Obtaining Financing For Convenience Stores and Liquor Stores

Owning and operating your own convenience or liquor store can be a lucrative, recession proof business because these stores offer a variety of necessities that customers can purchase quickly and easily. Owning this type of business takes a great deal of management, marketing, and customer service skills, but if a business owner is willing to invest the time and money, it can be a very successful venture. Fortunately, there are different types of financing options available to help with the purchase of a convenience or liquor store. If you are interested in buying a convenience or liquor store in Atlanta, Georgia, and have questions about the process, Preferred Capital Funding can help. Read on to learn more about financing options for convenience and liquor stores in Atlanta.

Purchasing a Convenience or Liquor Store

There are certain steps that you will want to take when you begin the process of buying a convenience or liquor store. First, you will want to come up with an organized business plan, and then find a desired store location that you want to buy and is within your affordability range. You will need to decide if you are going to purchase an existing store, or if you are going to open up a brand new one, and if you want to purchase a liquor store, you will want to ensure that it is approved to sell alcohol. You will then more than likely need to obtain financing in order to make the purchase and to buy inventory. When you apply for a loan, both your personal and business credit will be evaluated, along with the financial income of the business, and your business plan. Lenders ideally want to lend to borrowers who have relevant experience and who have had previous business success. It is a lower risk for the lender if the store is successful, because the borrower is more likely to pay back the loan if the store is profitable.

What Types of Loans Are Available for Convenience and Liquor Stores?

There are many types of loans available for people interested in buying a convenience or liquor store. Some common financing options include:
● Small Business Administration (SBA) loan – This is a small business loan that is partially backed by the U.S. Small Business Administration. It can be used to buy a property and merchandise, refinance a debt, or expand the building. When purchasing a liquor store, you will want to ensure that you have a liquor license first before you apply.
● Business line of credit – This type of funding offers a business a line of credit that can be drawn from and paid back at any time and can be used to purchase a store and for basic business expenditures.

If you are interested in purchasing a convenience store or liquor store and have questions about your financing options, contact Preferred Capital Funding today for a consultation.