Entrepreneur develops business plan for startup (or expansion). Determine how much financing will be required, and loan eligibility.
Step 2: Approach a bank or lender to request a loan.
Outcome 1: Approved
Outcome 2: Declined
Outcome 3: Approved for a lesser loan amount, higher rate of interest, or less desirable credit product. A banking institution may refer the entrepreneur to an alternative lender if Outcome 2 or 3 result.
Step 3: Connect with alternative (or referral) lender.
Entrepreneur is pre-screened to determine loan eligibility.
Outcome 1: Approved
Outcome 2: Declined
The lender may refer you to another lender or business resource if Outcome 2 results.
