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If I Get Turned Down for an SBA Loan, What’s Next?

If I Get Turned Down for an SBA Loan, What’s Next?

Posted On: April 29, 2021 by Falcon National Bank in: Manage your Business | Business Banking

An SBA loan is a small business loan partially guaranteed by the Small Business Administration.  SBA loans eliminate some of the risks for the financial institution that issues the loan. SBA loans work within a network of approved lenders that lend money to small businesses. While we may know the benefits of an SBA loan, one of the scariest questions to answer as a small business is what to do if you are denied. Determine Why Your Loan Wasn’t Approved According to the American Dream Gap Report, nearly half (45 percent) of small businesses get turned down more than once, and 23 percent don’t know why. The first step after an SBA loan is denied is to determine why. Even if you do not plan on reapplying for an SBA loan right away, it is a good idea to find out why your business did not qualify. Understanding why you were denied can help you decide on how to proceed with your business. The good news is, if your application is rejected, you are entitled by law

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