Get the Best Funeral Home Loan Options
Operating a funeral home business is harder than ever before. With the increasing cost of goods and services, it can be difficult to keep your head above water – let alone make a profit. The big banks aren’t always willing to help small businesses like yours, but we are.
At Advancepoint Capital, we understand that funeral directors have unique financing needs, and we’re here to help, as we have extensive experience in providing financing to funeral homes. We offer a variety of funeral home loan products, including working capital loans, funeral equipment financing, and merchant cash advances. We also offer lines of credit, which can give you the flexibility to cover unexpected expenses or take advantage of opportunities as they come up.
No matter what your needs are, we can tailor the right loan solution to fit your financing needs. We understand that time is of the essence when you’re running a funeral home, so we make the process as quick and easy as possible to find the right business financing. Contact one of our success team members for more details on how we can solve your unique needs and confidently guide you through the process.
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AdvancePoint Capital makes the loan application process a simple, straightforward experience.
6 Best Business Loans for Funeral Homes (September 2023)
Long-Term Funeral Home Business Loans
Long-term loans are great for business expansion or renovation of a funeral home business because costs are high for the project and the funeral home will need years to repay to get affordable payments based on current revenues.
Short-Term Funeral Home Small Business Loans
A short-term business loan may be a great option for an existing funeral home that may have credit, debt, or other financial impairments to traditional business loans.
Business Line of Credit for Funeral Homes
A line of credit, once in place, is a great option when you need to draw money on demand without going through the approval process of applying for a business loan.
Small Business Administration [SBA] Loans for Funeral Homes
SBA loans come with attractive rates and terms and are considered conventional financing. The SBA loan process will take time as they have higher standard requirements than other business financing options. The SBA loan review includes extensive paperwork and takes into consideration business debt, unlike some other options. If you have a qualified small business it's worth the process and waiting to get the right loan.
Merchant Cash Advance
Merchant cash advances are not loans, but an advance of future receivables of the funeral home. Unlike loans, the advance is repaid by a set portion of future credit card processing so it affords the flexibility to sales that a small business loan payment does not.
Business Credit Cards for Funeral Home Owners
Every funeral home business should have a business card as a backup to unforeseen purchases or expenses. With credit cards, you only pay interest on an outstanding balance. A great addition to your financing toolbox and expand your options.
Why Do You Need a Funeral Home Business Loan?
There are a number of reasons you might need a funeral home business loan to operate a successfully run funeral home. Perhaps you need to purchase new equipment, or you want to expand your funeral home facility. Maybe you need to take advantage of an opportunity that’s come up to purchase another funeral home, or you need to cover unexpected expenses. Whatever the reason, we can help find the financing.
Working Capital
A working capital loan can give you the funds you need to cover day-to-day expenses a funeral home may contend with, such as payroll, inventory, new equipment, or marketing. This type of loan is especially helpful if you’re experiencing a slow period or you have seasonal fluctuations in your small business.
Business Needs
There are a number of other reasons you might need loans for your funeral home business. Perhaps you want to repave your funeral home parking lot, or you need to make renovations to your funeral home. Maybe you want to add new services, or you need to purchase a fleet of vehicles. Whatever your needs are, we can help you find the right funeral home loans.
Inventory
If you need to purchase inventory, we can help. We offer inventory funeral home financing, which is a type of loan that allows you to finance the purchase of an inventory of caskets for your funeral home. This can be helpful if you need to make a large purchase, or if you want to take advantage of a sale on products.
Infrastructure Improvements
Improving and modernizing your existing commercial real estate is a great way to attract new business and grow your funeral home. We offer a variety of loans for funeral home infrastructure improvements, such as equipment loans, lines of credit, and merchant cash advances.
Marketing/Advertising
Advertising for a funeral home can be expensive, but it’s a necessary part of doing business. If you need to increase your marketing budget, we can help find the financing. We offer loans for marketing and advertising, which can give you the purchasing power you need to reach a wider audience.
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Qualifying for a Funeral Home Business Loan
Funeral home loan starts with a conversation with a business finance specialist to go over your needs and basic qualifications. If a potential business funding product is suggested, you will need to fill out an application with all pertinent information about the business and business owners. You will then also submit the necessary documentation along with the application for review and consideration. Once underwriting reviews they will issue an approval or denial. The business finance specialist will go over offers terms and conditions for you to consider. If acceptance of an offer, an agreement will be issued for signature and final stipulations requested for funding.
The following are a few factors involved in qualifying for a funeral home loan such as -
How Old is Your Funeral Home?
The age of your funeral home will be a factor in the type of funeral loan you qualify for. If you're a new funeral home that may lead to other loans than an older and more proven funeral home which could qualify for a traditional bank loan or SBA loan. If you are a new funeral home you may need to seek financing from a private lender.
What is Your Cash Flow Like?
Your funeral home’s cash flow will be a determining factor in the type of loan you qualify for. If your funeral home has strong and consistent cash flow, you'll have an easier time qualifying for a loan. If your funeral home’s cash flow is weak or unpredictable, you may need to consider financing through alternative lending options.
Do You Have Any Business Debt?
If you have existing funeral home financing, it may need to be paid off by refinancing before you can qualify for a funeral home loan. SBA loans are typically not available to funeral homes with overextended debt, but funeral home owners can get other types of conventional financing even if they need some extra help with the lending process.
