Radio has been important in the United States for a long time now. Although people may think it is decreasing in popularity, it is not. In fact, radio is the leading reach platform meaning radio stations are alive and well. Radio is a prime industry for small business. As a result, there is a lot of competition in the industry so it can be challenging to thrive. In addition to competition, there are the expenses that come with running a business. Rent, equipment, payroll, etc. can all add up fast and make it harder to compete. Fortunately, there are banks, credit unions, and alternative lenders that provide radio station financing to help your small business grow and succeed.
Banks, credit unions, and alternative lenders all provide funding for radio stations. Yet, banks and credit unions have a more complicated process to secure financing. Both have a number of requirements that a business must meet before even being approved. 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 radio station 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 the service industry. 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.
Radio stations are promising and will only continue to grow. Apply for a small business loan today to find how much you are approved for and to help grow and maintain your business!