Business Loans for Music Store
Retailers who have tried to get a business loan for music store, from a bank mostly know that it’s not an easy task, and in most cases give up after a while. The reason for this is simple, banks take every measure to protect their investments, based on years of experience which is now on their standard best practice list of criteria they follow.
Private lenders on the other hand have a very inflexible way of looking at loan applications, and the qualifying criteria is very different. Here all that a retailer needs to be in business over 12 months, and the business gross sale needs to be a minimum of $15 thousand.
In comparisons to private lenders banks require a lot more. In the way of paper work they require every monthly statement to show healthy deposits and ending balances, good tax returns, good credit score of at least 700, personal financials of the business owner in some cases, and even the profit and loss statements of the business. In addition to this they do mostly always require, collateral, security and personal guarantees.
After the stringent criteria that banks have in place related to approving loans, it’s not surprising that almost 90% of all funding applications they receive are rejected.
Private lenders do require statements, however just to categorize the actuals of the business financials. Also, private funders such as Funding Easily do not require collateral, security and or personal guarantees. And the credit score is not the most important aspect, even a poor credit score of 500+ will work.
Time frames is another area that many small business owners need to be aware of. Typically, a bank will take a few months to process the loan application at the least. A private lender such as us can deliver the funds into the applicants account in 48 to 72 hours.
Contact us for more information related to business funding for music store, our funding team will provide you information you require, and they will also assist you with an application for a loan if required.
Music Stores need timely funding to update their inventory. Check out your options now