I tried to get a small business loan from a big bank in Royal Oak and it was a mess

I needed about $25,000 to buy a second truck for my hauling business. I walked into a big national bank branch in Royal Oak last month, thinking it would be simple. I had my tax returns, my business plan, everything. The loan officer kept asking for more papers, then said my business was too new, even though I've been running it for three years. After two weeks of back and forth, they finally said no. I learned that these big banks just don't get small, local operations like mine. They have a box you need to fit in, and if you don't, you're out. I wasted a lot of time. Has anyone had better luck with a local credit union or a smaller bank around here for a business loan?

2 comments

2 Comments

christopher_kim5h ago

My cousin tried to get a loan for his food truck from a credit union in Ferndale. He said they actually sat down and looked at his cash flow from day one, not just his tax papers. They gave him less than he asked for, but they worked with him on a plan to get the rest in six months. It was still a process, but they talked to him like a real person. I'd check out a local place for sure.

carr.xena3h ago

Your cousin's story with the Ferndale credit union shows a real difference. Big banks just check boxes on a form. Local lenders, like the one @christopher_kim mentioned, actually see your business as more than numbers on paper. My mechanic got his garage expansion funded because his credit union understood his loyal customer base. That personal touch makes all the difference when you're starting out.