Funding rejection can be frustrating and disheartening, especially when you need capital to grow or survive. But most rejections happen for predictable, and avoidable, reasons. Knowing what trips up other small businesses can help you get ahead of the curve.
The good news? With the right preparation and advice, you can sidestep these common mistakes and get approved faster, with better terms. Let’s dive into what’s going wrong and how to fix it.
Missing financials are a red flag. Always submit updated accounts, bank statements, and details on current obligations.
A low score or past defaults can kill your chances. Work on improving both personal and business scores by clearing debts and paying bills on time.
Lenders prefer stability and predictability. If your income is seasonal or lumpy, explain why and show how you manage it.
Already have too much existing debt? Consider refinancing or consolidating to improve your position before applying.
Applying for the wrong product for your needs. Get expert advice to ensure your chosen product matches your business goals.
Work with a broker to prep and package your application. Presentation matters - a well-organised application shows you’re serious and credible.
Request the right type of funding for your situation. Explain how the money will be used, and why that funding source is the right match.
Show lenders how the finance will directly improve your business. Use forecasts and case studies to prove return on investment.
Apply now for funding or contact our team to find out more.
As a founder of multiple businesses, Jamie believes that mindset, discipline and ambition are key drivers for success, both for his businesses and for his clients.
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