Small Business Loan Approved then withheld

[ibnatasha2u]

Not sure if this is the correct forum to ask this in, but....
I applied for a small business loan, it was approved and the funds sent to the bank my debit card is from. THE BANK SENT THE FUNDS BACK! When I called customer service I was told that my account was a personal account and the funds were for a business.
This was in July, I still haven't been re-funded.
My question is, if the papers were signed and accepted by the lender, fund were disbursed but returned by my bank, does the lender have the option to change their minds, and not loan me the money? Even after the contract has been sign end accepted?

 

[Taxing Matters]

My question is, if the papers were signed and accepted by the lender, fund were disbursed but returned by my bank, does the lender have the option to change their minds, and not loan me the money? Even after the contract has been sign end accepted?

You have to read the contract to know what the lender's rights and options are. If you aren't sure of the answer after reading the contract then I suggest you take the contract to a local contract attorney for a review. Unfortunately there is nothing I can tell you about this as I have not read the contract.

 

[adjusterjack]

y question is, if the papers were signed and accepted by the lender, fund were disbursed but returned by my bank, does the lender have the option to change their minds, and not loan me the money? Even after the contract has been sign end accepted?

Also read the account holder agreement for your personal account. There may be something in there that prohibits using a personal account for business. Banks often charge fees for business accounts but don't charge fees for personal accounts.

It doesn't appear that you are actually being denied the loan. You may just need to prove you have a business and open a business account.

 

[quincy]

Have you thought to open a bank account for your business? That might resolve the problem without much effort.

What is the name of your state?

 

[ibnatasha2u]

Have you thought to open a bank account for your business? That might resolve the problem without much effort.

What is the name of your state? Washington State

I did open a business account through a different bank, and gave the acct. information. I have provided tax info., business license and every document and proof of identity requested. Now I dont even have a person to contact. The last person that was handling my file was reassigned to a different department. All I get is a costumer service agent that keeps telling me I will be contacted.

 

[quincy]

I did open a business account through a different bank, and gave the acct. information. I have provided tax info., business license and every document and proof of identity requested. Now I dont even have a person to contact. The last person that was handling my file was reassigned to a different department. All I get is a costumer service agent that keeps telling me I will be contacted.

What is the name of your state, ibnatasha2u?

So ... the money was sent to the wrong bank?

How long ago did this happen?

 

[ibnatasha2u]

What is the name of your state, ibnatasha2u?

So ... the money was sent to the wrong bank?

How long ago did this happen?

I live in Washington State.
The money was sent to the correct bank, but after they returned the money I opened a new account at Wells Fargo and provided my new banking info.
I applied and was approved in July 2020.

 

[quincy]

I live in Washington State.
The money was sent to the correct bank, but after they returned the money I opened a new account at Wells Fargo and provided my new banking info.
I applied and was approved in July 2020.

It sounds like you will have to reapply, this time using your business account information. If you were approved for the loan before, you probably will be approved again.

Thanks for providing your state name and for the clarification.