Having a bank loan approved is often the key to the founding, expansion, or growth of a small business. For this reason, a rejected bank loan can cause tremendous stress on an aspiring or current business owner.
At Camel Financial, we understand that countless business owners face bank loan rejections every day, and we are here to provide a few alternative accounts receivable financing solutions for your business.
What to Do When Your Bank Loan is Not Approved
Understand why your loan was rejected
The primary reason why bank loans are not approved is normally because of a low credit rating. Unfortunately, when an individual plans their first business venture, it is unlikely that they have the credit history needed to justify a sizable loan. If you have been in business before your bank loan application, the issue may be your history of sales or lack thereof. At Camel Financial, we understand that businesses need the capital to become a lucrative operation, which is why we offer business cash flow loans that are approved within 72 hours.
Weigh your options
When a bank rejects a request for a loan, they may try to persuade the business owner to consider other options such as a line of credit by taking advantage of their sense of urgency. It is important to remember that bank loans are turned down on a daily basis, and there are several other feasible options to consider.
A line of credit, for example, may offer a low-interest rate however it can quickly increase and may limit the business owner’s funding at a lower amount than what is needed. At Camel Financial, our process allows businesses to thrive with the funding they need without any surprise fees or extreme interest rates.
Consider an accounts receivable financing solution
Accounts receivable financing, also known as invoice factoring is a way to quickly obtain finances that already belong to your business. This is done in as little as 24 hours by selling your invoices to a company like Camel Financial at an 80-90% return. Business owners can speak to one of our team members to learn more about invoice factoring to determine whether or not it is right for them.
Are you looking for accounts receivable financing solutions that will help your business thrive? At Camel Financial, we believe in supporting small businesses with numerous convenient financing options. Contact us today to explore our solutions!