If you’ve attempted to get an loan from your financial institution and it was rejected, you the loan or the loan options offered were not what you need there are plenty of options in Augusta, WV!
Restaurant business funding alternatives are available within the region of Augusta, West Virginia
Line of Credit
A business owner who has been approved is extended an open line of credit from brick-and-mortar banks or alternative lender. The standard is a monthly or annual spending limit, which has to pay back at a regular interval or once a year before a retailer can apply for additional credit. This option is beneficial for two reasons:
- It allows business owners to work cash when they require it and the flexibility to decide the amount they’ll need
- It can help business owners improve their business credit score
Utilized to manage cash flow to buy more inventory, and other expenses that are unexpected.
Benefit from a revolving line of credit, that can give you access to funds when you require it.
Term Loan
Make investments for your business, like acquisitions or expansion projects.
Find the money you require quickly and at affordable rates with the option of applying to borrow more in the event of need. This could be ideal option if you are able to adjust the timeline for your project or if you begin looking for funds long before when you’ll need funds available.
SBA (Small Business Administration) Loan
The Small Business Administration, or SBA, loan is a loan of funds from The U.S. Small Business Administration
SBA loans typically require applicants to put down an extensive amount of collateral, either business or personal, to secure their loan to demonstrate their personal investment in the venture. SBA loans also come with lengthy application processes that can stretch for months or weeks, requiring applicants to submit more than one year of financial statements, and make receipts for each significant purchase the business undertaken over many years. SBA loans may be an ideal choice should your project have a variable timeline and you do not require funds in short order. SBA loans also allow flexibility in the amount of funds available. Many SBA-approved lenders will issue loans that range from $5.5 million. This is the limit permitted from the SBA.
Restaurant Business Loan Calculator in Augusta, WV
Calculator Disclaimer:
These calculators are designed to function to aid in the process, not to replace the user-defined parameters. The default values are hypothetical and might never be appropriate to your specific situation. Before you rely on the figures seek advice from an expert in finance.
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