Best Convenience Store Loans

There are many requirements you will need to meet when applying for a convenience store loans. This can make the entire process a little daunting. You don’t want to be caught off guard and end up signing with the wrong lender. Luckily our experts are here to help. On this page, you will find the top convenience store loans and their standard features, and our list of recommended financial providers.

Financially reviewed by Chip Stapleton, Finance Manager, on 9.23.2021

At a glance —  Often business owners assume that there is only one funding type they can apply for, in relation to convenience store loans. Yet, this is not the case. Rather there are many loan types including, a lump sum for long-term planning and establishment or instant access to cash. We’ll look at the top loan types in this guide and so that you can decide which one is the most suitable for you. 

Short Overview of The Best Convenience Store Loans

In this section, we’ll introduce the top convenience store loans on the market. We’ll start with a summary overview and go into further detail below.  

Financing Need

Best Loan Type

Loan Features 

Recommended Lender

Moveable assets, store upkeep, staff salaries, rent, insurance

Short-term loans

  • Amount: Between $5,000 and 500,000
  • Term: Up to 15 months
  • Interest: No interest rate, instead offers one-time factor rate 
  • Time to get the loan: Up to 24 hours

Fora Financial


Equipment financing

  • Amount: 100% value of equipment
  • Term: Up to 6 years
  • Interest: Between 4% and 40%
  • Time to get the loan: As fast as 48 hours 


Startup capital

SBA loan

  • Amount: Up to $5 mil
  • Term: Up to 25 years
  • Interest: From 6% and up
  • Time to get the loan: Up to 2 weeks


Renovations & upgrades

Line of Credit

  • Amount: Up to $250,000
  • Term: Up to 12 months
  • Interest: 1.50%-6.50% per month
  • Time to get the loan: Up to 24 hours


Merchandise & repairs

Term Loan

  • Amount: Up to $250,000
  • Term: Up to 24 months
  • Interest: Between 11.98% - 46.06%
  • Time to get the loan: Up to 24 hours


Cash flow

Merchant cash advance

  • Amount: Up to $250,000
  • Term: Repaid weekly or monthly
  • Interest: Up to 1.5% of sales
  • Time to get the loan: Up to 24 hours

Square Capital

Best Convenience Store Loans Explained

Here we will go into greater detail about each of the convenience store loans summarized above.  

1. Fora Financial - Best for Short-term Loans

Whether opening or expanding a convenience store, good cash flow can make or break the success of such a business. Taking out traditional loans usually requires a lot of prerequisites that must be met, and the repayment terms can oftentimes be very strict.

Fortunately, Fora Financial gives small businesses the opportunity to obtain finances necessary for growth with little fuss. To qualify, the company must be operational for at least six months and generate at least $12,000 in gross sales a month. Other than that, Fora Financial is much more forgiving and flexible.

With a short-term loan, a convenience store can add more stock to their shop, hire more staff and take care of many other miscellaneous expenses that can pop up in the day-to-day running of the business.

Read the full Fora Financial review for more details.  

2. Fundera - Best for Equipment Financing

Whether you develop land or purchase an existing structure, you’ll need equipment to run your daily operations. Equipment financing can help you acquire the furniture, assets, and fittings you need so that you can provide your services to the community. What’s more, you can get funds for up to the entire value of the proposed machinery and equipment.

Convenience stores may come equipped with furnishings, but they may be outdated or dilapidated. It’s always best to start with new equipment when you open the doors to your first customers. You may also want to invest in the latest technology to make sales go faster, such as digital payments.

Fundera is known for its exceptional startup loans for equipment. It also offers SBA loans that function as equipment financing, lowering the interest rates and extending the repayment periods. Even if you don’t have a good track record, this lender is willing to work with new companies on their projects.

Read the full Fundera review for more details.  

3. SmartBiz - Best for SBA Loans

Small Business Administration (SBA) loans provide you with fast access to government-guaranteed funds. You will need to work via an approved lender - as the government does not deal directly with business owners. However, there is a high chance that you will receive financing if you have a solid business plan. 

Since the government is fond of financing property developments with a high-income stream, convenience stores are the ideal ventures for SBA loans. You’ll receive the capital you need to get started and you will have a long repayment period. Also, interest rates are generally low for this loan type.

SmartBiz understands what it’s like to be rejected by banks for loans. Fortunately, it’s an approved SBA loan provider for new companies. It’ll also assess your business needs and suggest the best solution for the years ahead.

