Challenges of Getting a Small Business Loan

A small business loan is money borrowed from a financial institution by an entrepreneur to start, run, or expand a small business. While it might sound simple in theory to stop by your bank or credit union and fill out a small business loan application, the reality is that over four in five small business owners are denied financing from banks big and small by 2020 estimates.1 Further, amid the COVID-19 pandemic, 40% of applicants for the Paycheck Protection Program and 90% of applicants for the Economic Injury Disaster Loan program have yet to receive their loan proceeds.

Original Article Source Credits:   The Balance Small Business , https://www.thebalancesmb.com/

Article Written By:  Susan Ward

Original Article Posted on:   October 12, 2020

Link to Original Article: https://www.thebalancesmb.com/small-business-loan-2947070