Kinds of Jewelry Business Loans
Here are some different commercial financing options that are available to jewelry store owners and jewelers.
Traditional Bank Financing
A loan and a line of credit business options are the least expensive kind of financing that a jeweler can get to help finance their business. It is possible to use loans for virtually any business purpose, which includes buying a jewelry store, obtaining working capital, refinancing debt on the store, and other operational purposes.
Line of Credit
This is another affordable kind of business financing, which is based mostly on your personal credit. To qualify for an unsecured line of credit (LOC), a jeweler needs a credit score of 680 at the least. An unsecured credit line is usually used for working capital purposes, although it can also be used for startup jewelry business financing.
Alternative Jeweler Loans
This is another good type of financing for these businesses which require normal working capital but have not been able to obtain funds at a traditional lender or bank. Non-bank lenders often have lower credit score requirements, and reduced documentation and paperwork requirements as compared to a traditional lender.