If you’ve tried getting an loan from your bank but you were denied, or they refused to give you the loan or their choices were not what you need If you’re in the market for a loan, there are more options in Anderson, SC!
Restaurant business funding options available in the region of Anderson, South Carolina
Line of Credit
An approved business proprietor is provided with an open line of credit from a brick and mortar bank or an alternative lender. There is usually a spend limit, and it must be paid in installments, either per month or annually prior to when a merchant can draw down additional credit. This approach is useful for two reasons:
- It provides business owners with working finance when they’re required and the flexibility to decide how much they’ll need
- It aids business owners to improve their credit score for business.
This is used for managing cash flow to purchase more inventory or any other unexpected costs.
Get a revolving credit line that allows you access to cash when you need it.
Term Loan
Make use of it to fund your business, such as expanding projects or purchases of large amounts.
Get the money you need immediately, with the best rates available, with the option to apply to borrow more in the event of need. It’s a great option for you if you have a flexible timeframe of your project or you begin your search for funding before the time the cash is required 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 generally require applicants to place down significant amounts of collateral, either business or personal, for backing the loan to show their personal investment in the venture. SBA loans also have long application procedures that could run for weeks or even months, requiring applicants to submit an annual financial statement and generate receipts for every significant purchase that the company has been able to make over several years. SBA loans could be an ideal choice If your venture is on a more flexible timeline and do not need cash in hand immediately. SBA loans also provide flexibility in regards to the amount of funding available. A majority of SBA-approved lenders can originate loans that are up to $5.5 million. That’s the amount permitted per SBA.
Restaurant Business Loan Calculator in Anderson, SC
Calculator Disclaimer:
These calculators are intended to serve as an aid but not to replace the user-defined parameters. The default values are hypothetical and may not be applicable to your particular situation. Before you take a stance on the figures , consult a financial expert.
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