{"id":5290,"date":"2025-04-01T01:09:50","date_gmt":"2025-04-01T05:09:50","guid":{"rendered":"https:\/\/miwf.org\/?p=5290"},"modified":"2025-04-01T11:19:48","modified_gmt":"2025-04-01T15:19:48","slug":"common-loan-mistakes-and-how-to-avoid-them","status":"publish","type":"post","link":"https:\/\/miwf.org\/business-insights-trends\/common-loan-mistakes-and-how-to-avoid-them\/","title":{"rendered":"Common Loan Mistakes and How to Avoid Them"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"520\" src=\"https:\/\/miwf.org\/wp-content\/uploads\/2025\/04\/Loan-Mistakes.png\" alt=\"\" class=\"wp-image-5291\" srcset=\"https:\/\/miwf.org\/wp-content\/uploads\/2025\/04\/Loan-Mistakes.png 800w, https:\/\/miwf.org\/wp-content\/uploads\/2025\/04\/Loan-Mistakes-300x195.png 300w, https:\/\/miwf.org\/wp-content\/uploads\/2025\/04\/Loan-Mistakes-768x499.png 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p>Whether you\u2019re expanding a home-based bakery into a storefront or buying new equipment for your growing salon, applying for a small business loan can feel both exciting and intimidating. While the extra capital can help you reach your goals faster, it\u2019s also a commitment that requires careful planning and thorough preparation.&nbsp;<\/p>\n\n\n\n<p>\u201cA lot of people think, \u2018I just need the money, so I\u2019m going to fill out the basics,\u2019\u201d says <a href=\"https:\/\/miwf.org\/about-us\/our-team\/janiece-stewart\/\" target=\"_blank\" rel=\"noreferrer noopener\">Janiece Stewart, Michigan Women Forward Loan Officer.<\/a> \u201cBut not giving us complete or accurate information can really slow down \u2014 or even derail \u2014 the process.\u201d&nbsp;<\/p>\n\n\n\n<p>Below are several pitfalls Stewart often sees, along with insights on how to avoid them so you can confidently move forward with your financing needs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-incomplete-or-omitted-information\"><strong>1. Incomplete or Omitted Information<\/strong><\/h3>\n\n\n\n<p>One of the biggest stumbling blocks is simply leaving blank fields on the application. Whether it\u2019s personal financial details, business revenue figures, or projected expenses, failing to provide everything requested can bring your loan process to a halt.<\/p>\n\n\n\n<p>\u201cWe ask for the information for a reason,\u201d Stewart explains. \u201cEven if a question seems trivial, please fill it in. It helps us see the full picture of your business and identify areas where you might need extra support.\u201d<\/p>\n\n\n\n<p><strong>How to Avoid It<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read the instructions carefully<\/strong>: If you don\u2019t understand a requirement, reach out to your business development manager or a local business resource for clarification.<\/li>\n\n\n\n<li><strong>Provide supporting documents<\/strong>: Upload tax returns, bank statements, and any additional documentation (like lease agreements or business licenses) that verify your information.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-not-understanding-your-own-business-finances\"><strong>2. Not Understanding Your Own Business Finances<\/strong><\/h3>\n\n\n\n<p>You may be a master of your craft \u2014 whether it\u2019s baking, consulting, or providing specialized services \u2014 but that doesn\u2019t automatically mean you\u2019re a pro at financial management. Many entrepreneurs struggle with reading financial statements, preparing accurate projections, or pinpointing every expense.<\/p>\n\n\n\n<p>\u201cAt Michigan Women Forward, we want to see that you have a realistic handle on your revenue and costs,\u201d Stewart notes. \u201cIf you expect to earn $100,000, we want to know how many products you\u2019ll sell, what each costs to make, and the market channels you\u2019re using. Break down every assumption.\u201d<\/p>\n\n\n\n<p><strong>How to Avoid It<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Seek expert help<\/strong>: Tap into resources like SCORE (Service Corps of Retired Executives) or the Small Business Development Center (SBDC) to learn how to create realistic budgets and forecasts.<\/li>\n\n\n\n<li><strong>Analyze costs thoroughly<\/strong>: Don\u2019t forget rent, delivery fees, credit card processing fees, and other day-to-day expenses that can add up quickly.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-rushing-the-process-without-a-clear-plan\"><strong>3. Rushing the Process Without a Clear Plan<\/strong><\/h3>\n\n\n\n<p>Sometimes, entrepreneurs want funding immediately \u2014 yesterday, if possible. They may request a large sum for major expansion, like buying a significant amount of inventory, without ensuring they have the necessary financial underpinnings.