If you’ve tried obtaining one loan from your financial institution and it was rejected, you a loan or the options they offered were not the one you wanted However, you’ll have more options in Bayou Gauche, LA!
Restaurant business funding options are readily available in the region of Bayou Gauche, Louisiana
Line of Credit
An approved business proprietor is offered a line of credit from a brick-and-mortar bank or alternative lender. There is usually a spend limit, and this must pay back at a regular interval or once a year before a retailer can apply for additional credit. This method is advantageous due to two reasons:
- It grants business owners working capital when they need it and the option to decide the amount they’ll need
- It can help business owners improve their credit score for business.
Useful for managing cash flow to purchase additional inventory or other unexpected expenses.
Use a revolving credit line, which can give you access to cash at the time you require it.
Term Loan
Utilize for investment in your business, like expanding projects or purchases of large amounts.
Get the funds you need for your project in the beginning, and get them at an affordable rate, with the option to apply for more as needed. It’s a good option for you if there’s a flexable timeline of your project or you are looking for funding far in advance of the time you’ll require cash on hand.
SBA (Small Business Administration) Loan
An Small Business Administration, or SBA, loan is a loan of funds from The U.S. Small Business Administration
SBA loans typically require applicants to place down a substantial amount of their collateral, either business or personal, to fund their loan in order to show their personal stake in the business. SBA loans also come with lengthy procedures for applying that can last for months or weeks in which applicants must submit many years of financial records and generate receipts for every major purchase they have conducted over several years. SBA loans may be a fit for you when your business has a flexible timeline and you don’t require funds immediately. SBA loans also provide flexibility in regards to the amount of financing available. A majority of SBA-approved lenders can originate loans as high as $5.5 million. This is the maximum allowed through the SBA.
Restaurant Business Loan Calculator in Bayou Gauche, LA
Calculator Disclaimer:
These calculators are designed to function as an aid , not to replace user-defined parameters. The default numbers are not guaranteed and may have no relevance to your particular circumstances. Before you base your decisions on the data, seek the advice of an expert in financial matters.
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