What Are the Common Challenges Entrepreneurs Face with Traditional Banks?
One of the primary challenges is the stringent credit requirements that traditional banks impose. Entrepreneurs often need to provide a solid business plan, a good credit score, and sometimes even personal guarantees or collateral. This can be particularly challenging for startup founders who may not yet have a proven track record. Additionally, the loan approval process can be time-consuming and bureaucratic, which may not align with the fast-paced nature of entrepreneurial ventures.