You have worked hard, you run a good business and you have a reason to ask for money from your bank. As a customer surely they are there to help you through this next phase of business? But what happens if your bank says no.

We know all too well that many people are shocked, angered, and stressed when this happens. Some even take drastic measures like selling off assets to raise capital. But there are options!

Here are our top 5 things you can do to access business finance when your bank says no:

Review the reason why and if there are actions you can take to rectify them like work on your credit score or consolidate your debt
Consider a new bank. Don’t go on a bank shopping spree, rather weigh up other lenders and their offerings. Before applying you should take into account the reasons your previous application was denied to improve your chances with a new lender
Research grants and initiatives that offer business funding. You may find one that offers assistance to ease your financial burden.
Budget. Whilst it is not a fast way to access money, a well-planned budget will pay dividends
Talk to alternative business lenders, like us here at Equity Tap.

Many small to medium business owners turn to private lenders, not just because their bank has rejected them, but also because they want a faster, easier customer journey. With low setup costs and more flexible criteria, it can mean cash in as little as 24 hours which takes all the pressure off business owners.

At Equity Tap we are a non-lender based here in Australia and have a team ready to process your online application immediately. We have a passion and a purpose to offer flexible bridging loans and business solutions with less hassle and stress for business owners so that they can go back to doing what they do best….running a good business.

Ready to be preapproved? Apply for an Equity Tap loan now.