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1. My business doesn’t make any money, but I will be profitable once I get bigger! I just need to scale up, and then I will have profit.This is the #1 reason I hear for why business owners think a bank should give them a loan.

   However, what banks know is that it’s untrue. Very few businesses get more profitable when they get larger. In fact, most businesses get *less* profitable when they grow. If you’re not already operating a profitable business, growth rarely helps, and often hurts. Banks know this, and again, they are risk averse, so they won’t lend.

2. I’m a startup, and I have a great business plan! It’s Uber-for-XXX! Of course I don’t have any profit yet, I am just opening! Aren’t banks there to help companies get off the ground?

   No, they’re not. Banks give money only to businesses that have already proven they can be profitable and successful. Banks do not give loans to startup companies, because the vast, vast majority of them fail, and quickly. 30% of businesses don’t make it out of the first year.