Business Loans for Men's Clothing Store
Most small businesses require business funding at some point of their business life, for various reasons for purposes such as working capital, expanding their business, inventory purposes, advertising, equipment and so on. The natural first choice is to approach the bank who is supposed to provide them with the loan. However, as most small and medium sized businesses soon find out the ground realities are quite different from that.
A small business can approach the bank, however up to 90% of loan applications are rejected by the bank for various reasons. Banks are very keen to ensure that their funds are safe always secure, and they are also very concerned about what are known as high risk investments. Generally, small and medium sized businesses fall into that category.
For a retailer to obtain a business loan for men’s clothing stores they can either approach the bank or a private lender. Most small businesses choose to work with private lenders, because in the end most banks end up rejecting over 90% of all funding applications they receive.
For a private funder such as Funding Easily, the criteria are simple. The business should be over 12 months old and the minimum gross sale of the business should not be less than $15 thousand. If these two criteria are met there is a very high likely hood that the business will receive the funding they require. Other requirements are that the owner of the business should not be in bankruptcy.
For funding a private lender does not require collateral, security, and personal guarantees such as the banks require. Such easy requirements make it easy for most businesses to qualify without a hitch for the funding that they require. Banks on the other had require a lot of paper work to ensure that the small business is a secure investment. The only problem with all the documentation that banks require is small businesses are generally not able to meet the stringent criteria.
For more information and assistance on how to obtain a business loan for men’s clothing store contact our funding team. They will provide you with the assistance and information you require.
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