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Convenience Store

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How Convenience Store Business Loans Can Help You

When you are running a convenience store, it is important that you have access to capital when you need it for all the extra costs that may arise. From hiring new staff to preplenishing stock, there are many different costs which can add up for convenience store owners. Whether you are buying, building or simply looking to grow your convenience store, we will design a loan package that supports your business goals.

Qualifications for a Convenience Store Loan

1. A minimum credit score of 620 or higher.

2. A minimum of two years in business.

3. A minimum of two years of financial statements, including balance sheets and income statements.

4. Personal and business tax returns for the past two years, including all schedules and attachments.

5. Business plan outlining the goals, strategies, and financial projections for the convenience store business.

6. Proof of collateral to secure the loan (e.g., real estate, equipment, inventory).

7. An acceptable debttoincome ratio (DTI).

8. Adequate cash flow to cover loan payments in addition to other operating expenses.

Best Working Capital Loan for Convenience Stores

Merchant Cash Advances, Short-Term Loans, and Lines of Credit

Merchant Cash Advances, Short-Term Loans, and Lines of Credit

The best working capital loan for convenience stores depends on a variety of factors, including the size of the loan, the creditworthiness of the borrower, and the type of financing needed.

Best SBA Loan Alternative for Convenience Stores

Merchant Cash Advance

Merchant Cash Advance

Merchant cash advances provide quick access to funds, with repayment terms that are often more flexible than traditional bank loans. They also have fewer requirements, are easier to qualify for, and can be used for a variety of business expenses, including inventory purchases, marketing campaigns, and more.

Best Convenience Store Loan for Supplemental Purchases

Term Loans

Term Loans

Short-term loans are designed to provide quick cash for unexpected expenses or to cover the cost of a purchase that you may not be able to afford with your current budget. These loans typically have shorter repayment periods and lower interest rates than traditional loans, making them an ideal option.

Best Convenience Store Loan for Everyday Expenses

Term Loan

Term Loan

Payday loans are short-term loans that provide quick cash to cover unexpected expenses or bridge the gap between paychecks. They typically have high interest rates, so it's important to make sure you can afford the repayment before taking out the loan.

Best Loan for Convenience Stores to Finance Equipment

Equipment Financing

Equipment Financing

This loan is for equipment and can be used to finance a wide variety of items, such as refrigerators, freezers, cash registers, and more. Equipment financing loans typically offer competitive rates and terms, making them an attractive option for businesses looking to purchase new or used equipment.

Best Convenience Store Loan for Cash Flow

Business Line of Credit

Business Line of Credit

A business line of credit provides access to funds when needed, allowing you to manage your cash flow more effectively. It also offers flexible repayment terms, so you can pay back the loan as your cash flow improves. Additionally, a business line of credit can be used for a variety of purposes, such as purchasing inventory or making capital improvements.

Ready to Apply?

Filthy Rich Idea makes it easy to get a business loan for your convenience store. Apply online and we will give you a decision within minutes. One of our Loan Specialists will tailor a loan package for your business needs. As soon as we receive the application and documents, your dedicated Funding Advisor will be in touch to discuss the application and next steps. Approval typically takes 24-48 hours, and funds can be deposited into your account the following business day. It’s that simple!

Business Funding - Knowledge Is Wealth

The Economy of Convenience Stores

The Economy of Convenience Stores

The economy of convenience stores is the economic activity generated by the sale of goods and services in convenience stores.…

The Pros and Cons of Convenient Store Loans

The Pros and Cons of Convenient Store Loans

Opening a convenience store can be an exciting and profitable venture for entrepreneurs, however it also requires careful planning and…

FAQs

What information and documents do I need to apply for funding?

Our lending partners will need 3 months of bank statements, the government IDs of all applicants, 1 or 2 years of business tax documents, business P&L and balance sheets, business licenses and formation documents, and a business EIN.

What is APR?

APR stands for Annual Percentage Rate and is a measure of the cost of borrowing money. It is the interest rate expressed as a yearly rate, including fees and costs associated with the loan. It's a good way to gauge the overall cost of your loan and your planned repayment schedule.

How long does it take to get the money once my business is approved?

Once approved, transfer times vary depending on the lender, but it is possible to receive your capital in as little as 72 hours after approval. Lines of credit, on the other hand, may be used immediately upon receiving approval in some cases.

How do I pay back the funding amount?

Our lenders offer secure digital payment portals so that you can make your repayments on time and without penalty. You may be able to change due dates and other important information.

How To Best Prepare for a Business Loan

Determine the amount of money you will request—and do not request an excessive amount.

Although you may have the option of a small business loan, it is important to only request the amount of money that you need and can afford to pay back. This will demonstrate to your lender that you are financially responsible and increase your chances of approval.

Understand the limitations and costs of your loan.

Before committing to a loan, be sure to consider the speed, flexibility, and cost. Some loans are more or less flexible while others charge for speed. Understand the APR and other associated fees and costs so you can make an informed decision.

Avoid taking out multiple loans.

If you already have a loan, it is not advisable to take out another one. This is calledstacking loans and is generally not allowed, except in certain cases (e.g. having a business line of credit with a term loan). If you stack loans without the permission of your original lender, you could be in breach of your loan agreement and default on your first loan. Before taking on another loan, check with your lender to make sure it is allowed.

Ready to Apply?