All businesses will require financing at some point. A business owner looking to grow must rely on outside help to keep their business running smoothly. Bicycle shop financing for bike shop owners is available through various resources. Banks, credit unions, and alternative lenders can help support a bike shop owner’s desire to expand.
Bicycle shop financing from banks and credit unions would require identification documentation and requirements to get approved. Both would request several years bank tax returns, a recent profit and loss statement, and several months of bank statements. They would want no tax liens, no bankruptcies, a lease or mortgage statement, and a picture ID. Most require a minimum of 3 years in business and a FICO score of at least 750.
However, this is just the beginning of the process. It can take anywhere from 1 week to 30 days to know whether you are approved or not. Should you be approved, you probably wouldn’t see any money for another 30 days. That’s a total of roughly 2 months to receive financing after jumping through all those hoops. The rates and terms are probably the best that you can find though.
Going to an alternative lender is usually the best road to take if turned down by a bank or credit union for bicycle shop financing. 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.
From that point if you choose to accept the bicycle shop financing they would ask to speak to your landlord or see a lease, get a copy of your drivers license and a voided check. Sometimes they (the lender) will want to see up to the minute bank history. There really is no rate per se. These are fast funded short term loans usually running for less than 6 months. You are paying for the speed of financing and the risk that the lender takes. After all, they are the only choice should you be declined for bicycle shop financing from a bank or credit union.
So all you bicycle shop owners looking for fast bicycle shop financing for any reason, even for just working capital, fill out an application to see how much you can receive