Which of the following can affect a small business's ability to secure financing?

High-interest rates and stringent covenants significantly impact a small business's ability to secure financing because they directly affect the cost of borrowing and the conditions under which loans are granted. High-interest rates increase the financial burden on a business, making it more expensive to take on debt. This can deter both lenders and potential investors, as they may perceive the business as higher risk if it has to pay more in interest. Stringent covenants, which are conditions set by lenders that a borrower must adhere to, can also limit a business's operational flexibility and ability to take on additional debt or invest in growth. If a business cannot meet these requirements, it may struggle to obtain financing or may be offered less favorable terms, ultimately hindering its financial health and growth prospects.

The other options, while potentially relevant to a business's operations and market success, do not directly impact the lending criteria or financial assessments that lenders consider when evaluating a small business's application for financing.