{"id":418257,"date":"2017-09-14T10:00:29","date_gmt":"2017-09-14T10:00:29","guid":{"rendered":"https:\/\/ghana-mma.com\/2017\/09\/14\/lifestyle-6-simple-reasons-banks-wont-grant-your-business-loan-request\/"},"modified":"2017-09-14T10:00:29","modified_gmt":"2017-09-14T10:00:29","slug":"lifestyle-6-simple-reasons-banks-wont-grant-your-business-loan-request","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/09\/14\/lifestyle-6-simple-reasons-banks-wont-grant-your-business-loan-request\/","title":{"rendered":"Lifestyle: 6 simple reasons banks won&#8217;t grant your business loan request"},"content":{"rendered":"<p><\/p>\n<div id=\"medsection1\">\n<!-- End of html generated by this->header() --><\/p>\n<p class=\"floatLeft\">Entertainment of Thursday, 14 September 2017<\/p>\n<p class=\"floatRight\"><strong>Source: <\/strong>Jumia Travel<\/p>\n<p>2017-09-14<\/p>\n<div class=\"article-left\">\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/09\/50443628.295.jpg\" alt=\"Bank Denial\" title=\"Bank Denial\" width=\"295\" height=\"190\" \/><span class=\"image_caption\"><span>Banks give preference to businesses with a track record of good performance<\/span><\/span><\/p>\n<div class=\"noPrint\">\n<div id=\"537626303\" style=\"width:300;height:250;margin:0;padding:0\">\n\t\t  <noscript><iframe loading=\"lazy\" id=\"b2ad7fa7fd\" name=\"b2ad7fa7fd\" src=\"http:\/\/ghanaweb-d.openx.net\/w\/1.0\/afr?auid=537626303&amp;cb=149916385179598\" frameborder=\"0\" scrolling=\"no\" width=\"300\" height=\"250\"><a href=\"\/\/ghanaweb-d.openx.net\/w\/1.0\/rc?cs=b2ad7fa7fd&amp;cb=149916385179598\">&#13;<br \/>\n\t\t  <img decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/09\/1505383229_351_ai\" border=\"0\" alt=\"\" \/><\/a><\/iframe><\/noscript>\n\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"clear:right\">It&#8217;s almost impossible these days to keep a small business running with money from your own pocket. To meet up with financial commitments, entrepreneurs usually approach their banks for loans and it is rejected. As such, Jumia Travel, the leading online travel agency shares reasons you may not be granted your business loan request.<\/p>\n<p><b>Lack of consistent cash flow<\/b><\/p>\n<p>Banks tend to favour small and medium-scale businesses that have a steady flow of revenue coming in every month. If your business can&#8217;t demonstrate this consistency, your loan request will be denied.<\/p>\n<p><b>Insufficient collateral<\/b><\/p>\n<p>To get a loan, you need a commensurate collateral. This may not be a problem for large businesses that own large assets, but it can very difficult for small businesses.<\/p>\n<p><b>Personal guarantees<\/b><\/p>\n<p>Your bank needs personal guarantees that you won&#8217;t default when it comes to servicing your loan. This is a very risky position for enterprises struggling to stay on top of their monthly expenses.<\/p>\n<p><b>Not enough operating history<\/b><\/p>\n<p>Banks give preference to businesses with a track record of good performance. The truth is they don&#8217;t want to fund a business that has been operating for a short time and hasn&#8217;t sustained a certain amount of success and credibility.<\/p>\n<p><b>Weakening industry<\/b><\/p>\n<p>Operating a small business or start-up in an industry that your bank perceives as weak or in fast decline will limit your chances of getting loans from your bank.<\/p>\n<p><b>Economic concerns<\/b><\/p>\n<p>Banks will not lend money to a business if they feel that the current economic conditions are unfavourable for getting the money back in a timely manner. This is simply because they do not want bad debts.<\/p>\n<p><!-- uploaded by: 54 updated by: 54 --><\/p>\n<p><!-- Start of html generated by this->footer() -->\n<\/div>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a style=\"display:none\" rel=\"follow\" href=\"http:\/\/megatheme.ir\/\" title=\"\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633\">\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Entertainment of Thursday, 14 September 2017 Source: Jumia Travel 2017-09-14 Banks give preference to businesses with a track record of good performance &#13; It&#8217;s almost impossible these days to keep a small business running with money from your own pocket. To meet up with financial commitments, entrepreneurs usually approach their banks for loans and it [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":418259,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-418257","post","type-post","status-publish","format-standard","has-post-thumbnail","category-entertainment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Lifestyle: 6 simple reasons banks won&#039;t grant your business loan request - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/09\/14\/lifestyle-6-simple-reasons-banks-wont-grant-your-business-loan-request\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Lifestyle: 6 simple reasons banks won&#039;t grant your business loan request - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Entertainment of Thursday, 14 September 2017 Source: Jumia Travel 2017-09-14 Banks give preference to businesses with a track record of good performance &#013; It&#8217;s almost impossible these days to keep a small business running with money from your own pocket. 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