No one likes rejection. Whether it’s a “no” from your dream job, the person you love or the bank, it stings. And if you’re a small business owner, you might know the feeling all too well. Of small businesses that applied for financing in the first half of 2014, only half received any amount, according to a survey by the Federal Reserve Banks of New York, Atlanta, Cleveland and Philadelphia. NerdWallet asked lending experts the burning question so many small business owners want answered: Why are small business owners turned down for small business loans?
6 Reasons Businesses Are Rejected for Small Business Loans
“Dream Big” This National Small Business Week, May 4-8
With apologies to baseball and your mother’s apple pie, nothing is more American than National Small Business Week. Our country was founded by risk-taking pioneers in search of new horizons. More than two centuries later, what sets America apart in the world is the willingness of our entrepreneurs to take risks. Small businesses allow Americans to be their own boss and improve their lot in life through hard work – a core American value. Every year since 1963, the President of the United States has issued a proclamation declaring National Small Business Week to recognize the critical contributions of America’s entrepreneurs, who create nearly two out of every three net, new U.S. jobs each year. Federal Reserve Chair Janet Yellen said it was our small businesses that powered our recovery after the Great Recession.