Business Loans for Meat Shop
The number of retailers who require business funding is vast, and the problem is most banks do not readily provide funding to small businesses and medium sized businesses. The reasons for this are many as we will cover some of the top reasons.
Typically if a small business is looking for a business loans for meat shop the possibility of the bank providing them with that is slim. The primary reasons why banks do not provide business loans to meat markets is because they want to ensure the safety of their investment. Small business on the whole are looked upon as a higher risk option than funding a large business.
Banks have a long list of criteria that they have developed over decades, based on real experience and how to avoid losses. While this works great for banks, it does not serve the interests of the small business owner who has a competitive market to operate in.
Small business owners are looking for funds for primarily reasons such as business expansion, equipment, inventory, working capital and so on. The banks require perfect financial records of all businesses they loan money to. These records include bank statements which should reflect healthy income and closing balances every month. They would also require other statements such as the personal financials of the business owner, the tax returns of the business for a couple of years, profit and loss statements and more. All this makes it very difficult for the business owner to qualify for the bank loan, and as a result the banks end up rejecting over 90% of all applications that they receive.
A private lender such as Funding Easily on the other hand has far more realistic or even lax qualification standards. The business needs to be over 12 months old at the least, and the minimum gross monthly income needs to be at least $15 thousand. Also the business owner should not be in active bankruptcy.
If a retailer is looking for a business loans for meat shop it is easily available based on where the business owner is applying for a loan. Every kind of difference exists between bank funding and private funding options. These include the time durations as well, typically a private funder such as Funding Easily can at the quickest make the funds available in the business account of the applicant in 48 to 72 hours, while the turnaround time for banks to provide the funds could take anywhere between 2 to 6 months.
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