Specialized Financing For Your Retail Business
There is no one-size-fits-all solution at Steer Financial. With your small business in mind, we'll find the best financing options to address your needs.
Easy application and approval process.
Funding specialist support from start to finish.
Tailored financing options for your business.
Get funded within 24 hours from loan approval.
RETAIL SMALL BUSINESS LOANS OVERVIEW
What Is a Retail Business Loan?
Retail small business loans are loans that are especially designed to assist owners of any retail business with management of their cash flow as well as the expansion of their operations. These small business loans can be used in a number of ways, including the purchase of equipment, for brick and mortar renovations, to hire employees, business expansion, marketing or advertising, inventory.
When it comes to acquiring business loans, the more traditional channels may often be challenging for some owners which makes retail loans for small businesses an often indispensable resource. This tends to be the case with small businesses that typically do not meet the necessary income, credit history, or collateral as the more traditional banks have more complex or challenging requirements to qualify for a loan.
Retail Small Business Loan Topics:
Steer Finance is dedicated to addressing the challenges faced by any retail business and assisting them in achieving success. We connect small business owners like yourself with one of our approved lending partners in order to help you acquire the loan that is most suited for your business. You'll find information on this page regarding alternative loan choices, as well as their requirements, and you'll also be able to determine which alternative has the potential to be the most beneficial for your small business.
In addition to providing access to alternative lending options, Steer Finance also offers valuable resources and guidance for small business owners in the restaurant and bar industry. Our team of experienced specialists can provide expert advice on managing cash flow, reducing expenses, and maximizing profitability.
We understand the unique challenges that retail owners face, such as the high cost of inventory, fluctuating seasonal demand, and intense competition. Our goal is to help you overcome these challenges and achieve long-term success.
THE STEER PROMISE
Helping Small Businesses Grow Across The U.S.
At Steer Financial, we understand that no two businesses are alike. We offer financing solutions as unique as the business owners we help. Together, we can help steer your business to its full potential. Step one is determining which type of financing is ideal for your business. We work hard to deliver honest, reliable, and transparent customer service so you can feel confidence choosing us to help you meet your business capital needs.
Serving All 50 States
By leveraging our network of 45+ partner lenders, we can offer tailored solutions to businesses across the U.S. regardless of their size or industry.
Secure + Safe Data
We strive to keep all of your information secure and private. We assign a funding specialist to guide you along the entire process.
10+ Years of Experience
Our expertise has enabled us to understand small businesses and offer the highest level of service to you and your business.
DIFFERENT TYPES OF LOANS
Types of Retail Small Business Loans
There are several types of retail small business loans available. Each type of loan has its own advantages and can be tailored to meet the specific needs of each retail business. Some of the most common types of retail small business loans include:
This type of loan is used to purchase or lease equipment such as POS systems, shelving, delivery vans or cars, and other necessary machinery.
Working Capital Loans
Working capital loans provide retail businesses with the funds needed to cover everyday expenses, such as payroll, inventory, and other operating expenses. These loans are often used to bridge the gap between billing and payment cycles and can help keep your business financially stable.
Business Line of Credit
A business line of credit gives retail small business owners access to a predetermined amount of funds that can be borrowed and repaid as needed. This type of loan can be used for a variety of purposes, such as purchasing inventory, training employees, or any other unforeseen expense.
What Can Retail Small Loans Be Used For?
A retail small business loan can be used for a variety of purposes, each of which can have a significant impact on the business's success. From purchasing equipment to expanding the store offerings, the use of the loan funds must align with the business's goals and objectives.
Purchasing new or used equipment
Small business owners can use loans to purchase new equipment or upgrade existing equipment to improve efficiency and customer experience.
Renovations and expansions
Loans can be used to renovate the retail space, such as updating the decor, expanding the sales floor area, or adding marketing details. Some business owners also tend to use these loans to open new locations or expand the business's offerings.
Hire and train employees
A retail business' success depends on having highly qualified and skilled employees. Retail loans can be used to recruit or train new employees or simply to cover administrative staff.
How To Qualify for a Retail Small Business Loan
At Steer Financial, we will work closely with formulating a plan for your business. We will assess your business with our partnered lenders to evaluate the strengths and assets your business has to decide on the loan's size and conditions. Strong financial statements and a high credit score might also increase your chances of being approved. To make sure a retail small business loan is a realistic choice for your business, our funding specialist will walk you through the entire process from start to finish. Below is a quick overview of the minimum requirements in order to get an approval:
Time In Business
At least 6 months in business.
At least $15,000 per month in deposits.
Minimum of 600+ personal credit score.
1 year free from any open bankruptcies
HOW TO APPLY
Three Easy Steps to Secure a Retail Small Business Loan
We have partnered with over 45+ lenders to ensure that we match your business with the best lender and the most competitive rates. We work quickly to provide an approval in as soon as a few hours.
By utilizing our streamlined fast funding approach, your business can access the necessary capital in as little as 24 hours from the moment you approve the terms, ensuring a timely and efficient process.