The retail industry is incredibly vast as it ranges from food delivery services to individual specialty shops. The industry seems to grow every year, regardless of asset cost or economic cycles.Â
Consumer spending in high interest retail industries such as home furnishings and electronics totals $1.8 trillion annually. However, today less than 15% of these sales are financed. Across all areas in retail almost half of retail credit applications are declined. Alternative financing products have created an opportunity to extend the availability of credit to a wider range of customers. This approach is being systematized through the development of multi-lender platforms. Multi-lender platform technology is making it easier to extend credit across sales channels and deliver an optimal customer experience. These offer retailers a route into multi-lender financing that has a lower barrier to entry, while ensuring that customers receive a seamless and standardized experience.
Retail Merchant Cash AdvanceA cash advance is a shorter term, lump sum of cash to repay for a fixed rate from your business bank accounts. These loans can range anywhere from $10,000 all the way up to $500,000. The terms for a merchant cash advance are generally shorter and can last from 2-18 months. A merchant cash advance is a perfect way to keep up with expenses such as payroll or rent when you haven't been paid for a current job or project that you have been working on. To qualify for a cash advance, you need to have been in business for 3 months and have a credit score of at least 480.
Retail Business Line of CreditWhen you are working on a job or project, sometimes unexpected expenses may come up that you are not necessarily prepared to pay for. A line of credit can help you to pay off these expenses as they come up. A line of credit works similar to a credit card in which you only pay off what you spend. This is perfect for construction owners who know how to manage money well and don't want to delay their projects.
Asset Based LendingDo you have a retail store such as a department store that is worth a considerable amount of money? Well, you can use the value of this store to secure a loan. Asset based lending allows businesses to use land or property as collateral for loans. These loans can vary greatly depending on the value of assets. This type of loan is perfect for construction companies who need to secure funding, but do not have enough revenue to qualify for funding.
Working Capital for Retail Businesses
At REIL Capital, weâ€™ve streamlined the entire retail industry funding process, making it simpler and faster for business owners who need money to start a new project, need to purchase new stores, or who just need a little extra cash to take care of everyday expenses like payroll and bills while they are in between projects. Weâ€™re business owners just like you, and as a family owned and operated business, we know the challenges you face every day. Every business owner wishes they could have more hours in the day, and although we canâ€™t give you more time, we can help ensure you donâ€™t waste what little time you do have by securing retail funding.
It all starts with our instant online application process. All you have to do is visit our website and fill out our simple online application. It takes just minutes to complete and once youâ€™re done, a representative will contact you almost immediately to discuss the various retail funding options we offer. Customer education is important to us, so weâ€™ll be happy to answer any questions you may have, and youâ€™ll never be pressured to make a decision. We want to make sure you understand exactly how each retail funding option works before you agree to anything.