Business Loans for Silverware Store
Small traders of silverware, who are looking for business loans for silverware store are generally looking for the purposes of business expansion, working capital, inventory, expansion of the business and so on. Generally, most small business owners will apply directly at their local bank. However, they are not aware of how things work with banks fully.
Typically, there are loads of small businesses that apply to banks the moment they need a loan. There are however many aspects that they do not understand. Banks do not operate like small businesses, and while they do maintain accounts etc, they take many precautions to protect their money. As a result the qualification criteria of banks when it comes to dispatching loans to small businesses is very different, and stringent.
Typically, the criteria includes a high credit score 700 plus, in addition to this there is more as well. The banks require good deposits on the statements, good ending balances, good tax returns, sometimes the personal financials of the business owner, profit and loss statements etc.
As a private funder, Funding Easily does not follow the same criteria as the banks, and as a result the funding is far easier to qualify for. We do not require high credit scores, even a mid-500s credit score works, no collateral, security and personal guarantees required. What we do require are as follows, the business needs to be at least 12 months old, and the gross monthly sales needs to be in excess of $15 thousand. The owner of the business should not be in personal bankruptcy.
Time frames is another issue that most small business owners find hard to understand. Generally, banks take anywhere from 2 to 6 months to process a loan application and dispatch the funds. On the other hand the quickest time frames within which we can dispatch the funds is between 48 to 72 hours, and the longest time frame would be about a month.
For more information related to business funding for silverware stores you can contact us directly. Our funding team will provide you with assistance in the form of information and also with filling in the application form if needed.
Silverware Stores have unique funding needs. Check out your options now