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My business loan request through Huntington bank got denied does anyone know where else I can go?

I requested a $50,000 start up loan through Huntington and explained to

The rep that I would be willing to

Go sba loan or whatever it took

And he came back with a denial decision two

Days later. The reasoning was too much debt to income. My credit score is 710 and I pay everything on time. I have 10,000 to put Towards a towing business plus two completely paid vehicles that are values at 40k. I'm thinking the rep was just being lazy and didn't look into sba because I don't think they will deny me or approve me without business plans. Can anyone give me any advice? I'm dedicated and will do whatever it takes but I can't make it without a start up loan. Any ideas what bank I

Could go to? Thanks :-)

2 Answers

Relevance
  • 9 years ago

    Without a business plan, they will deny you. Did you submit a business plan? if yes, go back over it and see if you can improve it (check with SCORE). You are also short in your investment. Most banks (even with SBA guarantee) want you to have 25 to 30% of the start-up cost come from you. Unless the two vehicles are tow trucks, they really have no relevance since they would be considered illiquid. Assuming you need $60,000 to start up (your $10K plus the $50K you were asking for), you really need at least $15K in cash to invest.

  • Anonymous
    9 years ago

    I think they're jerks at huntington, I'm doing much better with 5/3rd...

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