The men’s fashion industry is always growing and changing. There are always men looking for the latest trends or trying to update their wardrobe. For these reasons, men’s clothing stores are the perfect type of small business. Men will always be in need of clothes. Although there are men’s departments in many of the major department stores, a lot of men like the feeling of going to a store just for men. These types of stores offer men a greater variety of clothing that can suit any type of man.
Although these can be highly successful, they also run into many of the same challenges that other retailers face. Payroll, rent, and Point of Sale (POS) software and hardware are just a few examples. In addition, there are seasonal swings that can affect retail businesses. Luckily, there are banks, credit unions, and alternative lenders that can provide men’s clothing store financing.
Banks, credit unions, and alternative lenders are all places that offer men’s clothing 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.
Going to an alternative lender is usually the best road to take if turned down by a bank or credit union for men’s clothing store financing. Small Business Funding can help get your men’s clothing 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!