of the owner is usually part of the credit review.   If the personal credit score of the owner is low, there are some steps that might be taken to minimize the impact.
Short term Solutions:
A.  Spend time researching different business loan products  before applying. Try to apply for business loan products that have less scrutiny of the owner’s personal credit.  If possible talk to the lender first.  Find out how much of an impact personal credit has on their business loan product.
B.  If there are multiple owners of a business and one owner has better credit, the owner with the better credit should be the first applicant.   If the owner with the better credit is over 50% owner, the application may be approved without the other owner.   This may prevent a decline for weak credit.   The 2nd owner may not even be required.
Longer term solutions:
A. Get a copy of your personal credit report.   Look for errors.   If there are errors, you can dispute them with the credit bureau.  If they are removed, your credit score will go up.  If there is derogatory credit, look at how old it is.   If it is close to 7 years old, it may be on the verge of dropping off your report.    You will then know your credit score will go up once it drops off.   Limited credit may also be an issue.   If you have limited credit, this may be a time to consider what accounts you can add to your credit bureau.

2. Derogatory Business Credit.   Businesses can have derogatory business credit.   This derogatory business credit may appear on a business credit report.   Examples are State Tax liens, Federal Tax Liens, Suits and Judgements, Past Due Accounts and Collections.
Solutions:
A.  Get a copy of your business credit report through Dun & Bradstreet or Experian Business credit report in advance of applying for a business loan.  If there is incorrect information, the process of correcting it is similar to the process of correcting incorrect credit reported on your personal credit.   Contact the business credit agencies and dispute the incorrect information.   If the business credit agency cannot verify the derogatory credit, it may be removed from your file.

3.  Insufficient Cash Flow.     This is sometimes also referred to as negative cash flow or unacceptable cash flow.   Businesses are often declined for a business loan due to insufficient cash flow.   The official decline reason varies, though the basic reason is the same.  The lender believes that the business does not have enough cash flow to handle the new debt.   If the lender is reviewing a P & L, Profit and Loss statement and it is showing a negative net income, that may a decline reason trigger.
Overdrafts, also referenced as “OD” and Insufficient funds, also called
“NSF” or “NSF’s” happen because of poor cash flow or insufficient cash flow.
How to avoid this decline reason: 
A.  If your business is declined for this reason, contact the lender to discuss it.   There may be alternative solutions.   Your business might be approved for a lower amount.   This can include a starter line.   A starter line line is usually a small line that the lender offers just to get the relationship stated.   Lenders sometimes do this with borderline decline instances.   They want to take a small risk hoping that the borrower will develop into a good long term customer.

Weak financial statements.   For many types of business loans, financial statements are still required.   This is more often the case when the terms are very favorable.   If a companies financial statements are weak and show a low net income, decreasing revenues, or other weaknesses, it can easily cause a decline.
How to avoid this decline reason:

4. Collateral.   Some loan products are asset based.  In these cases, the Collateral must be satisfactory or the business loan will be declined.   This is the case for Real Estate backed loans, Accounts receivables financing, or Equipment Loans.   Even if the customer has excellent credit and time in business, if the assets do not have enough value or other conditions are not here, they may be declined.

5. Time in Business.   The time in business requirement varies from one business loan product to another.   For some lenders 2 years or more time in business may be required. Ask the lender if there is a time in business requirement.    If there is, ask if it a hard and fast rule.   For some lenders, if the applicant has other strengths in their profile, it may override the time in business requirement and be approved.

6.  Industry.   Some lenders will decline a business just for being in a certain industry.  Often business do now know when applying the lender won’t even loan to their industry.   This is an easy decline to avoid.  Put this in the list of questions to ask a lender before applying.   Do you lend to my type of business?   Sometimes lenders have preferred industries that they lend to.   Some lenders have industries that the do not considered favored industries.   They may consider your industry as challenged or place it in a more difficult to loan to internal category.   Ask the lender: Is my industry a preferred industry you lend to?   Not all of these 6 top business loan decline reasons have to be corrected.   Some cannot be corrected.   The steps that should be taken are on a case by case basis. Every company has different hurdles to being approved for a business loan. 

