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Should I approach another lender for business loan?
I am trying to get financing for a franchise. I have about 50% of liquid cash that is equivalent to the cost of the business and I am willing to put about 30% down. My credit is fairly good (Canadian FICO score of 680).
I got turned down from one institution.
If I go to another institution, do you think there are is a good chance of getting approved even though I got turned down at the first one.
Thanks,
2 Answers
- Christin KLv 79 years agoFavorite Answer
Go ahead and shop around. Every lender is a little different, and has different criteria for the loan--but before you do, contact the lender who turned you down and ask them to provide IN WRITING the reasons for the denial. That way you can fix any problems before seeking financing somewhere else, or you can see what the problem was in the first place.
- Anonymous9 years ago
Your best option is to contact a business broker. It's their job to get you the best deal possible.
Source(s): Retired bill collector 35 years