Reviewers are not assessing your business. They are assessing whether they can defend saying yes.
A credit officer, a licensing officer and an auditor all share one incentive: not being the person who signed off on something that went wrong. They are not looking for a great opportunity. They are looking for enough documented, independently sourced evidence to justify the decision to whoever reviews it after them. A brilliant business with unsourced numbers is harder for them to approve than an average business with a properly evidenced file. That is not cynicism, it is how institutional decisions work everywhere.