Using some of the tips above and your business can overcome many of these top 6 business loan decline reasons and get critical business capital.

Derogatory personal credit
Has your business been declined for a business loan because of derogatory personal credit?
Apply now for fast and easy business loans with bad personal credit.
Derogatory business credit
Has your business been declined for derogatory business credit? Several solutions fast.

 

Insufficient cash flow
Has your business been declined for insufficient cash flow? Click here for immediate solutions

In summary, the top 6 business loan decline reasons are:

  1. Derogatory personal credit
  2. Derogatory business credit
  3. Insufficient cash flow
  4. Collateral
  5. Time in Business
  6. Industry

There are other excellent resources available to assist small businesses in preparation for a loan.   The SBA has a 30 minute video session on how to prepare a business loan package.

Should you worry about any more decline reasons?   What are other steps you can take?  There are others to consider besides these top 6 business loan decline reasons.  Others include declines for key financial ratios such as debt to income and declining revenues.   In some cases, the business is approved but not with the terms the business wants to accept .   These reasons are less frequent.  They can be acted on differently.  Additional action steps in addition to the top 6 business loan decline reasons.

Thank you for visiting this page on overcoming the top 6 business loan decline reasons.

Restricted industry business loans

Definition of a restricted industry

Many businesses types are considered restricted by lenders.  Lenders will decline businesses for being in certain industries.  If your business has been denied by a lender for being in a restricted industry, call us for assistance.
Add your businesses to many that have closed business loans in industries most lenders consider prohibited.

Complete the secure DocuSign 30 Second application now.
Or call us at Tel:  1-919-771-4177, or get a restricted industry business loan here. 

Declined for type of business or business type?
What is a restricted industry?

A restricted industry is any industry that cannot obtain products or
services because of the type of business they are.

They are financing products or loans to businesses that are in industries that lenders do not lend or provide financing to.

How to get a restricted industry business loan:

  1. Use the list provided to determine if your business type may be considered a restricted industry.
  2. Identify lenders that will lend to your industry.   Contact those lenders and ask for their qualifying criteria.   Select the best match based on your company’s needs and their approval criteria.
  3. If approved, request and review closing documents.  Submit all required closing documentation.   Complete merchant call if required.
  4. Receive funds into your business checking account.

Most frequent type of requests and calls received:

“Help get me a restricted industry business loan.”
I need a restricted industry business loan.
My business was declined for being in a restricted industry.
Many clients that fall into this category call in and have already been denied. They are looking for lenders that specialize in a restricted industry business loan.

Restricted industries or elevated scrutiny businesses – examples

Many industries are restricted by lenders.   Restricted industries include: Financial services and lending.  Restricted industries include
the following:
Accountants, Accounting firms, Accounts Receivables Financing Factoring Companies.
Adult Entertainment, Escort Services, Gentlemens Club, and adult industries.
Airport companies and Airport related companies, Airlines, and Regional Airline Companies.
ATV Dealers, ATV Sellers, RV Dealers.
Auto and Home Supply Stores.
New Auto Dealerships, used car dealer, used car dealers, used car sellers.
Auction Houses.
Bitcoin Companies.
Bus Companies.
Cemeteries and Funeral Homes.
Consignment Stores, Child Day Care Services and Churches.
Collection Agencies, Check Cashing Companies, Bail Bond companies, Credit Reporting Services, Credit Protection Services Businesses, Credit Card Protection and Credit Restoration / Repair Businesses and Consulting Businesses.
Collection Agencies, currency exchanges, and Wire Transfer Businesses.
Dating Services and Escort Services.
Debt Consolidation Companies

