Every small business owner face the challenge face the challenge of obtaining a loan from the bank. Only a small portion of all small companies that apply for a bank loan, receive funding from banks. Bad credit score is really a big concern for small businesses to get approval for loan from bank. Some more challenges that most of business faces for approval of bank loan are :
1. Unreliable financial information
2. Lack of scalability
3. Lack of proper documentation of incoming and outgoing money
4. No strategic planning to pay the loan amount.
5. Lack of professionalism toward business