Read the full SmartBiz review for more details.  

4. BlueVine - Best for Line of Credit

Short to medium-term loans are another avenue you can explore for your capital funding needs. Generally, however, we recommend you apply for a short- to medium-term loan only after you’ve been in business for a few years. The primary reason being that you need a track record with historical proof of sales to qualify. The repayment period depends on how much you want to borrow and how soon you expect to be able to pay back your loan.

Term loans are an excellent solution if you want to upgrade or renovate your convenience store. If you have purchased your convenience store business from someone, you can use its former sales figures to forecast your predicted expenses and sales. What’s more, you may need less capital, as you won’t be starting from scratch. You can also alter the store to suit your brand and requirements.

We feel that BlueVine is a great choice for term loans when it comes to convenience stores. BlueVine will let you know which repayment periods are best, based on the data you provide.

Read the full BlueVine review for more details. 

5. OnDeck - Best for Term Loans

You don’t want to have to use your capital or operating funds to buy new inventory items daily or fund repairs. A business line of credit is available for you to draw on at any time, and you’ll only pay for what you use. There’s a limit to how much money is available, but the interest only applies to the amount you withdraw.

You’ll likely be buying new merchandise often to replenish stock, for your convenience store. Machinery also breaks down due to constant wear and tear, or technology may fail unexpectedly due to software issues. A business line of credit is the perfect solution for covering these costs until your profit comes in.

OnDeck excels with the business line of credit offers for convenience store loans. It’s more lenient when it comes to approving finance, and you might receive a discounted rate for early payments. Many clients also praise it for its exceptional customer support.

Read the full OnDeck review for more details. 

6. Square Capital - Best for Merchant Cash Advance

A merchant cash advance is available for industries that accept bank card payments. If your application for a merchant cash advance is successful you will receive a lump sum amount and the lender will take a small percentage of your sales. The lender will take a weekly or monthly repayment with a low interest rate. 

As a convenience store owner you will likely be dealing with clients to buy products with credit and debit cards daily. In this way, a merchant cash advance is perfect for your business. Lenders generally have a minimum sales limit which they require for the repayment. You will need to cover the difference at the end of the month. However, convenience stores usually have no issue meeting this cap.

Square Capital offers its members a merchant cash advance solution, and it’ll provide you with the technology to accept card payments. If you’re not a member yet, you can register your new business with them to get started. The lender will then advise how much you will qualify for.

Read the full Square Capital review for more details. 

Recommended Reading: The Best E-Commerce Business Loans

How Much Does it Cost to Open a Convenience Store?

The amount you will need to open your convenience store will vary according to factors, such as the store size, workforce, products for sale, and software solutions. Small business loans for this industry start from $10,000 and may reach $1 million for a large-scale enterprise. 

From the moment you start your convenience store business you will be balancing your revenue and expenses. It’s nearly impossible to guess how much you’ll make daily, but you can plan for direct and indirect expenses. 

Here are some of the essential items you will need to budget for in your business plan:

  • Building establishment or renovations
  • Equipment and inventory supplies
  • Furniture, fixtures, and other movable assets
  • Licenses and permits
  • Business software
  • Franchise or rental fees
  • Initial working capital

If you’re going to partake in a franchise, there may be fewer capital costs involved. You may, for example, need to renovate the space to meet your creative ideas and that of the brand. Furthermore, you may need to pay franchise fees.

Recommended Reading: Best Daycare Business Loans for 2022

How to Choose the Best Convenience Store Loans

With so many options on the table, how do you choose the best convenience store loans? To begin you need to identify your objectives. Consider, for example, if you are refurbishing a property or acquiring a turnkey location. You may also wish to think about how much money you will need to put into your property to transform it into the store you envision. 

You’ll need to select the ideal loan for each possible situation or scenario. Look at the repayment terms and decide if you want to pay it off within one year or more. Furthermore, assess if you need to use the loan for daily operations or for long-term capital investments.

Of course, qualifying for a loan is essential. Some lenders have strict requirements that may not suit you. You should also check how quickly you can access funds if you need to replenish your stock urgently.

Recommended Reading: Best Bakery Loans: Turn Your Dream Into Reality

See Our Additional Guides on Industry-Specific Loans

Bottom Line

Opening a convenience store is an exciting prospect, one that can keep you busy for many years to come. While there’s plenty of stress involved, a great way to relieve some of the pressure and to get off the ground quickly is by applying for industry loans. We hope our guide has given you the insight you need to make the right loan choice.