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Why do businesses get turned down when they apply for finance? What can they do to change no into yes? And are there alternative finance routes for businesses that are rejected by the banks?
61% of small business owners looking for loans from high street banks have their applications rejected – that’s one finding of research from Pepperdine University. It leaves many applicants asking, “Why not?”
Nursing home has requested £750,000 for planned development work.
rebuildingsociety.com has listed its largest loan to date, in the shape of a £750,000 request for finance from Cleeve Hill Healthcare Limited. The funds are earmarked to be used for development of their premier nursing home, including the addition of new bedrooms, the conversion of existing bedrooms for more specialist care, and turning the house alongside the home into an 18-bed elderly mentally infirm unit.
Cleeve Hill provide residential, nursing and dementia care to Cheltenham and the surrounding area, and rebuildingsociety MD Daniel Rajkumar gave his thoughts on the listing:
“We’re delighted to be listing a business that offers such an invaluable service to their local community. Cleeve Hill’s business activity is what peer-to-business lending is all about – community-driven companies that make a huge difference to their local areas.”