Businesses in specific industries are considered favored by lenders and banks. They are more likely to get approved and for higher loan amounts. Check to see if your business is in a preferred industry by lenders. If so, these programs will give you the most funding for your business. Apply below.
FAQ Frequently asked questions on favored industries
What are favored industries?
Favored Industries are more desired and sought after by other businesses trying to establish relationships and provide goods and services to them.
They are usually favored because their industry types are more stable, established and consistently profitable than other industries. They also have a lower out of business percentage compared to other industries.
Am I less likely to get approved for a business loan if my business is not considered a favored industry?
All other things equal, your business may be less likely to get approved for a business loan if it is not considered a favored industry. If your business is considered to be in a risky industry then it may be not considered at all and be restricted.
Will we get more money by being in an industry lenders want to loan to?
Lenders may or may not give your business a higher approval amount just because of the industry you are in. The main factors are still revenues, credit, time in business, cash flow and profitability.
Examples of favored and preferred industries:
These include automotive Repair, Dentists, Dental Practices, Physicians, and Medical Practices, as well as Beauty Salons, Gift, Novelty, and Souvenir Stores and Shops. Additional businesses likely to receive approvals include Restaurants, Electrical Contractors ,Furniture Stores, and Chiropractors.
Other examples are Plumbing, HVAC Contractors, Hotels, Sporting Goods Stores, Grocery Stores, Gas Stations, General Merchandise Stores, Bars, Nail Salons, General Retailers are also considered preferred industries. Food and Health Care Stores, Clothing Stores, Cleaning Services, and Veterinary Services are also considered more desired businesses to market to.
Business types that are not considered favored may be considered less desirable by lenders and categorized as a restricted industry business loan.
Another group includes Home related businesses, such as Home Health Care Services, Home Furnishing Stores, and Hardware stores.
Optometrists, Automotive Parts and Accessories Stores, Beer, Wine and Liquor Stores, Hardware Stores, and Jewelry Stores.
Other Favored industries, Target Industries or Targeted Industries include:
Supermarkets, Grocery Stores, and Convenience Stores.
Not considered one of these industries? Contact us above.
Optometry Centers, Glasses and Contacts
Party Supply Stores, Pet Merchandise, Pharmacies, Specialty Stores or Specialty Department Stores. Sporting Goods Stores, Toy Stores, Hobby Stores and Pet Shops.
Barber Shops, Beauty Shops and Beauticians.
Dry Cleaning and Laundry, such as Coin Laundry.
Hair, Nail and Skin Care Stores, and Health Spas are all more Examples of Favored Industries.
Lenders will cater to your business more than other business industries. Another advantage is getting better Terms on Goods and Services.
Learn more about Preferred Industries.
Recent examples from the Web:
Loans to Preferred Industries