Small Business Lending

Dear Siobhan,
I’ve applied to be the client in two DNEP cohort programs and wasn’t selected either time. The emails were polite but vague. I have a real business and I need the support. What am I missing?
—Ready to Try Again

Photo: Michigan Law students with attorney-faculty supervisors Dana Thompson and Albert Pak (center) at Detroit Hispanic Development Corp.
Dear Ready to Try Again,
Not being selected doesn’t mean your business isn’t worthy. It means your application didn’t show that you’re ready for what that specific program offers or the timing of the kind of problem you were looking for support with didn’t …

Dear Siobhan,
I have been running my bakery in Southwest Detroit for four years. My conchas are legendary, my books are finally clean (thanks to my new bookkeeping software and habits), and I’m ready to move from a shared kitchen into my own storefront. I need $30,000 for ovens and a display case. But things are not going well with the banks.
My credit score is a 660 – not perfect, but I’m currently paying everything on time and never missed a payment without a good explanation. Why does it feel like I’m asking for a miracle instead of a loan?
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