Business Loans for Home Supply Store
For a small business with less than perfect financial credentials, there are solutions to getting business loans for small businesses such as home supply stores.
There are a few limitations that small businesses face when they apply for business funding with a bank. Traditionally, banks have a long list of criteria when it comes to providing funding for small and medium sized businesses. These criteria have been formulated over decades and are designed to protect the bank from losses and bad investments.
The criteria are fixed, even though they may not apply fully to the circumstances of a business that has applied for the loan. However, as a norm the bank will reject that application. The criteria banks require is healthy monthly deposits and ending balances reflecting on monthly statements, every month. Banks may also require the personal financials of the business owners, profit and loss statements, tax returns for a year or two and more.
A private funder such as Funding Easily does provide business loans for home supply stores and the qualifying criteria are very realistic. Typically apart from not requiring a high credit score, we also do require collateral security and personal guarantees. The business needs to be at least one year old or not less than 12 months, and the minimum gross sale needs to be in excess of $15 thousand dollars a month. In addition to this the owner of the business should not be in active bankruptcy.
If a business can qualify based on these simple criteria, they will defiantly be able to qualify for the rest of the simpler and smaller requirements of the loan. One of the primary differences between bank funding and private funders is the fact that while banks attempt to reject as many applications as possible private funders do not.
For more information or details on how to apply for business funding for home supply stores, contact our funding team. They will provide you with all the information you require and assist you with the application process if required.
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