Business Loans for Footwear store
For a small business owner such as a footwear store owner period funding is essential as it is for almost all businesses. The most common thing that businesses owners do is apply to the bank for a business loan for footwear shops when they require it. However, the banks have a list of stringent criteria which in most cases is next to impossible for many small businesses to get through.
Banks require to see stability in records. A bank would want to see the financial statements with healthy deposits and ending balances, they would also want to see the profit and loss statements, the owners personal statements, tax returns etc. If these do not paint a picture the bank would like to see the application is rejected.
Private lenders on the other hand provide business loans to footwear stores and loans to other kinds of small businesses primarily. The criteria private lenders have is simple, a business needs to be at least 12 months old, and have a minimum gross monthly sale of $15 thousand. The business owner should not be in bankruptcy however to be approved for the loan.
In addition to this private lenders such as Funding Easily do not require an excellent credit score unlike banks, who have a requirement of 700. Private lenders will work with credit scores as low as mid-500s. Also private lenders have no requirement of collateral security and personal guarantees. These lending terms make it extremely easy for businesses such as restaurants to get funded.
Generally, the amount of time required to fund small businesses is also far quicker. In the quickest of events a business can expect to receive the funds in their business account within 48 to 72 hours from the time of submitting the application.
For more information regarding the application process, contact us and our funding team will provide you with all the information you require and also help you fill out the application form if necessary.
Footwear store need funding periodically. Check out your options now