Lenders often turn down business loan applications for several key reasons: having a low personal credit score, incomplete paperwork or not requesting enough funding, operating in a high-risk industry, lacking collateral, high existing debt levels, or applying for multiple loans simultaneously.

1. 7 Reasons Why Lenders Turn Down
Business Loan Applications

2. 1. Low personal credit score
2. Victim of an identity fraud
3. Incomplete paperwork and not asking for
enough money
4. Your industry may be under a high-risk
category
5. Lack of collateral
6. High debt utilization
7. Multiple Loan applications