houston business loans
Houston is home to countless small and medium sized businesses, and this is one reason why there is so much demand in Houston for quick business loan.
Traditionally, small businesses require loans for numerous purposes. Some of these are expanding the business, purchasing new equipment, inventory, for existing or new contracts that they may have got, working capital and the list goes on.
Some of the reasons that most small and medium sized businesses do not go to banks is because most banks are very hesitant in giving loans to businesses. Banks generally prefer to give only very secure loans, and small businesses are not considered to be a very secure option for the bank.
Small Business Loans Houston
If a small business owner applies for a private small business loans the possibility of being approved for it is very high. The qualifying criteria is possible with private lenders, unlike what it is with banks. Generally, banks reject approximately 90% of all the loan applications that they receive. On the other hand, private lenders require a business to be at least 12 months old with a minimum gross sale of $15 thousand a month.
For a private lender the credit score is not a very important criteria to approve or reject a business application, unlike banks who require a credit score to be over 700. Banks also require healthy statements which reflect good deposits and balances, tax returns and sometimes the personal financials of the business owner.
The time frames associated with a bank application and a private funding or retail business loans is also drastic. At the quickest a bank will update an applicant in a month or more, about the status of their application. While on the other hand a private lender can process the application at the earliest within 48 to 72 hours.
Taking all these features into considerations it is very possible for a small or medium sized business to qualify for a business loan in Houston. Follow the link mentioned on this page to contact our funding team who will provide you with additional information and also assist you with filling loan application if required.
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