Business Loans
Top Mistakes Business Owners Make When Applying for Financing
The most common financing mistakes are avoidable: inconsistent financials, an unexplained use of funds, applying everywhere at once, and applying before the business is ready.
The usual suspects
- Numbers that do not reconcile across documents
- No clear use of funds or repayment story
- Scattering applications across many lenders
- A missing year of financials
- Ignoring program eligibility rules
How to avoid them
- Reconcile your accounts and financials first
- Write a one-paragraph use-of-funds and repayment narrative
- Confirm which program you actually fit
- Apply through one well-packaged submission
None of these require a better business — only a better-prepared file.
Frequently asked questions
Which program is best?
It depends on use of funds, timeline and eligibility.
Are you a lender?
No. Tesni, LLC is a marketplace and broker; lenders make the decisions.