Convenience Store Business Loans

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Convenience Store Business Loans

Convenience Store Financing Options

Convenience stores are a pillar of our local communities, and most people step through their doors at least once a week. They offer the products that are essential to daily life and unlike so many other brick and mortar businesses, are very difficult to replace online or with any delivery service. All this makes a convenience store a reliable business, but many convenience stores operate with relatively little working capital. If you want to expand your business, you’ll likely need a convenience store business loan.

Applying for a convenience store business loan is fast and easy:

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What is a convenience store business loan?

A convenience store loan is any small business loan you use to fund your convenience store business. Most of these loans are borrowed as a lump sum and paid back, plus interest, over a short, medium, or long term, but there are other forms of financing available.

Best Convenience Store Business Loans

The top convenience store business loans are:


OnDeck Business Loan Review


Funding: Borrow $5,000 - $250,000
Minimum Credit Score: 600
Loan term: up to 36 months
Funding turnaround: as soon as same business day

OnDeck offers fast business loan options such as term loans, business lines of credit, and SBA PPP loans and funding as fast as 24 hours. Minimum requirements include: at least 1 year in business, 600 credit score, $100,000 in gross annual revenue and a business checking account.

OnDeck is one of the most popular lenders for short-term business loans. They offer loans for 3-36 months with interest rates from 9% (up to 99%, so make sure you calculate your affordability before you accept an offer). OnDeck typically fund within 1 day.

  • Minimum credit score: 600
  • Minimum time in business: 1 year
  • Minimum annual revenue: $100,000
  • At least 2 years must have passed since a bankruptcy
  • Requires personal guarantee and business lien


FundBox Business Loans


Funding: Borrow $2,500 - $150,000
Minimum Credit Score: 600
Loan term: 12-24 months
Funding turnaround: as fast as next business day

Fundbox requires minimal documentation and access to a revolving line of credit without origination or maintenance fees. Borrowers are not required to have collateral (with exception of larger credit lines which are subject to a personal guarantee).

If you think a business line of credit may be a better fit for your business, try FundBox. They typically give you access to funds within 1 business day and if you have good or excellent credit, you may qualify for a very affordable interest rate.

  • Minimum credit score: 600
  • Minimum time in business: 6 months
  • Minimum annual revenue: $100,000
  • APR: 10.10% - 79.8%

Funding Circle

Funding Circle

Funding Circle

Funding: Borrow $25,000 to $200,000
Minimum Credit Score: 700
Loan term: 6-12 months
Funding turnaround: 24-48 hours

Funding Circle offers affordable business loans with interest rates lower than alternative lenders with monthly repayment schedules for borrowers with good to excellent credit scores.

If you have an established business and are ready to grow or refinance old debt, Funding Circle may be the perfect lender for you. They offer relatively low interest rates (12% - 36%) and typically fund within 3 days.

  • Minimum credit score: 660
  • Minimum time in business: 2 years
  • Minimum annual revenue: none
  • Must not have a history of bankruptcy within the last 7 years
  • Requires business lien and personal guarantee
  • Not available in Nevada

How does a convenience store business loan work?

Convenience store loans cover almost any expense you have, including debt consolidation. From purchasing inventory to equipment and real estate, a convenience store business loan can help you do it all, though some types of loan are limited to certain purchases.

What can a convenience store business loan be used for?

You can use a convenience store business loan to:

  • Purchase inventory
  • Invest in new technology
  • Purchase new equipment
  • Renovate your store(s)
  • Ease cash flow issues
  • Hire staff
  • Purchase a new location
  • Expand your offering
  • Pay for marketing

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What are the best types of convenience store business loans?

Term Loans

Term loans from alternative lenders are the most versatile and fast form of financing available, and generally have lower qualification requirements than some of the other forms of financing on this list. You can apply for these term loans online and you’ll often get your funding within 3 days. Interest rates are usually between 9% and 45%, but there are outliers for those with excellent credit or bad credit.

SBA Loans

SBA loans are guaranteed by the Small Business Administration, which helps encourage lenders to lower interest rates and offer better terms. The interest rate for SBA loans is always between 2.89% and 13%, so they are always an affordable way to borrow. The downside of these loans is that they are generally more difficult to qualify for and they often take a long time to fund - up to 12 weeks.

The SBA offer three different types of loan:

  • 7(a) loan program: this is their most popular type of loan and it offers funding for any business need
  • 504 loan program: can only be used for large assets and real estate
  • Microloan program: provides funding up to $50,000 for female-led and minority business owners

Bank Loans

Bank loans are generally the most difficult form of financing to secure, but they do offer the best rates at around 2-5%. You’ll need to have an excellent credit score, excellent business financials, and well prepared financial documents before you apply.

Equipment Loans

If you exclusively need to purchase equipment, this type of loan will likely be best for your needs. An equipment loan uses the equipment you purchase with the loan as collateral, which helps keep interest rates low. Your lender will generally need to approve the equipment you want to buy or purchase it on your behalf.

Business Line of Credit

If you’re interested in a more flexible way of borrowing, a business line of credit may be a better choice for you. This works much like a credit card but usually comes with a higher maximum credit limit and you aren’t limited to paying for goods and services with a card.

As with a credit card, the credit on a business line of credit is revolving which means you can use the credit again once you’ve repaid it. You only pay interest on the money you’ve borrowed, so if you manage your debt carefully you can avoid paying the higher interest rates that usually come with a business line of credit.

What are the pros and cons of using a convenience store business loan?


  • Expand your business quickly
  • Take advantage of time-limited opportunities
  • Ease cash flow issues
  • Low interest rates possible for those with good or excellent credit


  • You usually have to provide a personal guarantee and business lien
  • The best loans require high credit scores
  • You may rely on it to hide a profitability issue

Can I use a convenience store business loan to purchase a convenience store?

In some cases, yes, but it is always difficult to find funding for a startup so you may need to look into alternative forms of financing if you don’t already have a successful business history. If you’re thinking about purchasing another business, look into business acquisition financing to explore all your options.

How to Qualify for a Convenience Store Business Loan

To qualify for the best convenience store business loans, you’ll need:

  • A credit score of 600 or higher
  • A minimum annual revenue of $50,000 - $100,000
  • At least 1 year in business
  • Be willing to put up a personal guarantee and business lien

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How to Apply for a Convenience Store Business Loan

To apply, you simply need to choose a lender you want to apply to and then gather your documents. Most lenders require:

  • Social security number
  • 3 months of bank statements
  • Details of any debt you currently have
  • Business information (such as licenses)
  • Business and personal tax returns
  • Profit and loss statement
  • Balance sheet

Different lenders and types of loan have different requirements here, so you may need more or less information than the list above.

Compare and Apply Now

A convenience store business loan can be just what you need to take your business to the next level, but the most important step is to compare interest rates so you can ensure you’re getting the best deal. It can be tempting to apply for any loan just to secure funding, but don’t forget that it needs to be affordable and as low-cost as possible. Start your search here by comparing rates of the best convenience store business loans and when you find one that suits your circumstances, click apply. You’ll soon have the funding you need to expand your business.

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