If you’ve tried to secure the loan from your bank but you were denied, or they refused to give you the loan or the loan options offered were not what you need You still have other options in Ferriday, LA!
Restaurant business funding choices are available in the area of Ferriday, Louisiana
Line of Credit
An approved business owner is granted a loan of credit from a brick and mortar bank or alternative lender. The standard is a monthly or annual spending limitation, which must be repaid monthly or annually before a business is able to draw 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 how much they’ll need
- It assists business owners to improve their business credit score
The use of cash flow management to purchase more inventory or to cover other unexpected expenses.
Utilize a revolving line of credit, which provides access to money whenever you need it.
Term Loan
Use for investments in your business, like the expansion of your business or major purchases.
Receive the funds you require upfront with great rates, with the option of applying for more as needed. This may be a best option for you in the event that there is a flexible timeframe for your project or if you start searching for funding before the time the cash is required 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 generally will require applicants to contribute large amounts of personal or business collateral to fund the loan to show their personal involvement in the venture. SBA loans also come with lengthy procedures for applying that can stretch for months or weeks as applicants are required to submit many years of financial records and keep receipts of every major purchase the company has been able to make over many years. SBA loans may work for you especially if your project is on a open timeline and doesn’t need to have capital readily available. SBA loans also offer flexibility in the amount of money available. Some SBA-approved lenders may originate loans as high as $5.5 million, which is the maximum permitted per SBA.
Restaurant Business Loan Calculator in Ferriday, LA
Calculator Disclaimer:
These calculators are created to serve as an aid and not to replace the user-defined parameters. The default values are hypothetical and may have no relevance to your particular circumstances. Before you decide to rely on the figures , ask an expert in financial matters.
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