I was going to open a bookstore in Portland, but the bank turned down my loan after I'd already signed the lease.
I stood there holding the rejection letter in the empty storefront on 23rd Street, realizing my dream of running a quiet little shop with a reading nook was over before it even started.
Man, that exact thing happened to me with a coffee cart. Signed the lease, got the no from the bank. I called every small business group in the city. Found a local non-profit that does microloans for exactly this. Their rate was higher, but I got just enough to buy the used espresso machine and start. You have to get scrappy and look past the big banks.
Appreciate you sharing that story, @spencer_coleman. It really shows how the big banks often miss good chances with small starters. Finding those local groups is the key move when you're stuck.
My buddy got a $15k loan from a local credit union after Chase turned him down. They actually looked at his business plan instead of just his credit score.
Flip the whole thing around and see if the landlord will let you sublease the space or take a tenant for a few months while you regroup. Some small landlords would rather do that than fight over breaking a lease and end up with an empty spot anyway. It might buy you time to find a different funding path without torching your credit.