Hardware stores are part of a thriving industry. Since the recession, these types of businesses have made quite the comeback. Currently, the hardware store industry is bringing in revenue of over $25 billion. This shows just how profitable this industry is. Although this is a thriving industry to be a part of, it still has its ups and downs. Hardware stores need capital to face a number of challenges and cover expenses. Equipment, payroll, inventory, rent, etc. all can add up quickly and become a burden. Luckily, there are banks, credit unions, and alternative lenders that all have options for hardware store financing.
Hardware Store Financing
Banks, credit unions, and alternative lenders are all places that offer men’s hardware store financing. While all three are viable options, banks or credit unions may have more hoops to jump through. You may find it more difficult to attain funding from either of these sources. Both have numerous requirements that must be met for a business to receive financing. Most require a minimum of 3 years in business and a FICO score of at least 750. They would want no tax liens, no bankruptcies, a lease or mortgage statement, and a picture ID. In addition to this process, it can take a lot longer to receive financing.
Why Small Business Funding?
Going to an alternative lender is usually the best road to take if turned down by a bank or credit union for hardware store financing. Small Business Funding can help get your hardware store the capital it needs. Bad credit, bankruptcies, and tax liens are okay (as long as there is a payment plan in place). Documentation required to receive an approval is an application (one page), 3 months of bank statements and 3 months of credit card merchant statements (if you process credit cards). This information will allow an alternative lender to provide you with a decision within 24 hours.
Whether it is a business cash advance, with only a small set percentage of your daily revenues being owed, or an unsecured small business loan, we have the solution. There is no collateral required and you don’t need perfect credit. In fact, many of our programs don’t require any credit at all. Call today or apply now!