The little and medium-sized (SMB) financing globe is usually the most aggravating and challenging areas of running your company. You’re off to a good begin, your fico scores are great, things are running well, and you’re ready to bring your business towards the level that is next. Nevertheless, you can’t find a bank that may supply you with the business loan you therefore desperately have to take the next thing.
Maybe even more difficult than being declined is wanting to find out why. Shockingly, it can come down seriously to merely a clerical mistake, such as for example a blunder created using your Standard Industrial Classification (SIC) code—the four-digit number utilized to classify the industry you’re in.