<\/p>\n\n\n\n<p>\u201cYou might be able to source and store the inventory, but if you haven\u2019t thought through your cash flow, market demand, or other costs to operate, you could be jeopardizing the entire business,\u201d Stewart cautions.<\/p>\n\n\n\n<p><strong>How to Avoid It<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Craft a solid business plan<\/strong>: Outline your short-term objectives, long-term goals, and concrete steps to reach both.<\/li>\n\n\n\n<li><strong>Give yourself time<\/strong>: MWF conducts thorough underwriting to help ensure you\u2019re set up for success. Be patient and be prepared to answer additional questions or supply more documentation.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-providing-inconsistent-or-inaccurate-details\"><strong>4. Providing Inconsistent or Inaccurate Details<\/strong><\/h3>\n\n\n\n<p>Inconsistencies can range from honest typos and overlooked expenses to failing to mention a personal loan or debt. Because MWF delves deeply into your overall picture, missing or conflicting data inevitably raises red flags.<\/p>\n\n\n\n<p>\u201cWe do ask some questions repeatedly, which helps us spot discrepancies. It\u2019s not about catching you out \u2014 it\u2019s about making sure we fully understand your situation,\u201d Stewart says.&nbsp;<\/p>\n\n\n\n<p><strong>How to Avoid It<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Double-check your figures<\/strong>: Ensure your tax returns, bank statements, and projections line up with each other.<\/li>\n\n\n\n<li><strong>Be transparent<\/strong>: If you\u2019re not certain about a particular figure, note that and ask for guidance instead of guessing.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-lack-of-responsiveness-during-underwriting\"><strong>5. Lack of Responsiveness During Underwriting<\/strong><\/h3>\n\n\n\n<p>You\u2019ve turned in your application \u2014 great! But if MWF (or any lender) follows up with questions and you\u2019re impossible to reach, your application could linger indefinitely.<\/p>\n\n\n\n<p>\u201cWe might request extra paperwork, like a lease agreement or a liquor license, depending on your business type,\u201d Stewart explains. \u201cIf you don\u2019t respond to emails or calls, you\u2019re simply delaying your approval.\u201d<\/p>\n\n\n\n<p><strong>How to Avoid It<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Check your email regularly<\/strong>: Make it a habit to look for communication from your loan officer.<\/li>\n\n\n\n<li><strong>Be proactive<\/strong>: If you know you\u2019ll be unavailable for a period (travel, family emergency, etc.), let your lender know.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-mistaking-not-now-for-a-final-no\"><strong>6. Mistaking \u2018Not Now\u2019 for a Final \u2018No\u2019<\/strong><\/h3>\n\n\n\n<p>Even if MWF or another lender decides you\u2019re not currently in a position to take on a loan, that doesn\u2019t mean the door is closed forever.<\/p>\n\n\n\n<p>\u201cIf we can see that adding more debt right now would hurt your business, we\u2019ll say \u2018Not now\u2019 and offer steps to improve your financial health,\u201d Stewart explains. \u201cWe look at personal credit, too. If it\u2019s under 600, we might advise enrolling in a credit restoration program while your loan is being underwritten.\u201d<\/p>\n\n\n\n<p><strong>How to Avoid It<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Stay open to feedback<\/strong>: Use constructive advice from your loan officer to strengthen your business plan or credit profile.<\/li>\n\n\n\n<li><strong>Reapply when ready<\/strong>: Once you\u2019ve completed the recommended steps \u2014 such as credit repair or refining your budget\u2014there\u2019s often a path toward eventual approval.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-mwf-can-help\"><strong>How MWF Can Help<\/strong><\/h3>\n\n\n\n<p>Unlike traditional banks, Michigan Women Forward invests time in helping you build a sustainable enterprise. Loan officers like Stewart work closely with applicants, digging deeper into your numbers and your vision to ensure that funding truly benefits your bottom line.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Pre-Application Guidance<\/strong>: MWF\u2019s business development managers can help you understand the required paperwork and answer preliminary questions.<\/li>\n\n\n\n<li><strong>Loan Readiness Assistance<\/strong>: MWF can point you toward local and statewide programs, such as the <a href=\"https:\/\/michigansbdc.