Banks in Kenya, like in any other country, have the responsibility to carefully evaluate loan applications before granting them. While it may be frustrating to have your loan application declined, it is important to understand the reasons behind the decision. 💰 Poor credit history 💰 Insufficient income 💰 Unstable employment / business 💰 Lack of collateral 💰 Loan application inconsistencies

To improve these, do a risk assessment for possible occurrences outside your scope that could affect your inability to pay. Afterwards, show the bank how you will deal with the risks should they occur. Eg. If a calamity would strike like Covid did, how would your business adapt to that? How would your business adapt if a major market player joined the market?

Show your bank the strong foundations supporting business continuity amidst unforeseen occurrence such as repeat buyers, good reputation with your suppliers, a solid management structure if you have employees, business consistency such as continuous growth in sales... everything that puts your business in good books.