Business Loans for Bridal Shops
All business owners who are looking for a business loan for bridal shop generally visit their local banks. Its natural for people to assume that the bank they have their business account in will provide them with the funding without a hitch. This is not the case because banks have a long list of criteria, which are in place to protect them from bad investments and losses.
A private lender such as Funding Easily provides loans easily to small and medium sized businesses. These loans are available for small and medium sized businesses without collateral security, personal guarantees, and even with a credit score in the mid-500s.
All we require in the way of criteria mainly is that the applicants business be running, it be at least 12 months old, and it needs to have a gross monthly sale of at least $15 thousand. Also the business owner should not be in bankruptcy.
The criteria of banks are established on decade’s worth of experience and as a result they have developed the most stringent criteria to accomplish this. The foremost criteria is the credit score which should be over 700. Collateral, security and personal guarantees are required with the banks, in addition to this the banks require good business statements that paint a strong financial picture of deposits and ending balances. Other documentation is also required such as the profit and loss statements, personal financials of the business owner, and more.
Time frames is another feature that varies drastically between a private funder and the banks. Typically, a private lender can at the earliest forward the money to the business account as soon as 48 to 72 hours from the time of receiving the loan application. Banks on the other hand take anywhere between 2 to 6 months to process the loan application.
Contact us for more information related to business funding for bridal shops, our funding team will be happy to provide you with additional information. If need be they will also assist you with your loan application.
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