Clothing Store Loans
Historically, small businesses such as clothing store loans get or attempt to get their funding requirements taken care of by banks. Only a very small percentage of the overall applications that banks receive are approved, and about 90% of applications are rejected.
To obtain clothing store loans for family loans for clothing shop most small business owners generally approach private funders. The reason for this is also because they qualify for the loans far quicker and also receive the funds far quicker, which is essential for businesses.
The qualifying criteria is simple, the clothing store loans must be older than one year, and the gross monthly sales needs to be at least $15 thousand. In addition to this the owner of the business should not be in bankruptcy either. The good part of applying for private funding is that the business owner need not provide any collateral, security and personal guarantees.
Banks generally require every kind of security and guarantee, as their primary concern is to secure the clothing loan that they are letting out. As a result banks generally do not let go of funds without securing the amount fully.
Private lenders such as Funding Easily make it easy for small businesses such as clothing loan to obtain business loans for clothing store. The funds are dispatched quickly and easily, and the quickest a small business or retail business owner can obtain the funds they require is within 48 to 72 hours from the time we receive the application.
In comparison the quickest one can hope to get a decision from the bank is in a couple of months. Even for a rejection generally. As banks request a lot of documentation such as statements which must have good deposits and ending balances, profit and loss statements, tax returns, personal statements of the business owner etc.
Contact us for more information, and our funding team will be happy to also assist you fill in your loan application if required.
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Clothing Stores need timely funding to keep inventory updated. Check out your options now