More restricted industry business loan type companies

Direct Mail Companies.
E-businesses and E-Commerce businesses.
Educational Services, Colleges and Schools.
Factoring Companies, Financial Institutions, Financial Transactions Firearms sales, weapon sales
Financial Transaction Processing, Financial Advisors and Freight Forwarding / Forwarders.
Fitness and Recreational Facilities.
Fraternities and Sororities.
Freight Brokers.
Gambling and Gaming Establishments.
Gas Stations.
Holding Companies, Insurance Agencies,  and Investments.
Home Building, Home Construction, Housing Related Industries, and Home Home based business, other home based businesses.
Health Care.
Horoscope and Fortune Telling.
Import Companies / Export Companies.
Income Tax Preparatory Services, and Income Tax Return Services.
Insurance Agents and insurance brokers.
Internet businesses.
Insurance companies, Insurance Agencies, and  Investment Opportunities.
Lotteries, Raffles, Gaming and Gambling.

Further restricted industry business loan type companies

Kiosks.
Lawyer and lawyers.  Attorney and Attorneys. Legal practice and Legal Practices.
Marinas.
Mining Companies and Quarrying.
Magazine Subscriptions, Mail Order Coin Sales, Mobile Home Dealers, Mobile Phone Dealers, Wireless Stores and Cellular Stores,
Mortgage Lenders and Mortgage Reduction Services.
Motorcycle and Scooter Dealerships and Motor Home and Camper Dealerships.
Night Clubs.
Non Profit Companies, Not for Profit Companies and Not for Profit Grant Writers.
Non Bank Cash Advance Companies.
Oil Pipelines companies and Oil and Gas field companies
Online Businesses.
Online Stores, Online Retail Stores, Online Merchants, and Online sales.
Payroll Companies, Pawn Shops, Thrift Stores and Consignment Stores.
Personal Trainers.  Precious Metal Sales and Coin Sales.
Printing and Printers.
Real Estate companies, Real Estate Management Companies, Real Estate Investments, and Real Estate Brokers.
Recreational Vehicle Sales

Restricted industry types continued

Schools.
Sports Events Advice, Sports Instruction and Recreation Instruction.
State Agencies and Government Agencies.
Taxi services and Tax Preparation Services
Ticket Brokers, Time Share Investments and Tour Guides.
Travel Agencies, Discount Travel Clubs, Travel Related Companies and Travel Subscriptions.
Tobacco and Electronic Cigarettes, Firearms and Gun Stores.
Trucking Companies, Transportation companies, Logistics Companies and Sea Transportation companies.
Used Car dealers, Auto Dealers, new car dealers and Truck Dealers.
Used Furniture Stores and Furniture Retailers.
Vehicle Inspection Companies.
Virtual Auction Houses.
Vitamin Retailers.
Wholesale Clothing.
Wireless phone and accessories.

Elevated Scrutiny Industries

Other Industries are reviewed with “elevated scrutiny”.
Home health care companies.  Private home care companies.
Web development, Credit and debt counseling.  Financial advisors and consultants.
Elevated Scrutiny industries often include:
Annual Membership Clubs and Appraisal Services.
Auction Houses and Auction Businesses.
Benefit Package Companies.
Boat Sales, Business Opportunity Companies.
Buyers Club and Coupon Book Companies .
Detective services and Private Investigator Services or companies.
Diet companies or Diet program companies.
Donation Companies.   Door to Door Sales companies.
Employment Agencies.
Financial Aid Services Companies.
Flooring companies, Tile Companies, Blinds Companies, Window Companies.
Formal wear companies.
Fortune Teller Companies, Psychics, Astrologers and Spiritual advisors.
Furniture Stores, Home Based Businesses, Homeopathic Remedies and drugs insurance.
Modeling Agencies and Beauty Pageant Organizations.
– Mortgage Lender or Mortgage lenders
Multilevel Marketing and Pyramid Sales.
Online Electronic, High Ticket Electronics, Prepaid Phone Card Companies, Prepaid Phone Card Seminar Companies, Sports Memorabilia Companies, Telemarketing Companies, Ticket Agencies, Time Share Companies and Web Design and Web Hosting Companies.
– Construction companies are Restricted Industry or Elevated Scrutiny.
– Trucking companies
– Utility companies
– Seasonal business

Challenged Industries

There are similar Elevated Scrutiny Industries. Underwriting will consider them, but put the applicant under a tougher review and approval process.

