If you’ve tried to get you a loan at your bank and it was rejected, you the loan or the options they offered weren’t what you needed but you have plenty of options in Aiken, SC!
Restaurant business funding options available within the region of Aiken, South Carolina
Line of Credit
An approved business proprietor is provided with an open line of credit from brick-and-mortar banks or alternative lender. There’s usually a strict spending limit, which has to be paid per month or annually prior to when a business is able to draw additional credit. This approach is useful for two reasons:
- It gives business owners working with capital when they need it and allows them to choose the amount they’ll require
- It can help business owners improve their business credit score
Useful for managing cash flow to purchase more inventory or any other unexpected costs.
Take advantage of a revolving credit line that allows you access to cash when you need it.
Term Loan
Utilize for investment in your business, like big purchases or expansion plans.
The funds you require early, at great rates, with the option of applying for additional funding if you need to. This could be good option for you if you’re able to set a timetable for your project or if you start searching for funding ahead of time of when you’ll need funds available.
SBA (Small Business Administration) Loan
In essence, a Small Business Administration, or SBA, loan is a loan of funds from The U.S. Small Business Administration
SBA loans typically have applicants depositing large amounts of collateral, either business or personal, to secure their loan to justify their personal involvement in the venture. SBA loans also come with lengthy procedures for applying that can stretch for months or weeks and require applicants to file year-long financial statements and produce receipts for each major purchase they have done over many years. SBA loans could be a fit for you when your business has a flexible timeframe and you don’t need to have capital readily available. SBA loans also give you flexibility with regards to the amount of funding available. Some SBA-approved lenders may originate loans up to $5.5 million, which is the maximum allowed under the SBA.
Restaurant Business Loan Calculator in Aiken, SC
Calculator Disclaimer:
These calculators are created to serve as an aid and not to replace user-defined parameters. The default values are speculative and could not be suitable to your specific circumstance. Before you use the values, seek the advice of an expert in finance.
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