Business Loans for Butcher Shops
When a butcher goes to his local bank to apply for a business loan for butcher shop and doesn’t get one he may be quite confused. However, banks are not keen on funding small businesses, even though they may maintain the business account of the small business.
A private lender such as Funding Easily does provide solutions like this. Every year we fund thousands of small and medium sized businesses. The qualifying criteria that we have is simple; the credit score of a business is not key to obtaining funds and we work with average credit scores. Collateral, security and personal guarantees are not required by us.
The criteria that we do have is practical and reasonable. The business needs to be running, the business needs to be at least 12 months old, the business gross monthly needs to be at least $15 thousand, and the business owner should not be in bankruptcy at the moment. These are simple criteria that most small businesses are able to meet.
With banks, the criteria they have is designed around not funding small and medium sized businesses so much. As a result it is designed in a way where most small and medium sized businesses fail the qualification. Typically, about 90% of all business loan applications are rejected by banks on various grounds.
The banks require strong business statements and other documentation, which all needs to paint a good financial picture according to their criteria. Some of the documents and criteria required are high credit scores over 700, it is possible that the bank will require the personal financials of the business owners, tax returns, profit and loss statement etc.
Time frames of Funding Easily are very different than that of the bank. We can at the earliest process the application and deliver the loan into the business account in 48 to 72 hours from the time of receiving the application, and at the most 1 month.
Banks take anywhere from 2 to 6 months. The reason is simple, they are not concerned with the time frames of the business owner’s requirement. Banks are keener on securing their funds, and making sure these are according to their norms.
Contact us for more information regarding business funding for butcher shops. Our funding team will assist you with information, and also with the filling of the application if required.
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