Getting a "denied" response from a lender after submitting a proposal is oftentimes heartbreaking. For most women who mean serious business in asking for funds to start-up or develop their moneymaking scheme, being denied from business loans for women is such a sad experience. However, instead of seeing this as a major disaster, a daring and smart businesswoman should take this setback as a challenge to be more resourceful.
On the other hand, the big question that follows after a denied loan proposal is: What shall I do next? Well there are plenty of things that a businesswoman should do after receiving a "thumbs-down."
First of all, it is not all the time that business loans for women are being approved by an agency. If a proposal gets denied, it's nothing personal. The first step in accepting this fact is for the loan applicant to understand that there is nothing really personal going on - that it was not just her character which made the results unfavorable on her part. Aside from the applicant's character, a lending corporation or an agency also looks at several other factors before approving a proposal such as: the debt ratio, credit score and the business' profitability.
Secondly, being polite to the agency that offers business loans for women even if one's proposal was denied is a decent way to show professionalism. Every businesswoman should practice being polite and grateful. For instance, thanking the agency or the institution for reviewing one's proposal is a concrete way to show these values. And besides, perhaps if the lender appreciates these values - the next proposal wouldn't be denied anymore!
Thirdly, review the proposal by asking the lender what is the reason why it was denied; perhaps the proposal lacks information, or the business plan isn't very convincing. Lenders of business loans for women always check the business plan - whether the business is more likely to succeed or not.
In addition, it is also essential to take into consideration the lender itself. Perhaps the agency is too big for the proposal or it's the other way around. If this is the case, it is wise to seek other lending agencies or institutions. Usually, if the proposal is to start a small business, it is advisable to apply in agencies or banks that are supporting small business loans for women.
Lastly, quitting is never an option. Business loans for women aren't the only sources of funding. If the first proposal fails, finding for other types of loans is another option. In applying for other loans that can fund one's business, it is important to consider one's resources so that the right kind of loan is taken. For instance, a homeowner can apply for a home equity loan - this is a good choice. Applying for a collateral loan is also a good option.
Business loans for women don't always get approved. However, even if one has been denied of her proposal, it doesn't mean that it's already the end of her career as an entrepreneur. These setbacks in life are just normal. What a determined businesswoman should remember is that there are always new opportunities ahead. Denied requests aren't reasons to mope around and complain about things, these things exist to let each woman stand up and improve herself!
And just before I drop my pen, if you need Expert Advice on How to Start a Business from scratch; please feel free to visit my blog. In addition, you can also download my free definitive guide on How to Become a Millionaire fast in less than a year.
Article Source: http://EzineArticles.com/?expert=Ajaero_Tony_Martins_Ifeanyi
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