I want to tell you I used to work for a big bank in the area.

I was a Branch Manager there and saw many business owners come into my bank. We would sit down and talk about their Business goals and decide if applying for a business loan would be a good fit for their business, and most of my business customers did apply. But I would say 2 out of 10 would be approved, and the other eight would be denied because of Bad Credit, High-Risk Industry, or Just not having a Strong Relationship with the bank.

I want to go over all three reasons so you understand.

#1 Bad Credit banks need a FICO score in the high 600s minimum to be eligible for business lending, Which my Current Lenders do not need high credit scores at all. I have lenders that believe good or bad Credit scores don't mean: lousy loan paybacks at all, my lenders believe that being in business is never easy and sometimes having to do what it takes to make a sale or money sometimes could be taking risks and sometimes means lowering your credit scores.

#2. High-Risk Industry or Niche a lot of business owners thought this meant terrible credit. No, it means the risk of getting injured on the job or the Industry type or Niche in the past has shown to the bank that Industry or Niche has quit and or moved to another state or country and never pay back the loan or loans. That's a bad risk to all banks. And then

#3 Strong Relationship with their main bank, this is always a tuff one to struggle with, But banks look at all the dollars and accounts that Business Owner has with them. They first look at all deposit accounts, Personal and Business, Checking, Savings, Money Markets, CD's, and Investments with the bank. This number is the risk factor of Possible money leaving the bank if the loan is denied. Now lets look at the Loan side of this total relationship number. Your Bank will look at all Loans that you have with them personally and thru your business, they look at personal and business Mortgages, Lines of Credits, and any loans like Auto, Boats, or Personal and Business Loans. Plus Merchant Services and complete Business services they have with the bank. This total relationship number is what they have on the books lended out, and it will show how hard it is to move these accounts to another bank or company for the business owner if the loan is denied making a unhappy customer.