How to Get an Essential Industry Business loan during Covid-19

How to get an essential industry business loan during covid-19 coronavirus
Essential industry working capital is available. Check to see if your industry is listed as critical to the community.


What is an essential industry?

An essential industry is a type of company that must stay open and available to the public.  For example, during public emergencies, natural disasters, economic recessions, public health emergencies, pandemics and other types of crisis situations.   A critical industry business loan is made by lenders just to vital industries. Complete list of Top 32 essential industry businesses

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Lenders think these industries are less risky because they are always needed.    Lenders still fund to these industries because they are open and making money.   Non critical businesses may have limited capacity with lower sales.

See if your industry will be considered.   Then pick from programs that include bank statement loans, asset based loans, loans against equipment, vehicles or real estate.

Get started on several current options by completing the Application, below.

Estimated Cost: $0
Total Time: 1 Day
Supplies Needed:  search information, time available.
Tools needed: Internet connection, phone, computer

How to get an essential industry business loan during Covid-19 Coronavirus. How to steps, direction and tips.

Step 1.  Preparation:

Find programs and lenders that lend to your industry considered vital to staying open during emergencies.

Prepare your documentation to prove your business is critical to the community.
Gather documentation that shows your business is necessary to the community. This could be website information, advertising or industry classification.

Step 2.  Prepare your information:

Tip:Look at all programs available under critical industries and choose.
Example:  Business loans based on cash flow may still be available to your industry.

Search for essential industry business loan lenders
Complete a search specifically for lenders that loan to essential industries. Check to see if your industry qualifies. If not but it is a similar industry, call or contact the lender to ask.

Step 3. Contact lenders that advertise small business loans to essential industries during the Coronavirus Covid-19

Be open to every program.  Your business will often not qualify for the type of program you would like the most.  Choose from the programs you can get rather than what you would like to get.

Tip: Call if you can.   Tell the representative what type of funding you would prefer,  but quickly focus and discuss with the representative the programs that you may qualify for.

You may be asked for documentation or stipulations as part of the loan.  Some of the documentation may not be required until later in the process or before closing.    This will save you time by not providing information now that won’t really be used for an approval or denial decision.

contact lenders that are making essential industry business loans
Find funding sources with specialized programs for critical operations. Contact them to discuss the options for your type of company.

Step 4. Complete the application.

Provide any documentation you have that strengthens your request.  This can include bank statements, tax returns, business or personal financial statements that may increase your chances for approval and the amount of any approval.

complete needed industry business loan application during Coronavirus Covid-19
Complete the application for vital industry business loans available during Covid-19 Coronavirus.

Step 5.  Request closing documents.

Look over the closing documents.   Look for affordability for your business, early payoff options, fees and collateral.   Make sure you understand any conditions you have to meet during the term of the financing.   This can including providing financials during the loan and consequences for non payment.

Once ready, provide all the documentation required for closing and complete.

review terms on approvals and close transaction
If you are satisfied with the approval terms and can meet the closing requirements, provide all information needed to close and receive funds into your business checking account.

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FAQ Frequently asked questions on how to get an essential industry business loan

What is an essential industry?

An essential industry is a type of business that must stay open during public emergencies, natural disasters, economic recessions, public health emergencies, pandemics and other types of crisis situations. Their services are considered vital to the general public and must continue.

Lenders declined our small business loan because we are not an essential. How can we still get money?

There are other programs available now and your business does not have to be considered essential. This could be an asset based loan such as a loan against equipment, real estate or accounts receivables. Businesses that have very strong credit may still qualify.

Is it a waste of time to apply if our business is not considered essential?

It is not a waste of time to apply. There are industries that are between essential and non essential.  Some lenders will consider your company. Call to ask a representative and you will have better idea of what you can qualify for.

How do I show my company is essential?

Document all the services and products your company provides. Try to identify any that are essential to the public, or community. Look up the NAICS codes to see if you can classify as essential. When applying provide any essential operations to the lender.


List of 32 Top Essential Industry Businesses

Complete list of Top 32 essential industry businesses

1. Accounting Services
2. Assisted Living Facilities
3. Auto Parts
4. Auto Repair – mechanical and auto body
5. Delivery companies for essential needs
6. Drywall companies
7. E-Commerce Businesses
8. Electricians
9. Exterminators
10. Food delivery
11. Food takeout
12. Food distributors
13. Funeral Homes
14. Gas stations
15. Grocery and Convenience Stores
16. Gun stores
17. Healthcare operations
18. Home Healthcare Services for adults, seniors or children
19. HVAC
20. Insurance agencies and offices
21. Legal Services
22. Liquor Stores
23. Medical offices
24. Pharmacies
25. Plumbers
26. Restaurants with 50% takeout or delivery
27. Takeout Food Establishments
28. Trash collection
29. Tire sales, repair and installation
30. Trucking and Transportation support of essential residences
31. Utility and telecom
32. Veterinary clinics

Top 6 Fastest Business Loans available during Covid-19 Coronavirus

1 Cash flow loans or bank statement loans for Essential industries
2 Loans against vehicles or business vehicles
3 Paycheck protection program – PPP CARE
4 Business loans on Equipment
5 Advances on accounts receivables
6 Loans on Commercial Real Estate

Top 6 business loan requirements during and after the Covid-19 Coronavirus lockdown

1  Month to date MTD business bank statements or verification of revenue.   For the current month the most recent bank activity since the 1st of the month.   A correct month to date includes all debits, credits and daily balances.

2  Current months and near term revenue forecast.   A forecast of what you believe sales will be in the next 30 days and up through 90 days and beyond.   Anything that supports the forecast can be helpful.  This can include sales contracts or new customer lists.

3  Modest or sustainable fluctuations in sales.   If your sales have been down approximately 25% or less, then show this.   Sales drops of up to 30% to 50% may still allow for funding on a case by case basis.

4  Longer time in business.    5 years or longer may be required for unsecured requests during the height of the virus.   Other requests will not require as much time since opening, especially after Covid-19 gets better.

5  Higher credit scores. Over 600 in many cases.    Previously, scores as low as 500 or lower were allowed.    In the short term as the virus lockdown eases up and companies work their way towards normal sales, lower scores will be accepted again for certain financing programs.    Some secured programs will currently accept lower than 600 scores.

6  Collateral.    Collateral will be required for some programs that continue to fund now and while the virus covid-19 continues to ease in 2021.   These programs may require real estate, equipment or accounts receivables.