If you’ve tried to secure a loan from your financial institution and it was rejected, you the loan or the options they offered did not match your needs If you’re in the market for a loan, there are more options in Bridgeport, WV!
Restaurant business funding options are available within the region of Bridgeport, West Virginia
Line of Credit
A business owner who has been approved is given an open line credit by a brick-and-mortar institution or an alternative lender. It is generally a spending amount that has to pay back regularly or on a yearly basis before a business is able to draw additional credit. This can be beneficial for two reasons:
- It allows business owners to work money when they need it and the freedom to choose what amount they’ll need.
- It aids business owners improve their business credit score
This is used for managing cash flow for purchasing more inventory and other expenses that are unexpected.
Utilize a revolving line of credit, which allows you access to cash at any time you need it.
Term Loan
You can use it for investing in your business, such as the expansion of your business or major purchases.
Get the money you need for your project in the beginning, and get them at an affordable rate, with the option of applying for more funds as needed. This might be a good option for you if there’s a flexable timeline of your project or you begin looking for funds prior to when you’ll need money in your bank.
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 generally require applicants to provide a substantial amount of their collateral, either business or personal, to back their loan to demonstrate their personal investment in the venture. SBA loans also come with long-winded application processes that can extend for weeks or months and require applicants to provide an annual financial statement and create receipts for every major purchase the business has undertaken over several years. SBA loans may be an option for you for projects that have a adjustable timeline and you don’t need cash in hand immediately. SBA loans also have flexibility regarding the amount of money available. Many SBA approved lenders will make loans that range from $5.5 million. That’s the amount allowed is set by SBA.
Restaurant Business Loan Calculator in Bridgeport, WV
Calculator Disclaimer:
These calculators are created to serve to aid in the process, not to replace user-defined parameters. The default values are speculative and could not be relevant to your specific situation. Before you rely on the numbers, you should consult an expert in finance.
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