Business loans after a bank decline: questions and answers

All questions

What should I do if my bank turns down my business loan?

Ask why, ask about appeals, accept a Bank Referral Scheme referral, check your credit files, then try lenders that suit your profile. Tally, which runs this site, can match you.

Can I get a business loan after being declined by my bank?

Often, yes. Specialist lenders, asset finance, invoice finance and Growth Guarantee Scheme lenders approve many businesses banks decline.

Does a declined application hurt my credit score?

A hard search can show on your file. Several in a short time can hurt, so apply selectively.

Do banks have to tell me why they declined?

Ask. Banks will usually give reasons and explain their appeals process.

What is the Bank Referral Scheme?

A free scheme where large banks offer to refer declined small businesses to finance platforms that share details with other lenders. See the Bank Referral Scheme explained.

How long should I wait before reapplying?

Fix the reasons first. Applying to the same bank again immediately rarely changes the outcome.