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I want to thank those of you who have replied, I will be sending you an email shortly. Once again Thank You!
Is your business currently profitable? Why were you turned down? You need to figure out if you were turned down because you went to the wrong type of SBA lender (yes, they all have different requirements and types of loans they like to make) or if your business was a bad risk to lend money to.
Not to disappoint you, but getting turned down might be an indication that your business is failing - don't throw good money after bad. It might be time to change your business strategy.
Thank you for the response, however, I believe I was turned down because of too much personal debt (score), the business is good and profitable.
If your business is 'good and profitable', where is the cash you say you need to operate and grow your business? You might want to consider contacting the local no cost Small Business Development Center for advice (www.sba.gov - then click on local resources - then click on SBDC and find your local center).
If you have sales and profits, are your receivables too high? If yes, collect them now and implement a plan to keep them low and get collections quickly. Is your inventory too high? If yes, sell it down and convert it to cash.
Lastly, are you sure you are profitable? Maybe a second look at your P&L for the past month, quarter and year will indicate where you can squeeze our cash to last during this credit crunch. And once you have cleaned up your operations to be more efficient in creating cash flow you might find the SBA lender more willing to provide some new financing.
Good luck. Ben
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Today, I received my decline letter from an SBA approved lender. We really need a loan to keep going. I have financed this business through my own personal lines of credit, and I am personally tapped. Because I have financed the business on my personal lines, my credit score is suffering, Does anyone have any ideas? Thank You for any input in advance.