Furniture stores entail huge upfront investment costs, as well as significant operational expenses to manage the business effectively.
Between investing in a large warehouse to showcase the furniture and purchasing top-quality brands to display in the store, launching a successful furniture business is going to require ample startup capital.
In order to keep the store in good repair, pay employees, install and maintain store fixtures, and sustain a steady supply of merchandise, you’ll require continued financing throughout all stages of business.
Financing for Furniture Business
There are a variety of loan options available to help furniture store owners get the merchandise they need, market their store effectively, and remain ahead in the competitive marketplace.
Commercial Real Estate Loans for Furniture Business
The first step in launching your business is securing property. With a commercial real estate loan, you can access the funding needed to obtain a store or warehouse in a prime location. The loan amounts range from $100,000 to $2 million dollars and offer 5 to 25 year repayment plans, depending on eligibility. These loans are offered through banks and will require excellent credit, a sound business plan, and collateral as a mean of partially securing the loan.
Equipment Loans for Furniture Business
Furniture stores will typically require heavy machinery and equipment in order to move furniture quickly and easily, without employees becoming injured in the process. With an equipment loan, you can lease or finance a range of machinery, such as forklifts and delivery vehicles, to make your job easier.
Equipment loans are offered through banks and range from $10,000 to $100,000, allowing you to purchase all of the equipment needed to improve the efficiency of your business while enhancing the working conditions for employees.
Business Line of Credit for Furniture Business
Given the large operational costs that furniture stores entail, it would benefit company owners to get a business line of credit. Having your own credit line will enable you to spend money as needed, so you’ll always have cash available in case of emergency.
For first-time business owners, you will likely have to provide collateral in order to secure the line of credit. Credit lines can be applied to all business expenses, providing you both spending flexibility and convenience.
Get Started Financing Your Furniture Business
To operate a successful furniture store, you’ll need consistent capital in order to meet the high operational expenses. The good news is, when it comes to business loans for furniture business owners, there are plenty of options to choose from.
With an equipment loan and commercial real estate loan, you can secure the property and machinery needed to thrive in the industry. A working capital loan and line of credit can enable you to cover routine expenses and continually invest in new inventory for your store. Get the money your business needs to thrive. For modern business funding solutions, contact Credibly.
Or, pre-qualify in minutes by filling out our online form. It’s free and simple and will not negatively impact your credit.