Pharmacy Business Loan
Small business owners who are looking for business loans for pharmacies should consider the option provided by private lenders for numerous reasons. Some of the features associated with bank loan applications are as follow; banks require very strong business bank statements with good deposits and strong closing balances, they also require high credit scores at least 700 or over, they do more often than not also require profit and loss statements and also personal financials of the business owners. These are just some of the requirements.
Private lenders such as Funding Easily do not require such criteria, and the basic criteria required makes it possible for almost every business to qualify for. The basic criteria are the business needs to be at least a year old or not less than 12 months, the gross monthly sales need to be in excess of $15 thousand, and the business owner should not be in personal bankruptcy.
In addition to this banks take a minimum of 2 to 6 months to process the loan application. In comparison the quickest we can deliver the funds into a business bank account of an applicant is 48 to 72 hours. This makes it one of the quickest options for receiving business funding for pharmacies.
Many small business owners are very disappointed when they get rejected by the bank, assuming that there is a problem with their business specifically. However this is not the case, banks reject over 90% of small and medium sized business loan applications due to their strict qualifying criteria. The qualifying criteria of banks have been formulated over decades, based on the best methods of preventing their investments going south.
The banks criteria is however not conducive to the current requirements of small businesses who require a lot of small businesses that small businesses are generally not able to provide. Private funders are realistic and do fund most businesses without much trouble.
For more information, contact us. Our funding team will provide you with the information that you require, and if need be they will help you out with the filling of an application as well.
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