What are retail business loans?
As a small business owner in the retail industry, you know how important it is to have access to funding to support your growth and success. Retail small business loans are a type of financing specifically designed for small businesses in the retail sector. In this blog, we’ll explore what retail small business loans are and how unsecured loans can benefit your business.
What are Retail Small Business Loans?
Retail small business loans are a type of funding designed to support small businesses operating in the retail industry. These loans can be used for a range of purposes, from purchasing inventory and equipment to hiring employees and expanding your business. Retail small business loans are typically offered by banks, credit unions, and online lenders.
Unsecured Retail Small Business Loans
Unlike secured loans, which require collateral such as property or inventory, unsecured loans don’t require any collateral, making them a low-risk financing option. Unsecured retail small business loans are a type of funding where the lender doesn’t require collateral, but instead relies on the creditworthiness of the borrower to determine whether or not to approve the loan.
Benefits of Unsecured Retail Small Business Loans
There are several benefits of unsecured retail small business loans, including:
No Collateral Required
With unsecured loans, you don’t have to worry about putting up collateral to secure the loan. This means you don’t have to risk losing your property or inventory if you’re unable to make payments.
Quick Access to Funds:
Unsecured retail small business loans are typically approved faster than secured loans, which can take longer due to the collateral evaluation process.
Flexible Repayment Terms:
Unsecured loans offer flexible repayment terms, allowing you to repay the loan over a period that works for your business.
Competitive Interest Rates
Unsecured retail small business loans typically offer competitive interest rates, making them an affordable financing option for small businesses.
OnDeck Small business loans
One of the biggest advantages of an OnDeck small business loan is how fast and easy it is to get funding. With OnDeck, you can apply for a loan online in just minutes, and you can receive a decision in as little as one business day. This means you can get the funding you need quickly and without any unnecessary delays or hassle. Click here to apply
In conclusion, retail small business loans are a type of financing designed to support small businesses operating in the retail industry. Unsecured loans, in particular, offer a low-risk financing option for small businesses that don’t want to put up collateral. With quick access to funds, flexible repayment terms, and competitive interest rates, unsecured retail small business loans can be a great option for small businesses looking to grow and succeed.
Retail business loans FAQ
How much deposit do I need for a business loan?
Unsecured business loans from OnDeck do not require a deposit. Loans for commercial real estate offered by other lenders may require a deposit, but our business loans of up to $250,000 designed to provide a short-term boost to the cash flow and working capital of a business do not. Retail stores have to meet the following criteria to get a business loan:
- Minimum $100,000 gross annual turnover
- Minimum 1 year in business
- No bankruptcy (prior or recent)
- Minimum 500 business credit score required
How much can I borrow for a retail business loan?
Retail businesses can borrow up to $250,000 through an OnDeck business loan. Small business owners can use these funds for any business purpose, including smoothing out your cash flow, purchasing new equipment, covering expansion or marketing costs, and meeting other business goals. Talk to a business finance expert for professional advice on whether you should get a loan, and how much you need, before making any financial business decisions.
This article is for general information purposes only. Content may belong to or have originated from third parties and OnDeck takes no responsibility for the accuracy, validity, reliability or completeness of any information. OnDeck is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how this information relates to your unique circumstances. OnDeck is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.
* The timeframe required to process and fund loan applications may vary for each individual application. Factors such as the completeness and accuracy of application materials, verification processes, and external circumstances can influence the processing & funding timelines.
Prepared by OnDeck Capital Australia Pty Ltd ABN 28 603 753 215 (“OnDeck”) for general information purposes only. Content may belong to or have originated from third parties and OnDeck takes no responsibility for the accuracy, validity, reliability or completeness of any information. Information current as at May 2023. You should not rely upon the material or information as a basis for making any business, financial or any other decisions. Loans issued in Australia are subject to the terms of a loan agreement issued by OnDeck. Loans are subject to lender approval. OnDeck® is a Registered Trademark. All rights reserved.