In 2015, sales within the flower shop industry totaled $31.3 billion which was an increase from 2014. Although this is a promising figure, flower shops still find it hard to compete. Just like any other small business, flower shops aim to grow and expand but need capital to do so. Yet, financing for flower shops can be difficult to come by. As a result, it becomes harder to grow and maintain the business. Luckily, there are banks, credit unions, and alternative lenders which provide flower shop financing.
Banks, credit unions, and alternative lenders are all places that offer flower shop 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.
Going to an alternative lender is usually the best road to take if turned down by a bank or credit union for flower shop financing. Small Business Funding can help get your flower shop 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!