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">Michigan SBDC<\/a> or <a href=\"https:\/\/operationhope.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">Operation HOPE<\/a>, for mentorship, financial education, and credit restoration. MWF staff may also assist you with revising financial projections to be more consistent with your business plan and industry trends.\u00a0<\/li>\n\n\n\n<li><strong>Ongoing Support<\/strong>: Once approved, MWF continues to offer post-loan technical assistance, helping you utilize your funds effectively and manage your repayments.<\/li>\n<\/ul>\n\n\n\n<p>A little preparation goes a long way. Before filling out that <a href=\"https:\/\/miwf.org\/business-loans\/apply-for-a-loan\/\" target=\"_blank\" rel=\"noreferrer noopener\">loan application<\/a>, invest time in mapping your finances, creating a realistic business plan, and gathering all required documents. And remember, a \u201cnot now\u201d isn\u2019t necessarily a \u201cno\u201d forever \u2014 often, it\u2019s an opportunity to refine your approach and come back stronger.<\/p>\n\n\n\n<p>\u201cDon\u2019t be afraid of the loan process,\u201d Stewart encourages. \u201cThere\u2019s plenty of help available. With the right plan and the right resources, you can secure the funding you need to watch your business thrive.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whether you\u2019re expanding a home-based bakery into a storefront or buying new equipment for your growing salon, applying for a small business loan can feel both exciting and intimidating. While [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5291,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"ghostkit_customizer_options":"","ghostkit_custom_css":"","ghostkit_custom_js_head":"","ghostkit_custom_js_foot":"","ghostkit_typography":"","footnotes":""},"categories":[28,29],"tags":[],"class_list":["post-5290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-insights-trends","category-small-business-how-tos"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v26.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Common Loan Mistakes and How to Avoid Them - Michigan Women Forward<\/title>\n<meta name=\"description\" content=\"Learn the pitfalls in applying for a business loan along with insights on how to avoid them so you can confidently move forward with your financing needs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/miwf.org\/business-insights-trends\/common-loan-mistakes-and-how-to-avoid-them\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Common Loan Mistakes and How to Avoid Them\" \/>\n<meta property=\"og:description\" content=\"Learn the pitfalls in applying for a business loan along with insights on how to avoid them so you can confidently move forward with your financing needs.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/miwf.org\/business-insights-trends\/common-loan-mistakes-and-how-to-avoid-them\/\" \/>\n<meta property=\"og:site_name\" content=\"Michigan Women Forward\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/MichiganWomenForward\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-01T05:09:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-01T15:19:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/miwf.org\/wp-content\/uploads\/2025\/04\/Loan-Mistakes.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"520\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Julia Elliott\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Julia Elliott\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":[\"Article\",\"BlogPosting\"],\"@id\":\"https:\/\/miwf.org\/business-insights-trends\/common-loan-mistakes-and-how-to-avoid-them\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/miwf.org\/business-insights-trends\/common-loan-mistakes-and-how-to-avoid-them\/\"},\"author\":{\"name\":\"Julia Elliott\",\"@id\":\"https:\/\/miwf.org\/#\/schema\/person\/4f68cbe845b39d3ffcfb99b9357540c2\"},\"headline\":\"Common Loan Mistakes and How to Avoid Them\",\"datePublished\":\"2025-04-01T05:09:50+00:00\",\"dateModified\":\"2025-04-01T15:19:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/miwf.org\/business-insights-trends\/common-loan-mistakes-and-how-to-avoid-them\/\"},\"wordCount\":1123,\"publisher\":{\"@id\":\"https:\/\/miwf.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/miwf.org\/business-insights-trends\/common-loan-mistakes-and-how-to-avoid-them\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/miwf.org\/wp-content\/uploads\/2025\/04\/Loan-Mistakes.png\",\"articleSection\":[\"Business Insights &amp; 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