retail Business Loans
Retail business loans who require quick funding need to only look as far as Funding Easily and we can get you that funding in as little as 48 to 72 hours.
There are some excellent advantages when it comes to applying for business funding or business loans that we will tell you about here:
- No collateral
- No security
- No personal guarantees
- Bad credit, no problem
- Your business needs to be at least one year old
- Your gross monthly income needs to be at least 10k
Generally the amount a retail business loans will qualify for without any problems is equivalent to one to two months gross sales. However, this is not a rule and even if a business requires more or less than a month’s gross sale, we will be able to provide them with that.
If you are a retailer and are looking for a business loan or funding, contact us via our contact page. We will provide you with the most sensible solution for your business.
Funding for Retail Business
The advantages of getting a loan from a private lender
There are many advantages of getting the funding for retail business one requires from a private lender, and these are related to the realistic parameters that private lenders such as, put in place for lending. Typically, Funding Easily does not close its doors to lending to small business owners and we do not consider them to be high risk investments.
The modern economy is a fast paced economy, and small businesses are the ones who make up most of the economy today. As a result of the economy being fast paced, there are many opportunities that are available for competing small businesses that are available for only a very short period of time, or a limited period of time. When these opportunities come up, a small business who had not planned on a retail business loans may require one very quickly.
Now, this is just one scenario, there are many other scenarios such as this where small business suddenly realize they need a business loan.
Why banks do not lend easily to small businesses
Why banks are not keen on lending to small businesses is because they are not keen on doing so. The actual reasons are due to the fact that banks have been in business for a very long time, far longer than private funders. As a result of this, banks have a lot more experience over the last few decades lending to various business sectors, and have learnt from this experience.
A bank would refer to its experience when processing an application for a retail business loans, and have formulated criteria to deal with businesses based on their experience. These are the lending policies of banks. According to these policies banks now prefer to lend to big businesses, as big businesses meet the expectation of banks. On the other hand smaller businesses can and do often deviate from the norms and expectations of the banks, as circumstances and situations can influence them a lot quicker. These circumstances can and do affect the repayment capabilities of the small business, and banks know this. As a result banks have reservations when it comes to funding small businesses with retail business loans in USA.
Turnaround time frames for funding
The turnaround time when it comes to funding small businesses with retail business loans in USA is also different for banks and private funders. Typically a bank will take a few months to complete the processing of the application. They would require information related to questions, and they would want documents and statements to clarify their doubts. All this takes time, from the time the concern of the bank arises, to the communication, to the arrangement of the relevant documentation to the sending and review of the documents.
These are realities of a loan application with the bank, and this has got everything to do with their policies. Even if a bank wants to speed up the process, they would first need to change their policies, which is unreasonable to expect.
The turnaround time for private lenders to provide retail business funding, is short for the simple reason our policies are different. The difference of policies are due to the current needs of small businesses and the needs of the current financial markets. Our turnaround time is at the quickest 48 to 72 hours for a merchant cash advance. This is because our requirements are different, we don’t require collateral, security and personal guarantees.
Due to the fact that our requirements are different the overall time taken to process an application is also far shorter.
Criteria and difference in criteria of banks and private lenders
There is a vast difference in the requirements of banks and private lenders such as us when it comes to criteria. Banks require many criteria to be met and this results in much required paper work. Considering that they have criteria that are strict and need to be met before they proceed to the next step, it takes time.
Banks are not concerned with the time frames of the customer, they are focused on ensuring that they are not making a mistake when providing a retail business loan US. To do this they need to be sure about their decisions and their decisions are based on the overall requirements that their policies state. If it takes time, that is not a problem with the bank.
A bank requires a high credit score, typically close to or above 700 on an average to provide retail business loans. If an applicant’s credit score is not up to par with the requirements of the bank, then the bank will decline the application. In addition to this the bank does want to see strong deposits, and a profitable business. Banks always base their decisions on the past records of the business they are reviewing, and don’t consider the possible lucrative future of the business as a parameter for funding.
As a private lender our requirements for providing retail business funding is different and reasonable for small business owners. We do not require excellent credit scores and will work with credit scores in the mid-500s. In addition to this we typically, don’t require collateral and security which a lot of small business owners do not have.
Its features like this that uncomplicated the entire review process that a private lender has, and makes it easy for small businesses with bad credit, no collateral and not very profitable businesses to get loans.
You can find out more about the retail business loan US we offer by clicking on the ‘get started’ tab on the page. Alternatively, you can contact us and our funding team will assist you with more information and assist you with the filling of the application form.
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