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# Explaining Negative Circumstances to the Lender

If the divorce is not yet finalized, the borrower would be wise to consider waiting until the process is completed before making a business loan application. When resolving the complicated and emotional issues of divorce, the anxiety of seeking credit can only be compounded. Most borrowers would generally be better served by focusing on one major situation at a time.

Bad Decisions

The old adage, "to err is human," is certainly true; however, some mistakes are more costly than others. Small business owners often perform the duties of a chief executive officer, chief financial officer, chief operating officer, advertising agent, transportation specialist, tax expert, computer technician, and any else that may need doing. In an ever-changing economy, operational as well as strategic decisions must be made on a regular and continuing basis. Because small business owners are constantly making decisions with long-term implications, inevitably errors are sometimes made.

When the LO is briefed about such errors, the borrower's candor is naturally factored into the assessment of the actions that were taken by the business owner to overcome the mistake. If the borrower qualifies under the other criteria necessary to obtain financing, previous errors of judgment generally should not prevent the loan from being approved.

Bad Health

More than a few business owners have fallen victim to extended illness or injury due to an accident, with only one of the many consequences being serious financial damage. It would seem to be quite unfair to relegate such individuals to never again being able to qualify for business credit, especially if the borrower had a spotless track record before the occurrence. Lenders are human beings as well, and many of them share this sentiment.

Once more, the borrower should provide documentation to communicate and confirm the medical situation to the lender, explaining the effect that it had on the business operation as well as on the borrower personally. Although the borrower can and should expect compassion for such situations, the realization must remain that he or she still shoulders the burden of proof. Rather than giving the LO all the particulars of the treatment and procedures, a generic description of the medical condition will provide sufficient personal information, after which the borrower should emphasize economic health and focus on the financial details.

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