If you’ve attempted to get an loan at your bank, and you were denied, or they refused to give you the loan or their options did not meet your needs however, you’re still left with other options in Duncan, OK!
Restaurant business funding possibilities are available in the region of Duncan, Oklahoma
Line of Credit
A business that has been approved by the government is extended an open line of credit from brick-and-mortar banks or alternative lender. The typical credit line is a spending limit, and this must be paid out either at a regular interval or once a year before a retailer can apply for additional credit. This can be beneficial for two reasons:
- It provides business owners with working funds when they’re in need and the flexibility to select the amount they’ll need
- It assists business owners in improving their business credit score
Use to manage cash flow to purchase more inventory or other unplanned expenses.
Take advantage of a revolving line of credit that allows you access to cash when you require it.
Term Loan
Use for investments in your business, like expanding projects or purchases of large amounts.
Have the money you require quickly and at affordable rates and the possibility of applying for more if needed. It’s a suitable option if there is a flexible timeframe for your project , or if the time to start looking for funding before the time you need to have cash on hand.
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 generally require applicants to deposit a significant amount of personal or business collateral to secure their loan to show their personal involvement in the venture. SBA loans also come with long-winded application processes that can stretch for months or weeks, requiring applicants to submit years of financial statements and produce receipts for each major purchase the business has made over the course of several years. SBA loans could be a fit for you If your venture is on a variable timeline and you do not need capital on hand quickly. SBA loans also give you flexibility regarding the amount of funding available. Some SBA-approved lenders may originate loans up to $5.5 million. This is the highest amount allowed through the SBA.
Restaurant Business Loan Calculator in Duncan, OK
Calculator Disclaimer:
These calculators are intended to serve as a tool, but not to replace the user-defined parameters. The default values are hypothetical and may not be suitable for the specific situation you are in. Before you decide to rely on the numbers, you should consult an expert in finance.
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