Access to affordable capital is fundamental for a small business. The process for applying for a small business loan can be complex. Make one of these mistakes and you could get denied despite having good credentials. PennyGem’s Johana Restrepo has more.
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00:00Access to affordable capital is fundamental for a small business. The process for applying for a
00:10small business loan can be complex. Make one mistake and you could get denied despite having
00:16good credentials. According to NerdWallet, one common mistake business owners make is not finding
00:22the right lender. Experts recommend you thoroughly research and understand the lending market and
00:28your business's current finances. Then, search for local resources that can guide you in the
00:34right direction. The specific information you will need varies from lender to lender, so don't rush
00:41this process. This may lead you to hand in the wrong documents and will get your application
00:47denied. Another mistake small business owners make is going through the application alone while
00:52running their business. Contact your accountant, attorney, or local small business development
00:58center for help gathering all of your documents. Lenders rarely are able to help you with this.