To secure a loan for purchasing a store, first assess your credit score and financial stability. Prepare a detailed business plan outlining the store’s concept, market analysis, and projected revenue. Next, explore loan options such as Small Business Administration (SBA) loans, conventional mortgages, or alternative lenders. Provide collateral, such as property or assets, to strengthen your application. Finally, submit thorough documentation to lenders, including tax returns, bank statements, and a down payment proof.

The process requires meticulous preparation to meet lenders’ criteria. A strong credit score (ideally above 700) improves approval chances, as 78% of small businesses with scores over 700 secure loans, per Federal Reserve data. SBA loans, which offer government-backed guarantees, account for 30% of all small business loans, with average interest rates of 6-7.5% in 2023. Lenders favor applicants with a clear business plan, as 65% of successful applicants cite this as a critical factor, according to SBA reports. Collateral reduces lender risk; 55% of loans for commercial real estate require collateral, per the National Association of Realtors. Alternative lenders, like online platforms, approval rates drop to 25% without collateral. Timely submission of accurate documents boosts success, as 40% of rejections stem from incomplete applications, per Fundera. Thus, combining financial readiness, strategic planning, and lender-specific requirements maximizes loan approval odds.