Insurance Companies:
Frequent questions and comments by customers.   Answers here.
Why are insurance companies hard to get funding for?   What is wrong with insurance companies?  Why can’t our insurance company get enough funding?
Insurance companies, travel agencies and convenience stores that sell gasoline often have to payout most of the commissions they get.  As a result,
most of the revenue they show coming into their account is not really business revenue.   Only a small part of it is.   A travel agency may keep a small percentage of what they receive and they have to payout the rest.    Insurance companies may receive commissions for life insurance the sold.   Then the have to pay the insurance broker that sold that policy.

Lenders have to make a decision and approval amount based on their real income, or net income.

Industries that are not restricted:
– Restaurants
– Auto Repair

Seasonal Businesses have difficulty getting business Funding:

What is a Seasonal Business?   Definition of a Seasonal Business:

A Seasonal Business is a Business that has it’s Peak Sales and Operations during part of the year.   The remainder of the Year they are either slow or closed.
Examples of Seasonal Businesses include:
Accountants and Tax Preparation Services.
Bridal Wear businesses,  Catering Halls, Floral Businesses,
Moving Companies, Taxi and Limousine Services, Jewelry,  Shipping Businesses, Golf Courses and Ski Resorts.

Examples of customer case

Santa Fe, NM, for immediate release.   Pueblorides, a used car dealer in the Santa Fe area completed a $45,000 working capital line.  The company is a small used car dealer in the Pueblo, NM area.   Used Car sales are a restricted industry.   We were able to assist them using a small number of business lines available to fund this industry.  They were turned down by several banks and other lenders.  With this funding, there are now able to increase the number of vehicles on their lot.   President Basel Martin responded to our request for comment.  “With this line, we are able to increase our vehicle inventory.  We will focus on the Pick up Truck segment in 2017.  Sales continue to increase next year and are expected to double to over $1,000,000 by the end of next year. We look forward to working with Smallbusinessloansdepot.com in the future to grow our business.”

Callers tell us they have been denied for restricted industry or in a restricted industry.

Restricted Industry Business Loans
Loans for Businesses in Prohibited or Restricted Industries

Getting a business loan in a restricted industry

Businesses that have been denied by a lender for being in a restricted industry will have to get a business loan another way.   Ask lenders upfront if they will loan to businesses in your industry.    Find out if  they put businesses into other funding categories.   If so, what are they?    These categories sometimes include the following:

Preferred Merchant List

They may be called a Challenged Merchant List.

If the lender has these categories, they will not tell you.   Ask if they have preferred industries.   Ask if they have restricted industries they do not lend to.    Finally ask if they have industries they label as hard to lend to.  Asking these questions will help you get a restricted industry business loan.   They may avoid unnecessary declines.

Representatives service the following cities in the Western Region and can be contacted.

Alaska, Hawaii and California

In Anaheim, CA and Anchorage, AK. Bakersfield, CA and also in Carlsbad, CA. Chula Vista and also Fontana, CA. Fremont, CA and in Fresno, CA. Hayward, CA and Honolulu HI.  Irvine, CA and in Madera, CA. Modesto, CA and also Merced, CA.  Oakland, CA and in Ontario, CA. Oxnard, CA and Riverside, CA. Roseville, CA and in San Francisco, CA. San Jose, CA and also San Diego, CA. Santa Ana, CA and in Santa Clara, CA. Santa Rosa, CA and Sacramento, CA. Salinas, CA and in San Bernardino, CA. In Santa Barbara, CA and also Santa Maria, CA. Sunnyvale, CA and in Stockton, CA. Thousand Oaks, CA and Vallejo, CA. Ventura, CA and also in Visalia, CA.

