Although music streaming and digital services are all the craze currently, music stores are still alive and well. A lot of people like the feeling nostalgia that a physical music store gives. For this reason, music stores can still be very successful small businesses. Yet, it is more difficult to operate a music store than in the past. Getting the capital you need to keep your music store running can be difficult to attain. Luckily, there are a number of options for music store financing.
You can turn to banks, credit unions, and alternative lenders in order to acquire music store financing. Although these are all viable options, banks and credit unions can prove to be more difficult. They require a great deal of documentation such as years of bank returns, recent profit and loss statement, and months of bank statements. They would also want zero tax liens or bankruptcies, along with a lease or mortgage statement. Most require a minimum of 3 years in business and a FICO score of at least 750. In addition, it can take weeks to find out if you are even approved. After that it can take a few more weeks to actually receive the funding.
Going to an alternative lender is usually the best road to take if turned down by a bank or credit union. Small Business Funding is the one stop shop for all of your business financing 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.
We have programs specifically geared towards retailers. Programs include lower rates, more attractive terms, and larger loan amounts. We help connect you with a lender that is truly concentrated on your business needs. Our network of lenders will compete to provide you the best possible loan product. We will sort them and present them to you. You have a business to run – let us do the heavy-lifting.
Music stores are only to continue to grow and change. Apply for a small business loan today to find how much you are approved for and to help grow and maintain your music store!