Thursday, 4 February 2021

Best Clothing Stores and Boutique Financing for Small Business

Best Clothing Stores and Boutique Financing for Small Business


From setting up a newly established retail store to investing in new clothing, designing a clothing line, purchasing inventory, marketing your business, and more, you may require capital for a variety of business purposes in your clothing store and boutique business.

 

Clothing stores loans and boutique financing can lend a helping hand so that you can accomplish various business goals and objectives proficiently.

 

Since there are a lot of small business financing options available in the market today, choosing the right loan for your needs can be challenging and time-consuming. In this blog post, we’re sharing some of the best loan options that will help you successfully run and grow your clothing store and boutique.

 

Bank Loans

Bank Loans

If you're looking for the best rates and longer terms, a bank loan can be the perfect option for you. No matter what loan product you’re applying for, traditional lenders offer the most affordable and flexible funding options for clothing stores and boutiques along with the lowest fees. These loans have interest rates as low as 5% and repayment terms up to 10 years.

 

Ideally, lenders seek business owners with a credit score of 650 or higher. Besides, you must have good annual revenue, a solid business plan, and collateral to successfully apply and secure bank loans.

 

SBA Loans

SBA Loans


Another great option to fund your clothing store or boutique is government-backed SBA loans that can be used for a variety of business purposes, from purchasing inventory to marketing products, buying a retail store, and any other routine expenses.

 

Similar to bank loans, SBA loans also require good credit history, annual revenue, and collateral from business owners. The SBA Express Loan is a great financing option for you since it enables you to secure up to $350,000 in just a few days. Moreover, you also need to put collateral to obtain an SBA loan.

 

Alternative Financing

 

Alternative Financing

If you’re looking for fast and easy funding for your clothing store or boutique business, alternative financing could be your perfect option. There are many online alternative lenders who offer a variety of loan products that don’t require a perfect credit score, revenues, and documentation like traditional lenders.

 

Invoice financing, equipment financing, short-term lines of credit, microloans, merchant cash advances are some of the most sought-after alternative funding options that you can secure without collateral. Once approved, you can get the funds into your bank account in as little as 24-48 hours.

 

Read Also:

Best Small Business Funding Solutions for Your Retail Store

 

Common Documents Required for Clothing Store Loans or Boutique Financing

      Personal and business tax returns of 2 years

      Balance sheet

      Income statement

      List of all business debt

      Personal Financial statement

 

Comparing the Best Small Business Loans for Clothing Stores and Boutiques

 

If you want to get the best small business loan for your clothing stores’ current financial needs, you can find and compare the best loan offers using an online funding marketplace. These innovative and intuitive marketplaces will help you compare rates of interest, terms, fees, and more from multiple lenders so you can choose a loan that best fits your budget and needs.

 

You just have to fill out one simple application on your PC or laptop from the comfort of your home. You can explore clothing store loan options from top alternative lenders and choose the best one. Once approved by the lender, you can get the funds in as little as 24 hours.

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Best Clothing Stores and Boutique Financing for Small Business

From setting up a newly established retail store to investing in new clothing, designing a clothing line, purchasing inventory, marketing yo...