Business Loans for Used Merchandise Store
Used merchandise stores do amazing business, and it’s a very promising industry. When used merchandise stores require funding, they generally first turn to the bank they have their business account at. However, this is the point where they realize that banks are not particularly keen on providing business loans for used merchandise stores.
The reasons for this is simple enough, if one understands the criteria of banks. Generally, banks have a long list of criteria that are based on years or decades of experience. These criteria are based on the objective of protecting the investment of the banks from turning into bad investments. The criteria that banks have, has been designed based on years or decades of experience in giving out loans.
Some of the differences that small business owners can expect to find are associated with the time frames. Traditionally, a private funder such as Funding Easily, can process the entire application and dispatch the funds within 48 to 72 hours of receiving the application. A bank would generally take 2 to 6 months to do the same.
The criteria that we have in comparison to the criteria that a bank has are very different as well. Typically, we require no collateral, security and no personal guarantees and also a poor credit score will not always result in a rejection. We require the used merchandise store to be in business at least 12 months and with a minimum gross monthly sale of $15 thousand or over.
The banks criteria are statements with good deposits, tax returns, profit and loss statements, personal financials of the business owner, a high credit score at least 700 etc. Most small businesses do not cut it and as a result their applications are rejected.
In addition to this time frames are another point where there is a huge difference. Traditionally, a bank takes anywhere from 2 to 6 months to process an application. Funding Easily as a private lender can deliver the funds into a small business account after receiving the application as soon as 48 to 72 hours from the time of receiving their application.
More information related to business funding for used merchandise stores can be obtained by contacting our funding team. They will also assist you with the application if required.
Used Merchandise stores have Special funding requirements. We Understand Those requirements quite well.