Why are long-term loans harder to get than short-term loans?
Because long-term loans tend to involve larger amounts of money and are more reliant on your business’s long-term health than short-term loans, the lender is taking on more risk. Therefore, lenders are more cautious when evaluating loan applicants when the loan in question is long-term.
Long-term loan vendors tend to prefer working with businesses with a significant track record of success. They’re also more likely to require high credit scores from applicants.