I was denied a small business loan. How can I get approved next time?
Cruisin4abruisin asked:
I was denied a 15,000 loan (at a local bank that has several local branches) for starting my small business, because I have no equity or collateral, but I’m only 22 years old. Not many 22 year olds that I know have stocks, bonds or investments.
I was denied a 15,000 loan (at a local bank that has several local branches) for starting my small business, because I have no equity or collateral, but I’m only 22 years old. Not many 22 year olds that I know have stocks, bonds or investments.
In the meetings I had with the loan manager, she seemed impressed and confident in my business plan. But on paper, I guess I don’t seem like such a good loan applicant.
Is it more likely that I would be approved at a national bank?
What tips can you give me for next time I apply.
-Which banks are likely to approve someone without collateral.
-OR, What can I use as collateral or as a substitute.
-Any other tips?
Any information you can give me would mean a lot. Thank you! 
Try the Small Business Association.
Can you get a co signer on the loan?
have a co signer with you so they will be more impressed i have two houses in my name and my own buisness and im only 21 if you had a credit card in your name while you were young this would have helped you alot by now
regardless of bank size, to get an sba approved loan, you need some kind of collateral.. or a co-signer who has collateral… for 15000, try to find a private investor…. once you have been in business for a few years, and show an increase in profit as well as the ability to grow, this would also allow you to get approved for a small business loan….