Online retail is a large and rapidly growing industry in the digital era today. While retail sales recently rose 1.3% month-on-month in April, online retail sales were up 10.2%. This shows just how big online retail business is right now. It is a thriving industry for any small business to be a part of. This also means that there are now many options for online retail business financing.
Banks, credit unions, and alternative lenders are all places that offer online retail business 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 online retail business financing. Small Business Funding can help get your online retail 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!