By: First Union
18-business-loan-requirements - Industry Eligibility Confirmation
What industry you are involved in can impact your business loan application. Certain industries have a higher risk of failure than others; this, of course, is a concern for any lender as they need to carefully evaluate all aspects of the business before making a final decision—the amount of risk that your industry carries definitely represents one such aspect.
When it comes to most traditional financing routes, there are some industries that lenders simply will not touch, including firearms and adult entertainment businesses. If yours is among a riskier industry class, you may have to search elsewhere for the funding you need.
Alternative and online lenders do not have as strict requirements and thus will deal with those enterprises that may have a bit more risk associated. At First Union, we make it our business to look at the entire picture and not just bar you on the basis of industry alone. This is why so many small business owners have come to us for fast and easy funding.
Prior to applying for a short-term business loan, merchant cash advance, or equipment loan, you may want to look into the practices of the lender—do they deal with your specific industry? If you are not sure, take time to ask questions; the last thing you want to do is spend an inordinate amount of time and energy going through an application process only to discover they are refusing to work with you due to industry-related reasons.
We encourage you to get in touch with First Union today. As mentioned, we base our decision on a comprehensive overview of your company, not on one single factor. Everyone’s story is different, and every business brings something of value to the table. We’d love to hear your story and find a way to get you the cash you need now.
You’re reading Part 9 in our 18-part series – 18 Business Loan Requirements