Best Small Business Loans for your Retail Store

● If you are thinking of opening a new retail store or already have one, you’re probably looking for financing options as well. In this video, we’ll share the most sought-after funding options for retail businesses. ● SBA Loans SBA…

Best Small Business Loans for your Retail Store

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● If you are thinking of opening a new retail store or already have one, you’re probably
looking for financing options as well. In this video, we’ll share the most sought-after
funding options for retail businesses.
● SBA Loans
SBA loans are the best funding option since they offer higher amounts and longer
repayment terms with low rates of interest. Here are types of SBA loans you can
apply for:
1. SBA 7(A)
2. CDC/SBA 504
3. SBA Export
4. SBA Microloan
5. SBA Disaster
● Business Lines of Credit
With a line of credit, you get a set credit limit and can use the cash as per your needs
until the end of the loan term. A line of credit comes with lower interest rates and
higher spending limits.
● Term Loans
Many banks and alternative lenders provide term loans to retail business owners at
affordable rates and longer repayment terms. You can easily secure a term loan if
you have a good credit history because lenders are reluctant to take the risk
involved.
● Equipment Financing
If you’re unwilling to buy or lease cleaning supplies, shopping baskets, cash registers,
adhesive labels, tagging guns or any other retail store equipment, then equipment
financing is the best financing for you. You don’t have to put collateral and any
money up front, helping you improve cash flow and liquidity.
● Required Documents
❖ Business plan
❖ Credit report
❖ Tax returns
❖ Financial statements
❖ Banks statements
❖ Documentation of collateral
❖ Social security number
● Use of Loans for Retail store
Working capital
❖ Payroll
❖ Expansion
❖ Advertising
❖ Pay suppliers and vendors
❖ Hire employees
❖ Pay taxes
● Sign up for free on Smansha to find and compare a variety of retail store loan offers
from multiple lenders. Smansha will connect you with the nation’s top 40+ lenders
so you can choose a loan that best fits your current financial needs and budget.

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