Quite possibly. A decline from your bank means you did not meet that bank’s criteria — it does not mean the deal is unfundable. Banks apply one set of rules; specialist asset finance lenders assess cases differently, and some on our panel routinely consider proposals that high-street banks turn down. There is still no guarantee of acceptance.
Banks often decline on rigid triggers: not enough trading history, a sector they have stepped back from, an asset type they do not fund, or a credit score below a fixed cut-off. A funder who understands your trade and the resale value of the equipment may reach a different conclusion on exactly the same facts.
Be aware that the reason for the decline matters. If the bank said no because of a policy on start-ups or asset types, alternatives are often available. If it said no because of recent missed payments, unpaid tax or serious cash flow pressure, other lenders will see the same picture and the outcome may be the same. In those cases terms are usually tighter, with a larger deposit or a higher cost.
It also helps to know why you were declined before reapplying elsewhere, so ask the bank. Our declined for business finance page covers this in more detail.