Here are some common business loan mistakes you’ll want to avoid—any of these mistakes can delay the process or even cause a lender to reject your application:
Submitting blurred out, illegible, or unreadable financial documents
Not being clear about the purpose of the loan
Providing tax returns and other financial documentation only for some years that the lender requests and not for others
Not providing enough information in your business plan or providing too much
Typos, such as providing the wrong industry code or wrong EIN number
Missing deadlines
Making major purchases or other major changes to your business while the loan application is pending
Although these may seem like simple errors, any one of them can be influential in the application process, so it’s worth taking the time to check and double-check your information and documents.
Above all, though, the main thing to avoid is making any kind of false statements (either knowingly or unknowingly) on your loan application. If you have any doubts about any of the details or financials included in your application, you’ll want to consult your accountant or lawyer for advice.