What is an industry-specific loan?
An industry-specific loan is exactly what it sounds like - a loan from a lender who has specific industry experience. For these types of loans, the application requirements tend to be geared specifically towards measuring a business's potential growth and plan to continue growing.
Why would you need an industry-specific loan?
Some businesses are more at risk than other to be denied for a loan. This is not necessarily because of unfilled required documents or a poor credit score. Sometimes, it’s the business itself that is the issue. Luckily, there are industry-specific loans that ensure lenders understand the business & its needs. This way, not only is there a higher chance of approval - but also a better understanding of what to expect from the business.
What are some examples of "special" industries?
While there are a bunch of industries who create a niche for "industry-specific" loans, a few common ones are:
Auto Repair Shop
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