If you’ve tried obtaining you a loan through your bank but they either refused to grant you a loan or the alternatives they suggested weren’t exactly what you needed but you have plenty of options in Belton, SC!
Restaurant business funding options available within the state of Belton, South Carolina
Line of Credit
An approved business owner is given a free line of credit from a bricks-and-mortar bank or alternative lender. The standard is a monthly or annual spending limit, which has to be paid at a regular interval or once a year before a retailer can apply for additional credit. This choice is beneficial due to two reasons:
- It provides business owners with working finance when they’re required and the flexibility to decide what they will need.
- It assists business owners in improving their business credit score
Utilized to manage cash flow to purchase additional inventory or to cover other unexpected expenses.
Use a revolving credit line, which gives you access money when you need it.
Term Loan
Utilize for investment in your company, for example expanding projects or purchases of large amounts.
Have the money you require quickly and at affordable rates with the option of applying for additional funding if you need to. It’s a excellent option if you’re working with a flexible schedule for your project , or if you begin looking for funds well in advance of when you’ll require cash available.
SBA (Small Business Administration) Loan
A Small Business Administration, or SBA, loan is a loan of funds from The U.S. Small Business Administration
SBA loans generally need applicants to pay significant amounts of personal or business collateral to secure the loan for proof of their personal stake in the business. SBA loans also come with long application procedures that could stretch for months or weeks as applicants are required to submit several years of financial statements and create receipts for every large purchase the business done over many years. SBA loans might be an option for you for projects that have a flexible schedule and don’t require cash on hand in a short time. SBA loans also offer flexibility in the amount of funding available. The majority of SBA-approved lenders can issue loans as high as $5.5 million, The maximum allowed is set by SBA.
Restaurant Business Loan Calculator in Belton, SC
Calculator Disclaimer:
These calculators were designed to be used to aid in the process, not to replace the user-defined parameters. The default values are speculative and could never be appropriate to the particular situation. Before you take a stance on the figures , ask a financial expert.
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