Does Ryan’s Bank Have Enough Information To Approve His Loan?
Ryan Williams, one of Chicago’s up and coming entrepreneurs, has just applied for a loan to open a second restaurant. Do lenders know enough about him to approve his loan? Assessing the risks of small businesses is a challenge. Credit data alone doesn’t tell the whole story.
Ryan’s first loan application was denied because his bank didn’t have enough information on him.
But he applied at another bank and was approved because they had access to more data on Ryan and his business, such as:
- Ryan is connected to other well established businesses
- He has no criminal record
- He has no bankruptcies
- He owns multiple real properties
- He has achieved an advanced degree at a well-regarded university
- He recently moved to a high-income residential area
Get the big picture view of your small business applicants.