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No Company Checking Account? You’re Damaging Your Loan Approval Odds

If you’re a small company owner whom needs that loan but doesn’t have a business bank checking account, at this point you have a justification to open one in the double. In accordance with a survey that is recent by scientists at Nav, 70% of small businesses whom didn’t have a small business bank checking account were rejected that loan in the last couple of years.

Even worse, 26% of small enterprises with no company account that is checking closing store completely. They cited the total amount of work necessary to handle accounting on a daily foundation. (You guessed it—a company banking account is great for keeping track of cash. ) For contrast, just 14% of small enterprises with a checking account for his or her business considered shutting up store.

That’s an outlook that is fairly grim organizations that don’t have company checking accounts—especially in a economy whenever small company optimism hasn't been greater.