West Region:

Representatives in the following cities may also be contacted:

Nevada, Oregon and Washington:

In Bellevue, Washington and Eugene, OR. Everett, WA and in Henderson, NV.  Kent, Washington in addition to Las Vegas, NV.  Olympia, WA and also Portland.  Reno, NV and Seattle, WA. Olympia, WA and in Paradise, NV.  Portland, OR in Renton, Washington.   Salem, OR and in Seattle, WA.  Sparks, NV as well as Spokane, WA. Tacoma, WA, Vancouver, Washington and Yakima, Washington.

Arizona and Utah:

Albuquerque, AZ and Avondale, AZ.  Chandler, AZ and in Flagstaff, AZ.  Gilbert, AZ and in Glendale, AZ.  Goodyear, AZ and also Mesa, AZ. Nogales, AZ as well as Ogden, UT.  Phoenix, AZ and in Peoria, AZ.  Provo, UT and Scottsdale, AZ. Salt Lake City, UT and also Scottsdale, AZ.  Surprise, AZ and aslo in Tempe, Arizona.  Tucson, AZ, Yuma, AZ and San Tan Valley, AZ.

Colorado, Idaho, Montana, New Mexico and Wyoming:

In Albuquerque, NM, Aurora, CO.  Boise, ID and in Cheyenne, WY.  Colorado Springs, CO as well as Denver, CO.  Helena, MT and Lakewood, CO as well as Santa Fe, NM.

South Region:  

Consultants in the following cities can be called to schedule a same day appointment
or call: 

Kentucky, Virginia, Washington, D.C., and West Virginia: In Alexandria, VA and Arlington, VA. Chesapeake, VA and in Hampton, VA.  Huntington, WV and also in Kenner, VA and Lexington, KY. Louisville, KY as well as Lynchburg, Virginia.  Newport News, VA and in Norfolk, VA.  Petersburg, VA and also in Portsmouth, Virginia.  Richmond, VA and Roanoke, Virginia.  In Suffolk, Virginia and also Virginia Beach, VA.

North Carolina, South Carolina:

In Anderson, SC and Asheville, NC.  Cary, North Carolina and also in Chapel Hill, NC. Charleston, SC and in Charlotte, NC. Chattanooga, TN as well as Columbia, SC. Concord, NC and Davidson, TN. Dunn, NC, Durham, NC and Fayetteville, NC. Franklin, TN, Gastonia, NC. as also in Greensboro, NC. Greenville, SC,  Henderson, NC as well as Hickory, NC. High Point, NC, Kingsport, TN and Knoxville, TN.  In Maudlin, SC, Memphis, TN and also Morristown, TN. Murfreesboro, TN, Myrtle Beach, SC and Nashville, TN.  North Charleston, South Carolina as well as Raleigh, NC. Sanford, NC, Lenoir City, TN and in Shelbyville, TN. Spartanburg, SC, Wilmington, North Carolina and Winston-Salem, NC.

Florida:

In Cape Coral, FL, Clearwater, FL and Daytona Beach, FL. In Jupiter, FL, Fort Myers, FL as well as Ft. Lauderdale, FL. Hialeah, FL, Jacksonville, FL and Lakeland, FL.  Melbourne, FL, Miami, FL and Ocala, FL.  Pensacola, FL, Kissimmee, FL as well as Naples, FL. Orlando, FL, Ormond Beach, FL and also in Palatka, FL.   In Palm Bay, FL, Pensacola, FL and also Port St. Lucie, FL. Saint Petersburg, FL, Sanford, FL and Tallahassee, FL. In Tampa, FL, West Palm Beach, FL as well as Winter Haven, FL.

Alabama, Georgia, and Mississippi:

In Atlanta, GA, Augusta, GA and Birmingham, AL.  Gulfport, MS, Hoover, AL and also Huntsville, AL. Jackson, MS, Mobile, AL as well as Montgomery, AL. Savannah, GA,  St. Mary’s GA and also in Talladega, AL.

Arkansas and Louisiana:

In Baton Rouge, LA and Fayetteville, AR.  Forrest City, AR,  Lafayette, LA and Little Rock, AR. Metairie, LA and New Orleans, Louisiana. Baton Rouge, Louisiana, Shreveport, Louisiana and also Lafayette, Louisiana.

