Business Loans for Liquor Store
For most retailers getting a business loan for liquor stores is not easy through the bank. Usually, liquor stores just like other retailers require funding for reasons such as expansion, inventory, working capital etc. Banks have some limitations when it comes to funding small businesses. These limitations are related to the criteria banks have, and the criteria are developed over years of experience to protect them from losing their investments.
These are not limitations that private lenders face when giving loans to small and medium sized businesses. A private funder such as Funding Easily, requires very simple qualification parameters, these are as follows. The business needs to be over 12 months old and the minimum gross sales need to be over $15 thousand. Also the owner of the business should not be in active bankruptcy.
Credit scores are also not a big limitation with private lenders, and a credit score in the mid-500s we can work with. A bank on the other hand requires a credit score of at least 700 or over, anything less than this will result in the rejection of the application, based on the poor credit score alone.
Banks do also require a lot of other assurances apart from high credit scores. These are typically, statements with good deposits and closing balances, tax returns that show a healthy return, personal financials of the business owner, profit and loss statements and more. Private lenders require far less paper work than this, and this makes obtaining the funding required far more possible for small businesses.
Time frames is another factor that makes a difference. While a private funder can deliver the funds as quickly as 48 to 72 hours, at the earliest, a bank takes on an average 2 to 6 months.
For more information related to business funding for liquor store you can contact our funding team. They will provide you with additional information and assist you with the application for your loan if required.
Want to know more?
we have worked with many Liquor Stores. You too are welcome.