Every retail store needs capital to operate, and quite often, current operations don’t supply all the working capital that is needed. To secure funding, owners seek the best loans to overcome short-term challenges and meet their goals.
How Can a Retail Store Use Business Loans?
Retail store Loans can be used for a wide variety of needs including purchasing inventory to drive daily sales and to stock up for seasonal busy periods, to purchase or upgrade equipment, increase working capital for current operating expenses, increase marketing efforts, purchase real estate, expand or renovate the business, increase staffing, and pay off creditors.
Finding the Best Loans for Your Retail Store
Sometimes getting retail store loans isn’t easy because retail stores are capital intensive and are often considered high-risk businesses. Yet, there are good financing options that are available including:
Traditional term loans. These are available from banks and credit unions and provide a single sum that is paid back over time.
Merchant cash advances. These are used when a business transacts most of its sales by credit or debit card. Funds are made available by selling a portion of future card sales in exchange for cash.
Line of credit. A lender enables spending up to a limit and interest is charged on the loan amount used and the loan amount is replenished.
Alternative lending. Online lenders provide a variety of accessible funding.
Inventory financing. Loans are provided using the inventory as collateral.
Which Business Loan Option is Best?
To choose the best loans for your retail store, it is important to find options that have no restrictions on capital use, that offer the most flexible financing and payback terms, and an application process that is quick and straightforward. Find a lender that meets your needs and will work with your credit history.
Seek Expert Financing Assistance
Contact Emerald Valley Financial Services, based in Eugene, OR for a wide variety of expert commercial finance programs that are so versatile that they work well for businesses of all sizes.