Oklahoma and Texas:

In Arlington, TX and Austin, TX.  Bartlesville, OK, Beaumont, TX and in Corpus Christi, TX. Dallas, TX, Edinburg, TX and in El Paso, TX.  Ft. Worth, TX, Houston, TX as well as Killeen, TX. Lafayette, LA, Mission, TX and Muskogee, OK.  Oklahoma City, OK, McAllen, TX and also in New Braunfels, TX.  Round Rock, TX, San Antonio, TX, as well as Shawnee, OK.  Sugarland, TX, and The Woodlands, TX as well as Tulsa, OK.

Midwest Region:
Representatives in the following Midwest cities can be contacted:

Illinois, Indiana, Wisconsin:

In Anderson, IN, Carmel, IN, and Aurora, Illinois.  Chicago, Illinois, Elgin, Illinois as well as Rockford, Illinois.  Joliet, Illinois, Lee’s Summit, Missouri and in Naperville, Illinois.  Springfield,  Illinois,  Peoria, Illinois and also in Elgin, Illinois.  Waukegan, Illinois, Cicero Town, Illinois as well as Champaign, Illinois.  Bloomington, Illinois, Decatur, Illinois and Eau Claire, WI.  Fort Wayne, IN, Gary, IN and in Indianapolis, IN.  Madison, WI, Milwaukee, WI and Naperville, IL.  Green Bay, Wisconsin, Kenosha, Wisconsin, and Peoria, IL.  Racine, WI, Springfield, IL and also Waukesha, WI.

Michigan and Ohio:

In Akron, OH, Ann Arbor, MI and Canton, OH.  Cincinnati, OH, Cleveland, OH and also Columbus, OH.  Dayton, OH, Dearborn, MI and in Detroit, MI.  Flint, MI, Grand Rapids, MI as well as Marion, OH. Maysville, OH, Muskegon, MI and Parma, Ohio.  Toledo, OH, Wilmington, OH, Wyoming, MI and also  Youngstown, OH.

Kansas, Nebraska, North Dakota and South Dakota:

In Council Bluffs, NE and Kansas City, MO.  Lawrence, KS, Omaha, NE as well as Wichita, KS.

Iowa, Minnesota, and Missouri:

In Bloomington, MN and Columbia, MO. Davenport, IA, and also Des Moines, IA.  Duluth, MN and also Independence, Missouri.  Kansas City, Missouri and Minneapolis, MN. Overland Park, MO as well as Rochester, Minnesota.  Springfield, MO, St. Charles, MO as well as St. Joseph, MO.   Springfield, Missouri and St. Louis, Missouri.  St. Paul, Minnesota and St. Cloud, MN.

Northeast Region:

New York:

In Albany, NY,  Batavia, NY and Buffalo, NY.  Cheektowaga, NY, New York City, NY as well as Niagara Falls, NY.  Rochester, NY, Schenectady, NY, Seneca Falls, NY and Syracuse, NY.

Maine, Vermont, New Hampshire and Massachusetts:

In Bangor, ME and Boston, MA. Burlington, VT, Cambridge, MA and Concord, NH. Montpelier, VT, Newton, MA as well as Portland, ME.  Providence, MA and Springfield, MA. In Warwick, MA as well as Worcester, MA.

Pennsylvania, Maryland and Delaware:

In Allentown, PA and Baltimore, MD.  Bethlehem, PA, Columbia, MD and Dover, DE. Harrisburg, PA, Lancaster, PA and in Lansing, MI.  Lebanon, PA, Manchester, PA as well as New Castle, PA.  Philadelphia, PA, Pittsburgh, PA and also Reading, PA. In Salisbury, MD, Scranton, PA and Towson, MD.  In Weirton, PA, Wilmington, DE and also in York, PA.

Connecticut, New Jersey and Rhode Island:

In Bridgeport, CT and Camden, NJ.  Hartford, CT, Jersey City, NJ as well as Milford, CT.  New Haven, CT,  New London, CT and Newark, NJ.  Norwalk, CT and Norwich, CT.  Providence, RI, Stamford, CT and also in Trenton, NJ.

