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Does Carmen’s Bank Have Enough Information To Approve Her Loan?

Carmen Santiago has taken ownership of a salon her mother started many years ago. She has a good book of repeat customers, but she wants to upgrade the salon to offer facials, manicures and pedicures. Since the business has been successful for many years, she’s confident that she’ll have no trouble getting the loan.

  • She’s been in business 20+ years
  • The salon was started by her mother, but now Carmen is the sole owner
  • Her husband has his own tax preparation business
She applies at the same bank where she’s done business for years. The bank doesn’t find any derogatory records other than a missed payment 3 years ago, but they chalk that up to a one-time oversight. They also see that her husband’s business is in good standing. She gets her financing and can start booking new services soon. 

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