If you an entrepreneur you must have encountered several occasions when your loan applications have been rejected. A seasoned businessperson is quite used to hearing a no for an answer but that does not stop him from being persistent in his endeavors so that he could successfully overcome the rejection issue from prospective lenders, investors, vendors, and clients etc. You need to be determined while pursuing a small business lender only then you could convert a no into a vehement yes. Here are a few very effective practical tips for converting rejection into affirmation.

You Must Find Out the Hidden Meaning

You must realize that when one says no, it may not always necessarily mean literally no. It may convey things like the lender is not quite sure what he wants, or he is not yet ready to give you a concrete answer or he may not know what to do right now. When a lender has rejected your loan request it may imply that he is buying some time as currently, he does not know how to react. You need to find out if a no is actually a negative response or a proposal to buy some more time. Just keep in mind that a “no” may not be literally a “no” on all occasions. So, you must pursue the lender and take up the issue sometime later.

You Must Delve & See If You Are Doing Something Wrong

If you happen to hear no every now and then, it is high time you scrutinized meticulously if you are the one responsible for triggering the negative response. You must be going wrong somewhere. You must then take the hint and try to locate the issue and address it. Some mistakes that you may be committing are:

• Your pitch may be too long, not apt, and not adequately detailed.
• Your product could be really mediocre and quite expensive.
• Your offer does not have any compulsive call to action.

You could consult and share with your trusted colleague to help you identify where exactly you are going wrong. You could opt for certain constructive criticism. It is of prime importance for you to know your fault.

Refrain from Choosing the Wrong Lender

Ever since the recession, many conventional banks have actually made their lending standards quite difficult to fulfill for many small business owners. However, there is no reason to lose heart. You could try alternative avenues for acquiring funding. You may consider the reliable lenders online that would be still looking into your eligibility but they would be having definitely less-restrictive standards. Moreover, online lenders also do not insist on excessive paperwork and mindless documentation. They are your best choice if you require money right away.

Adopt the Right Attitude

You must not take the negative replies seriously. A great deal of practice is required and a positive frame of mind. Treat a ‘no’ as the stepping stone toward success. Keep smiling and dialing until you get a positive response from the prospective lending authority. You must keep trying and do not just give it all away easily. Be persistent and dedicated in your approach.

Conclusion

Try the tips discussed above and see how a ‘no’ would be transformed into a ‘yes’ in no time. However, no lenders would be willing to give you any loan unless you give them an assurance that you would be making all the repayments promptly and without fail.