Business loans for hardware store
Small businesses such as hardware stores require business funding, and generally when small business owners require funding, they approach the bank. Most banks reject about 90% of all business applications because banks want to be sure their investment is secure.
Private funders such as Funding Easily on the other hand, do process business loans for hardware stores. These applications are easy to fill, and the entire process is uncomplicated and quick. The quickest a small business can receive the funds is within 48 to 72 hours in their business bank account, from the time of submitting their loan application with us.
The difference between an application to the bank and to a private lender is stark. A bank requires a credit score of 700 or more at least, a private funder like Funding Easily will work with a credit score in its mid-500s.
In addition to this banks require other forms of security to ensure that their money is secure. Banks want to see healthy deposits on a monthly basis, along with strong closing balances every month. They will also want to be sure that your business is highly profitable so profit and loss statements are required, the business owners personal financials are also required, along with tax returns for a year or two, and so on. After receiving all the necessary documentation, there is still no guarantee that the business will be approved for the loan. In fact most applications are rejected still.
Funding Easily works on very different parameters. Typically, when we receive a business funding for hardware store application we do not require collateral, security and personal guarantees or an excellent credit score.
The criteria that a private lender has are as follows; the business needs to be at least 12 months old or more. The business needs to have a minimum income of at least $15 thousand and the business owner should not be in bankruptcy. These are the basic criteria, and most small businesses do qualify, those that qualify for these basic parameters also qualify for the rest.
Contact us, our funding team will provide you with all the information that you require, and they will also assist you with the application if required.
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