Business Loans for Funeral Homes
FIND THE BEST FINANCING OPTIONS
For Your Funeral Home Business.
Choosing the Best Funeral Home Loan Program
Operating a business, especially a funeral home, is certainly not an easy task. When seeking a small business loan, funeral home owners, cremation professionals, and those in the death care industry in general may find that obtaining traditional financing is not always an easy process. Unfortunately, COVID and the recent omicron variant have caused a nationwide unprecedented number of deaths. This pandemic has also severely affected the economy, making banks more reluctant to lend. However, your business may also be experiencing an unexpected increase in demand for its services, which in turn requires business funding to fuel its growth.
e-Biz Finance Group has knowledgeable loan consultants that can assist your funeral home business obtain the best business loan it needs. Whether you’re seeking financing for hiring new staff, marketing and advertising, or general expansion, we are here to make the lending process simple, so that you can focus on operating your business. We have loan options that can fund within 24 hours and require no credit score minimum, and also have programs with rates as low as 6% that require no collateral and fund within a week (for those with strong credit history). We understand every business has a different financial situation, which is why we offer a our variety of loan programs to funeral homes.
Banks, credit unions, and conventional lending sources in general will ask for significant documentation and take months to render a decision. With e-Biz Finance Group , our loan consultants take a consultative approach to identify the ideal financial product for your funeral business, and can have you approved and funded within a matter of days (or hours in some cases). Please find below more information on some of the loan options we have for funeral homes.
The Best Business Loans for Funeral Homes
Business Line of Credit for Funeral Homes
A business line of credit is a small business financing option that offers a flexible feature that a short-term loan does not. It works like a credit card in that it is a revolving credit line and allows you to draw money out and then repay at any time with you only paying principal and interest on your outstanding balance.
Lines of credit have a credit limit that you cannot exceed and is set at the time of consummation. Business lines of credit are not considered term loans but revolving lines of credit.
Highlights of a Line of Credit:
- Ability to draw money at any time from lines of credit
- Allows borrowers to spend the money, repay it, and spend it again
- Principal and interest rates starting at 5% for lines of credit
- Lower costs and fees than most other financing products
Merchant Cash Advance for Funeral Homes
Merchant cash advances (also now as Future Receivables Purchase and Sale Agreements) provide an upfront lump sum of money in exchange for a fixed percentage of the businesses’ future sales. Repayment is typically made daily or weekly.
Either ACH payments auto deducted from a business’s bank account, or the percentage is taken out of future credit card sales until the payback obligation is met. Terms are expressed as a future sale, so you are given a fixed amount and then responsible for paying back a more significant amount through a fixed percentage of future sales. The difference between the amount given and the amount paid back to complete the agreement is your fixed cost.
The estimated time to repay is typically 6 to 18 months, but there are no term limits as the repayment is based on future sales, and this product is not considered a term loan.
Benefits of Merchant Cash Advances for Funeral Homes:
- Flexible repayment terms attached to future sales
- Excellent to poor credit score considered
- Provides funds to owners with sub-prime credit
- Limited documentation required
Short Term Small Business Loan for Funeral Homes
Short-term loans are term loans that provide a fixed amount of money, repaid over terms of 6 to 18 months. When approved, you get a fixed amount for a set payback amount. The difference between is the cost, with a fixed payment auto-deducted from your bank account monthly, bi-weekly, weekly, or in some cases daily out of the bank account.
Limited paperwork is required, with only a 1-page application and bank statements. The credit requirements for a short-term loan are more lenient than that of banks or traditional term loans due to the reduced risk.
Benefits for Short Term Business Loans:
- Excellent to poor credit score considered
- Loan amount as little as $10,000 up to $500,000
- Repayment terms are 6 to 18 months to repay
- Lower monthly or annual revenue requirements than those of traditional loans
- Fast and simple application process with the same day to next day financing
- Limited documentation required
Business Line of Credit for Funeral Homes
A business line of credit is a small business financing option that offers a flexible feature that a short-term loan does not. It works like a credit card in that it is a revolving credit line and allows you to draw money out and then repay at any time with you only paying principal and interest on your outstanding balance.
Lines of credit have a credit limit that you cannot exceed and is set at the time of consummation. Business lines of credit are not considered term loans but revolving lines of credit.
Highlights of a Line of Credit:
- Ability to draw money at any time from lines of credit
- Allows borrowers to spend the money, repay it, and spend it again
- Principal and interest rates starting at 5% for lines of credit
- Lower costs and fees than most other financing products