Hello Mr Tan
I am running a retail business in a shopping centre? In recent months, I am facing some financial issue to running the retail operation. I tried to ask the bank for a SME loan of $X. The bank rejected my application as I am low in funds with the bank. I am confused by the rejection, as I needed the loan because I am low in funds. Why is it that nobody can help? I am willing to pay interest to the bank but they refuse me. Please advise me what to do.
REPLY
This problem is outside of my expertise. I do not know how I can help. Perhaps, if the business is doing poorly, it is better to close it down, before it incurs further losses.
If the business has the prospect of being profitable, you should be able to interest investors or to convince the bank to provide a loan.
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