Business Loans for Dog Grooming
Small professionals and small business owners who approach the bank looking for business loans for dog grooming for their business are often disappointed. The reason for this is because banks have very strict criteria as a result of reducing the risk of losing their investment.
This is not however a problem for small business owners and professionals, the funds are still available to them through private lenders such as Funding Easily. Private funders have a very different list of criteria to qualify small and medium sized businesses for loans.
Some of these criteria are as follow; we do not require an excellent credit score and even a below average credit score will work. The business needs to be at least 12 months old, the gross monthly sale of the business needs to be at least $15 thousand, the owner of the business should not be in bankruptcy and the business should be active and operational.
Banks are stringent simply because according to their understanding, small businesses, professional services and medium sized businesses are a high risk investment, with a high possibility of loss of investment. Banks require a lot of paper work, and a high credit score generally 700 or above, anything less than this and the application will be rejected. It’s due to these criteria that banks are able to reject up to 90% of all the business applications that they receive.
There are other differences as well with bank loans and a private lender such as Funding Easily. One of the major differences is the time frames, we can deliver the funds to the applicant at the quickest in 48 to 72 hours. On the other hand a bank generally takes between 2 to 6 months to do the same, and this time frame does not always suit small business owners.
Contact us for more information on business funding for dog grooming. Our funding team will provide you with the information that you require, and also provide you with assistance related to filling in the application if required.