Business Loans for Tobacco Shops
Small businesses in need of business loans for tobacco shops generally approach their bank, and this is where everything becomes quite confusing for them. There are many factors that come into play when a small business requires a loan from a bank. Its safe to say that banks are not keen to fund small businesses, the reason for this is the criteria that they have developed over decades to prevent bad investments and loss of investments.
The reasons behind this are simple as banks have narrowed down the perfect formula of protecting their investments as far as possible, and it has nothing to do with how badly the business owner needs the funds or the potential. Banks go according to the past records of the business not the future potential of the investments.
Typically, the bank requires a credit score over 700, with good deposits reflecting in the business statements, good closing balances, good profit and loss statements, personal financials of the business owner etc. The time frame that a business owners should expect with a bank is anywhere from 2 to 6 months of processing time. In addition to this banks end up rejecting about 90% of the loan applications that come their way from small business owners.
With a private lender such as Funding Easily, the requirements are simple. A poor credit score will also do, no collateral no security and no personal guarantees are required. This makes it very feasible for almost any small and medium sized business to qualify for the loan. Some of the criteria that we do require to provide funding are simple. The business needs to be at least 12 months old, and the minimum gross monthly sale needs to be $15 thousand. In addition to this the owner of the business should not be in active bankruptcy.
For more information related to business funding for tobacco shops contact us. We will provide you with the information that you require, in addition to that our funding team will also provide you with assistance in filling out an application if required.
Tobacco shops have their Trust in us. Check out your options now