Thank you for visiting our restricted industry business loan resource page.

Declined for a business loan?

Declined for a business loan?

Has your business been declined for a business loan?  Where can you be approved?   What can cause me to be declined?
What are the most common decline reasons?    These questions and others
are asked by customers and lenders.
If you have been turned down for any decline reason, contact us.  We specialize in difficult to approve businesses and business loans and have programs that can approve your business for any decline reason.

If your business has been turned down for a business loan, the first step is to call up the company that turned you down.   Determine if you are speaking with someone that has the knowledge and experience to provide you with useful information about the decline.  If you received a letter, call and confirm the decline reasons.   In many cases, you may have been formally turned down for more than 1 reason, and as many as 4 decline reasons.
Complete the Secure DocuSign >>15 Second Application now.<<
Or call us at Tel:  1-919-771-4177, or Question? 

Missed daily payments

You have an existing daily or weekly Merchant Cash Advance and you have missed payments on the advance.   Missing daily payments is a major reason why a new loan request may be denied.   Missed daily loan payments may can a renewal request to be denied.

Average Daily Balances too low

This decline reason means that your daily ending balances were too low over the month.   Lenders have different balances that they want
and often will not tell you.    Many lenders often want at least $1,000 Average Daily Balance.

Inconsistent Cash Flow

Business cash flow has fluctuated too much from month to month. In some months the cash flow meets the minimum required by the program and in other months it does not.

Declining Cash Flow

Total monthly deposits into the account have been declining from month to month. Even if the average still meets criteria, the lender may still feel this is a reason for the turndown.

Does not meet criteria

This is a general decline reason. If you are declined for a business loan for this reason, the lender does not want to tell you the decline reason.

Month to Date MTD

This a decline reason that often happens with Merchant Cash Advances.   The Month to Date activity is requested for the current month.   If the deposits are on track to be significantly lower in the current month, the approval be declined or the amount may be reduced.

Ask if significantly lowering the amount of the request,  adding a strong co-signer, or adding more collateral would cause them to reconsider and possibly approve the application.  For these questions, if possible, speak directly with the credit department that makes the credit decision.

declined for a business loan
Reasons why your business loan was declined

If any of the reasons you are declined for a business loan involve credit, you will want to contact at least one of the credit reporting agencies to determine what is on your credit file.   You may already know most of what is on your file, though you should get a copy of your file to confirm it.   If there are any inaccuracies, you should dispute them with the bureau.   This is easy to do and can improve your bureau without significant effort.  If the bureaus cannot prove the information is accurate, you may have success in getting it removed.

Once you accept what is on your credit report, begin looking for other alternative loan options.   First determine what are the strengths of your business and weaknesses of your business.   When you contact companies, find out as much as you can about what their alternative loan options are based on.   Instead of choosing the business loans you like best, organize the loan types in terms of what your business is most likely to qualify for.  Of those loan options,  then decide which ones you believe you should proceed on.

Other Loan Options

Discuss the loan options with the representative and speak with someone who is knowledgeable, rather than someone reading from a script.   If they don’t give you logical answers to your thoughts or concerns, try to speak with someone else.  Don’t feel that you must get all the funds you need through 1 type of loan, or all of it immediately at that time. There may be 2 loan types that you should proceed on.

If your business needs $100,000 in total,  and you only qualify for $50,000, this may still work by getting the funding in segments over time.   You can take the $50,000 you qualified for and also work on getting the rest of the funding required over the course of the next few weeks or months.  Chances are you did not need the entire $100,000 immediately.  Most businesses that receive $100,000 do not spend it all within the first 30 days.  If your business has been declined for a business loan, many of these steps will be important to getting approved.

For additional resources to help you prepare for future business loan requests, you can
also visit the SBA.    The SBA government site has numerous resources which can assist your business.

Thank you for visiting our resource page on what to do if you are declined for a business loan.