Business Loans for Shoe Store
Shoe store owners like all other retailers and small business owners also require business funding occasionally. Generally, when small businesses owners require business funding they apply to the bank looking for the funding, however things do not always go as planned.
Banks are not always keen on providing business loans for shoe stores or any other kind of stores for that matter. Banks prefer to fund large businesses such as corporations. The reason is these appear to be far more secure investments when compared to small or medium sized businesses.
The time frames is something that should be of interest to small business owners. Typically, a bank takes 2 to 6 months to either reject or fund a small business, in comparison to a private funder who takes at the earliest 48 to 72 hours and at the latest a couple of weeks. This also matters to the business owners many of whom require the funding within a fixed period of time for it to b effective.
There are many other features that are also made available by private funders such as Funding Easily. Some of these are the realistic qualifying criteria, such as no collateral, security or personal guarantees. The owner of the business should not be in active bankruptcy to qualify for a private funding. In addition to this the business needs to be at least one year old or 12 months, and the minimum gross sale of the business should be at least $15 thousand.
These are reasonable criteria for any small or medium sized business to effectively be able to obtain the funding they require. Banks have a list of criteria that they require fulfilled to provide small and medium sized businesses with funding. Most of the criteria have been established over decades of best practices based on past losses. As a result most small businesses whose applications are rejected has nothing to do with the applicant’s documentation exactly, but rather with the criteria that banks maintain.
For more information on how to get business funding for shoe stores contact us. Our funding team will provide you with the information you require, and in addition to that they will assist you with the application process as well, if required.
Shoe Stores need funding frequently. Check out your options now