Business Loans and Financing Options for Optical Shops

Optical Shops, optical stores and eyeglass stores are a lucrative business as many eyeglass wearers want fashionable choices that they can get in a brick and mortar store. Trying on glasses is still an important part of the buyer’s journey, so offering them this service is key to success in this industry. However, creativity and customer-centric thinking are still the most important thing for those in the eyecare industry. Even as an established optical shop, getting additional funding to support your business’s growth and goals can be a hurdle you’re faced with. Here are three steps to secure additional financing.

1. Decide how much money you need.

There are many reasons your optical shop may need to take out an additional loan, even years after opening and success.

  • Does your business need new technology, for inventory management, point of sale systems, or mobile apps?
  • Do you need a larger space, like a new building or renovating your current space?
  • Is your inventory low and you need to restock so you can serve customers as they come into your store?
  • Do you need to hire someone to run your social media, like an Instagram account, to attract new customers?

All of these are important reasons to apply for loans, but there are many more, including paying down debt from purchasing an office, upgrading technology, paying bills and more. The use of the loan and how much you need to be able to pay for the things your business needs can determine what loans are available to you.

Each of these purposes will have a set cost to them, so knowing your needs can help you decide just how much you’ll need to borrow.

2. Understand how you will be able to pay it back.

Repaying a loan can be a confusing experience, but especially so when you don’t understand the terms of the loan. Each loan is unique and may have different repayment options, including pre-payment penalties for early repayment.

Consider how much you can pay back each month, how much time you think you’ll need to repay the loan and if you want to try to pay it off early. Look for loans that fit your requirements or talk to loan agents about your goals with repaying the loan to find the right loan that meets your needs.

Alternative lenders have requirements, just like any other financing option, but can be more lenient, making the process smoother and faster.

3. Decide on what type of loan you want.

Bank loans are often the first thing many people think of when seeking a loan, because banks are in the business of money. You probably already have a relationship with a bank for your business. When looking at bank loans, though, be sure to keep in mind they often have many requirements and it can take longer to get the money in your hands.

Loans backed by the Small Business Administration (SBA) have become a popular choice among small businesses like optical shops. While the government does not grant these loans, they set forth guidelines for lenders, which can reduce the risk for lenders and help business owners get access to more loan options than they may have otherwise.

Alternative lenders are the third option to consider, as they can be easier and quicker. They have requirements, just like any other financing option, but can be more lenient, making the process smoother and faster. They have many benefits, from online applications to clear terms. They also can come in a variety of loan types, including SBA loans and business lines of credit.

Loans from Fast Track Lenders

Applying for a loan from Fast Track Lenders LLC is quick and easy! An online application with minimal documentation and quick approval can get you back to work with additional funding in no time. A dedicated advisor will answer all your questions, so you can understand the process from application through repayment. Apply today!

How much are you looking for?

Get the capital your business needs fast and easy.

Get funded in 24 hours with rates as low as 9.99%

Add Comment

Your email address will not be published. Required fields are marked *