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Female liquor store owner in front of her store

Loan for Liquor Store

Liquor stores have a long history of being some of the most profitable in the world. During good times, people like to get alcohol to socialize with their friends and family members. In bad times, alcohol can become a coping mechanism. Because of this, they won’t be hit as hard during times of economic downturn as other businesses. However, you might still need to apply for financing. Let’s take a closer look at some of the things that you need to know about applying for a loan for a liquor store.

Why Might You Need To Get A Loan?

There are many reasons why you might want to consider taking out a loan for your liquor store. First, you might want to get new equipment or products. Increasingly, people are looking for exotic products. These will often be harder to find and source. In other cases, you might want to invest in creating your own signature blends. Though this can require a lot of capital to get started, they can be a great way to make money over the long run.

In other cases, you might want to expand the business. For example, you can add another store to the chain. This will allow you to attract new customers. You can also hire new employees, to help you service the existing clientele. While new employees will be able to bring a wealth of new experience, they will also increase your payroll. Loans will be able to help you cover these expenses.

Thirdly, you might want to take out a loan to help you market your store. In many cases, you will be facing big nation-wide liquor stores. Because of this, it can be hard to get customers to focus on your store. Marketing can help with this. In particular, social media is proving to be a great way to attract younger people to the business. However, creating an advertising campaign can often be cost-intensive. Loans will give you the capital you need to get these customers to try your products, helping you grow the company.

What If You Have Bad Credit?

Once you decide that you need to get a loan, it’s common to go to the bank. However, this can often prove to be a poor decision. They tend to be focused only on your credit score. If you don’t have a good credit history, they will view you as too big a risk. Because of this, they will turn down your application.

However, getting funding doesn’t need to be a nightmare. You can turn to an alternative funding group. They will be able to look past your history, providing a bad credit loan. Another benefit of these groups is that the paperwork will be less intensive. For most funding arrangements, you’ll just need to complete a one-page application form. You might also need some supporting documents, like bank documents. This ensures that you’ll be able to get the money faster. Also, these financiers tend to have more flexible repayment options than banks. Because of this, more small business owners are choosing to explore alternative lending options. Let’s take a closer look at some of the types of loans that might be suitable for a liquor store owner.

Merchant Cash Advance

This can be a great option for those in small business to consider. In this case, you’ll be able to apply for a loan. Once approved, your repayments will be based on a percentage of your future sales. This ensures that it will be easy for you to repay the funds. Often, this is a lot simpler than needing to pay a set loan amount. If you choose this option, you’ll be able to get up to $500,000.

Unsecured Line Of Credit

One of the most flexible funding options is an unsecured line of credit. In this case, you’ll have a set approval amount. Then, whenever you need a quick injection of funds, you’ll be able to dip into the line of credit. You’ll only need to pay interest on the amounts that you have borrowed. This ensures that you’ll be able to afford the repayments. You’ll be able to get approved for between $10,000 to $500,000.

Secured And Unsecured Business Loans

The next option that you might want to consider is a secured business loan. This is a good option for people with bad credit. In this case, you’ll need to put some collateral against the loan. If you don’t meet the repayments, the creditor will be able to claim the collateral. This will lower the risk for the finance company, making them more likely to give you a loan. An unsecured loan is a similar concept however you won’t need to include any collateral. The repayments on these loans will be based on your future revenues. If the revenue drops unexpectedly, the amount you’ll need to pay will also reduce. This adds a lot of flexibility, ensuring that you’ll be able to cope with any rough patches.

SBA Loans

Finally, you might want to consider getting an SBA loan. These are not government loans but they are backed by the government. These loans will be suitable for a range of small business owners. In this case, you’ll be able to get approval for between $10,000 to $10 million. At the upper ends, these loans will allow you to purchase commercial property, allowing you to grow your business. How long the loan will last will depend on the amount that you take out. If you aren’t borrowing much, you’ll be able to pay it off in less than a year.

How Long Does It Take To Get Approval?

When you apply for a loan for liquor store you want to get your money as quickly as possible. However, if you choose to go through a bank, it can often take several weeks for the checks and approvals process to occur. As a result, it will be a while before you’ll be able to get your money.

Thankfully, this isn’t the case when you go through an alternative funding provider, like South Florida Funding Group. The exact length of time it will take will depend on the type of loan that you are applying for. In most cases, though, you’ll be able to get the money fast. Your application will be approved within one to two days. From there, it will be less than a week before you’ll be able to get your money.

What Type Of Qualifications Do You Need To Get Approved?

Alternative funding providers will look at more than your personal and business credit score. They’ll also consider how long you’ve been in the business. In most cases, they’ll also look at bank statements and other important financial documents. This gives a good understanding of your potential cashflow. All of these documents will determine whether you get approved. These documents can also influence the amount of cash you’ll be approved for. In some cases, they might determine the interest rate.

Contact South Florida Funding Group

At South Florida Funding Group we understand that small business owners want their money fast. So, we’ve tried to keep our liquor store financing documents as simple as possible. In most cases, they will take just one page to complete. Once approved, we pride ourselves on getting the money to you as quickly as possible. This will give you the capital you need when you need it. So, if you are thinking about a small business loan, talk to our team today and find out how we can help.

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The business funding you need when others say No!.

2569 Bay Pointe Dr.
Weston FL 33327

Email:
drew@southfloridafundinggroup.com 

786-544-2700

DISCLAIMER

 The operator of this website is NOT a lender, does not make offers for loans, and does not broker online loans to lenders or lender partners. Customers who arrive at www.SouthFloridaFundingGroup.com are matched with a lender or a lender partner, who offer business loan products or credit repair services.