Retail Financing up to $675,000
It can be challenging to obtain a loan for your retail business. At mCashAdvance™ we specialize in financing retail businesses. We can approve up to $675,000 within 1 business day. Start Now. Check how much you can get now with no obligations, no fees, and no impact on your credit score.
Retail businesses need adequate working capital to cover fluctuations and large customer orders. Retail business owners can use business loans and alternative financing methods to cover these cash flow gaps.
We will discuss each funding solution in this article to help you make an informed decision.
What Are Retail Business Loans?
A retail loan provides small business owners with a way to borrow money to fund their operations. The availability of financial safety nets also helps cover unexpected day-to-day cash flow challenges.
Retail Business Financing Options
Here are some of the most popular funding solutions available to retail businesses.
Small businesses can take out a retail loan to receive a lump-sum payment with a set payment schedule. The repayment schedule for this type of loan is usually several years long. The Small Business Administration also offers several types of SBA loans, such as the 7(a) loan which can be used to grow your retail business.
A merchant cash advance is another way for retail businesses to borrow money against their future earnings. Payment of merchant cash advances is based on a percentage of a company’s sales.
Businesses can access revolving credit through business lines of credit, which are similar to credit cards. As soon as businesses repay their outstanding balances, the credit line becomes available again. The amount borrowed determines how much interest the business has to pay.
Finally, equipment financing may be a suitable option if you need to purchase new equipment for your retail business. This financing agreement will allow you to obtain funding for the equipment your retail store needs to succeed.
How Does Retail Funding Work?
Funding for retail works the same way as funding for any other industry. A lender releases a lump sum for the amount of money approved after a potential borrower goes through the application process.
Upon receipt of the funds, the borrower is legally obligated to repay the loan principal plus interest over a specified period of time. Payments are made monthly and are fixed amounts as specified in the loan agreement.
Owners and merchants can get extra working capital through retail financing until sales begin to make a profit.
Ways to Use the Funding
If no restrictions are imposed by the lender, retail loans may be used to fund any business-related expense. Besides stabilizing cash flow, loans help cover seasonal fluctuations and inventory purchases.
How to Qualify
When deciding what to charge a potential borrower, financial institutions consider several factors. These factors include the type of loan, loan duration, credit scores, credit history, and time in business. It’s more likely you’ll get a good rate if your business finances and credit are good.
mCashAdvance™ Funding Details
The final loan terms and repayment schedule will be determined by an underwriter at mCashAdvance™. The following details are representative figures.
- Borrow a minimum of $5,000 and a maximum of $675,000 for your retail business
- Interest rates between 7.75% and 14.25% for the retail business industry
- Repayment schedule between 1 year and 5 years for retail businesses
- Get your retail business loan pre-approved in less than 2 minutes
- Get your retail business funded in as little as 48 hours
- No collateral required for businesses in the retail business industry
- No origination fees
- Most common retail business loan funded by mCashAdvance™ is a merchant cash advance
- mCashAdvance™ funded over 4,000 retail business
How to Apply
To be approved by MCashAdvance™, you must meet the following requirements:
- U.S. citizens and legal residents only
- 18 years old or older
- Your retail business must be at least six months old
- A credit score of 500 or higher is required
Funding Limits
In order to be eligible to receive funding, the financial health of your company should be considered, but you may be eligible for up to $675K.
Term Length
The repayment period usually ranges from 1 to 5 years. There may be a difference depending on how much you’re funding and how much you’re selling.
What Are the Benefits of Obtaining Funding for Retail Businesses?
Pros
Loan Options To Fit Your Retail Business’s Needs
Retail businesses can get small business loans based on their unique needs. If you want to buy wholesale inventory or invest in more storefronts, we have a loan to fit your needs.
Access to Large Amounts of Capital
The ability to fulfill big orders, run big campaigns, and expand sales all require cash. Small retail businesses struggle to get funding. If your retail business is eligible for additional funding, you may be able to receive up to $675,000.
Lower Interest Rates
A small business loan typically carries a lower interest rate than a credit card or a line of credit. The total amount paid back to the lender will be less than if you were to charge the items to your credit card.
Cons
Long List of Prerequisites to Qualify
Getting a retail business loan involves meeting strict eligibility requirements. Without a solid application and proven ability to generate revenue, securing funding may be difficult.
Rates Are Dependent On Credit History
Credit score and credit history play a big part in how affordable a small business loan is. A bad credit score can lead to higher interest rates, which makes borrowing more expensive.
Lenders Prefer Established Businesses Over New Businesses
When you’re starting a retail business from scratch, you might have a hard time getting funding without proof of sales. Lenders want to see profit and loss statements and projected revenue.
Putting Up Collateral
To reduce the risk of loan defaults, lenders require some form of collateral to take out a business loan. If you are in the beginning phases of the business journey, this often takes the form of personal assets such as your car or house.
Other Industries We Finance
Frequently Asked Questions
Loan eligibility requirements vary, but there are a few things that all lenders look for. Typically, retail businesses need good credit, collateral and annual profit and loss statements.
When determining the correct type of funding for your retail business, it’s essential to consider the best option for your situation. Before speaking with a loan advisor, gather your financial statements and list of potential assets. This will help you figure out how much you might qualify for.
It can be tough to get a retail business loan, but it’s not impossible. Good credit and good business operations are good places to start. For those who don’t qualify right now, merchant cash advances and business lines of credit are easier financing options.
Yes. Several lenders do not consider credit history during the application process. Retail store owners with a 500 credit score can get merchant cash advances. It’s also possible to get equipment financing, since the equipment is used as collateral.
Funding Your Business Is Our Business
Need Advice?
A variety of loan options are available to retail companies to help them protect or scale their operations to new heights. For more information on our funding solutions, or if you are not sure where to begin, contact mCashAdvance™ to speak with a representative.
Finding The Best Payment Processing For your Retail Business
Every day, retail businesses process a lot of credit card sales. Due to the large volume of items processed, retail businesses incur a lot of credit card processing fees, which can be quite costly over time. These fees eat into profits. You should search for the cheapest credit card processing for small businesses if you own a retail business. With mCashAdvance™, there are no fees associated with our payment processing system. Instead, you will pay a small fixed monthly fee to process an unlimited number of credit cards. It is a great way for retail business owners to save money and well worth considering.
Does Your Business Need Funding Today?
There’s no fee or obligation, and it won’t impact your credit.
$5,000 – $1,000,000
Talk to a rep at (855) 433-8641
Mon – Fri | 9:00am – 8:00pm