Retailers form a vital element of our economy. That shouldn’t really come as a surprise considering how often everyday people rely on retailers to buy essential goods and products. As such, retailers should know that they have a variety of funding options available to them –– not only to assist during difficult times, but also to help boost their company’s growth. Indeed, business loans for retailers aren’t “Hail Mary passes;” instead, they can form an integral part of a responsible business owner’s financial plan. To that end, today we’re going to outline four types of business loans for retailers, and the many benefits they offer:
Wholesale distributors can obviously benefit from a service like equipment financing, but retailers can do so as well. A store looking to increase its stock, or move some of its distribution in-house can apply for equipment-based loans that offer both low prices and grants you greater control of your retail locations stocking capabilities. If you’re looking to up your game, equipment financing is a great place to start.
Merchant Cash Advances
A merchant cash advance doesn’t function like a loan –– because it isn’t one. So rather than dealing with fixed rates and a concrete monthly payment, you can instead pursue a financing option with flexibility. You’ll only pay back a percentage relative to your monthly credit card sales. This makes a merchant cash advance an advantageous option for retail locations that experience peaks and valleys in their sales. With this method you can navigate seasonal fluctuations and rejuvenate your cash flow during lean months.
An SBA loan is one of the most sought-after loans across industries. That’s because –– in addition boasting low-rates and long terms –– SBA loans provide small businesses the chance to focus on big projects they need to grow. So if you’re looking to expand on your current location, or even open up a second store, then an SBA loan can help you secure the capital you need to complete the project.
Line of Credit
Much like a merchant cash advance, a business line of credit will enable a retail owner greater flexibility than a more traditional loan. That’s because you’ll only have to pay back what you actually use. Plus, you can land a business line of credit fast –– so that you can address issues as they arise.
Business loans for retailers can be as varied as retailers themselves. After all, no two retail locations are alike, and different retail owners need different solutions within their financial packages. At National Business Capital, we understand the challenges retailers face, and can help you get through a tough time –– or help your business reach new heights.