Business Loans for Boot Shop
Small businesses especially retailers require business funding, and generally the traditional approach was to approach the bank for a loan. This approach has however not worked too well for retailers such as boot shops and shoe shops.
Banks do not entertain business loans for boot shop easily, and there are many requirements that banks have to approve an application. Some of these are a high credit score over 700, statements that reflect healthy deposits and also healthy ending balances, tax returns, personal financial records of the business owner, profit and loss statements which also need to be healthy etc.
All these criteria generally result in most applications being rejected eventually by the bank. The rejection ratio of banks is generally about 90%. If the bank is not appeased by any of the documents submitted the possibility of rejection goes up drastically.
Funding Easily provides merchant cash advances for boot shop and shoe shops, and the criteria that need to be met are quite simple. The retailer or boot shop needs to be older than 12 months or one year, and the minimum gross sale should be in excess of $15 thousand. These are the primary criteria, in addition to this the business owner should not be in active bankruptcy. If a business qualifies these criteria, the possibility of them qualifying for the funding is very high.
There are other advantages also with private finance such as the turnaround time of the funding. Traditionally, banks will take a couple of months with an application to update the applicant if the loan application is positive or rejected.
Funding Easily can reduce that time to 48 to 72 hours, with the funds being deposited into the business account at the end of that period of time at the earliest. Although it’s not necessary for the funds to be deposited into the business account during this time frame only, it does not take a couple of months.
For more information related to applying for a business loan, contact us. Our funding team will provide you with additional information and assist you with the funding application.
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