Business Loans for Sports Apparel Stores
For small business owners getting funding for their business can at times be a very necessary thing. There are loads of small businesses that require loans for things such as working capital, expansion of business, inventory, equipment, advertising and more. Having the funding when required makes all the difference.
Business loans for sport apparel store is not something that most banks are not very open to. Its not because there is a problem with that business particularly, however banks do shy away from funding small and medium sized businesses. The reason for this is the criteria of the banks, who from years of experience have formed many new criteria which mostly cancels out small business applications as they are not able to meet those criteria.
As a private funder Funding Easily does not require collateral, security and personal guarantees, or even excellent credit. Our criteria are as follows; the business must be over 12 months old and the minimum gross sale of the business needs to be over $15 thousand a month. These are the primary criteria to be eligible for the funding. Those businesses that qualify for these criteria, are easily able to qualify for the funding as well.
Typically, banks require a credit score of over 700, with collateral, security and personal guarantees. In addition to this banks do also require collateral, securities of various kinds, and guarantees of various kinds. They also require, business statements that paint a pretty picture of business health, supported by tax statements, profit and loss statements, and sometimes the business owner’s personal financials as well. All these criteria result in a very high rejection ratio.
Time frames is another point to take into consideration. If a business requires the funds now, they require it for a purpose now, and it may not make sense to receive it in the future. The quickest we can dispatch the funds is 48 to 72 hours into the business account of the applicant. All bank loans take at least a couple of months to process and funding can take up to 6 months to be dispatched.
For more information related to business funding for sport apparel shop you can contact us. Our funding team will assist you with information required and will also help you with the application if necessary.
Sports Apparel Stores Need frequent Funding to Update Inventories. We can Help.