If a small business owner requires a retail business loans and has no
collateral to show, will they get the loan they require? The answer to this is
yes, however may not be from a bank, however they will get the funding they
require.
As a private lender our requirements are
very different from those of banks. Typically, banks are not keen on funding
small businesses, as they consider these to be high risk investments. As a
result of this on an average 90% of all small business loan applications are
rejected by banks.
As a private lender Funding Easily provides
small businesses with retail business
loans in the US and our funding criteria are mentioned here as follows; the
business needs to be at least 12 months old and a running business to qualify.
The gross income of the business must be at least $10 thousand to qualify for
the loan. Lastly the owner of the business should not be in any form of
bankruptcy at the time of the loan application.
These are simple and realistic criteria for
retail owners, and most are able to qualify for funding easily. In addition to
this we do not require high credit scores either. Typically, we work with
credit scores that are in the Mid-500s and we fund them as well. Our criteria
are very different from those of banks, and this is the reason we are able to
fund those banks will not.
Another feature associated with our retail business funding is the fact
that we do not require any form of collateral or security. This is good for
small business owners for a few reasons, primarily because many small business
owners do not have the collateral required, and second because banks don’t
provide loans without collateral.
Also our turnaround time is very quick, at
the quickest we are able to qualify and fund a business is within 48 to 72
hours. Again, since banks are not concerned with time frames and they are not
in any hurry to fund businesses quickly.
More information related to business loans New York is available on
our site. Alternatively, you can contact us or fill in the online application
form by clicking on the ‘apply now’ tab.
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