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.

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!

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.

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!