Do a search about business loans and bad credit and you will see result after result touting some way or another where you can fool the banks and lenders into giving you a business loan. If financial service institutions want to keep in touch with SME needs, then they need to interact with this customer group intensely and either partner with fintech startups or change their own organizational model to support value proposition and business model innovation and then choose the best technological solutions that support those.
Apart from the necessary documents, you would also need to present at the bank all the SBA requirements such as the SBA loan application, a personal financial statement, a good business plan, 3 years of business financial statements, 3 years of federal business tax returns, information about all owners and detailed information on how the business would benefit from the loan.
It works with small businesses to find the best loan options among its network of 4,000 lenders, which include traditional banks, SBA lenders, community banks and institutional investors, along with a full range of alternative business and commercial lenders.
In general, banks are more cautious with their money-especially when dealing with new business owners-than private investors or investment firms because banks have to keep in mind that they are lending money that belongs to their account holders, notes D&B Small Business Solutions In addition, banks are more likely to give out small loans (less than $200,000) than fund large ventures.
To qualify, businesses must have been in operation for at least a year, make at least 10 deposits into a business bank account each month, have annual revenue of at least $100,000 and an average ending balance of $3,000 per day in their business bank accounts.