The big issue I have been running into is most are asking I be in business for 2 years before they would approve, however I am opening a Franchise that has been around over 5 years with multiple locations. I had applied with denial even though my score was where she said she would like it to be and I have my Home Equity i was willing to put in to help approval, but no go. I was however approved for an Amex Business Card which is nice and I already opening my Business Checking account, but how can I get assistance/approvals if I haven't been open for 2 years?!? Thank you for any advice. (I did also try GoFundMe and I tried doing Kickstarter etc but my friends and family bless their heart gave 5 dollars, 10 dollars, 50 dollars so very thoughtful but no where near what I need.
@pizzadude. PNC bank had me do a loan application through their SBA person, but I'm not sure what all they put or didn't include but they said the reason for denial was because of the 2 years not being met?!? I'm not sure if there is someone else in SBA I could reach out to or better explain or something?!? Or is it better to try to do it myself online??
I have 2 Business Checking one with PNC the other Chase.
@pizzadude Yes but I have about 200k equity in my home and I was asking less than half that around 60-80k. He said he would aim for 80 and let me know if it comes back 50 or 60 etc bc he said from everything I told him it sounded like it shouldn't be an issue at all. I have no late payments and fairly new credit (from 2018 on the CC side) he said they would check my personal credit and we may have to use collateral possibly, but my credit score was a little over where they like to see it and with that and it being a "more established franchise" that the 2 year issue was what was denied for?!?