If you’ve attempted to get a loan at your bank, and you were denied, or they refused to give you a loan or the choices they gave you weren’t what you needed there are plenty of options in Clinton, OK!
Restaurant business funding options are offered within the state of Clinton, Oklahoma
Line of Credit
A business owner who has been approved is given a free line of credit from a bricks-and-mortar bank or alternative lender. There’s usually a strict spending limitthat must be paid either on a monthly basis or annually before the business can obtain additional credit. This method is advantageous due to two reasons:
- It grants business owners working money when they need it and gives them the ability to determine the amount they’ll require
- It aids business owners improve their credit score for business.
Use to manage cash flow to purchase additional inventory or other unexpected expenses.
Use a revolving line of credit that can give you access to cash at the time you require it.
Term Loan
Make investments for your business, like the expansion of your business or major purchases.
You can get the funds you require upfront with great rates, with the option to apply for more when needed. It’s a beneficial option if there’s a flexable timeline in your project, or you start searching for funding far in advance of the time you’ll need funds in your bank.
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 typically will require applicants to contribute an extensive amount of collateral, either business or personal, for backing the loan to justify their personal stake in the venture. SBA loans also have long application procedures that could be extended for weeks or months and require applicants to file more than one year of financial statements, and generate receipts for every major purchase the business has completed over several years. SBA loans might make sense should your project have a open timeline and doesn’t require funds in short order. SBA loans also give you flexibility with regards to the amount of funds available. Many SBA approved lenders will make loans as high as $5.5 million. That’s the amount allowed by the SBA.
Restaurant Business Loan Calculator in Clinton, OK
Calculator Disclaimer:
These calculators are designed to serve as an aid , but not to replace user-defined parameters. The default values are hypothetical and may not be relevant to your particular circumstance. Before relying on the figures , ask an expert in finance.
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