If you’ve tried obtaining a loan from your bank , but either they refused to give you the loan or their options weren’t exactly what you needed You still have other options in Follansbee, WV!
Restaurant business funding options are offered in the region of Follansbee, West Virginia
Line of Credit
An approved business owner can be offered a line of credit from brick-and-mortar banks or alternative lender. There is usually a minimum spending limit, which must be paid out either monthly or annually before a business can obtain additional credit. This method is advantageous due to two reasons:
- It allows business owners to work capital when they need it and the flexibility to decide the amount they require
- It can help business owners improve their business credit score
Use for managing cash flow to purchase more inventory or for other unexpected costs.
Consider a revolving credit line, which provides access to funds when you require it.
Term Loan
Use for investments in your business, such as the expansion of your business or major purchases.
Receive the funds you require in advance at a low cost, with the option to apply for more when needed. This could be good option for you if you’re working with a flexible schedule for your venture or if you begin looking for funds far in advance of the time you’ll need money 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 demand applicants to make an amount of collateral, either business or personal, to fund the loan to demonstrate their personal stake in the business. SBA loans also have lengthy application processes that can run for months or weeks as applicants are required to submit years of financial statements as well as produce receipts for each large purchase the business completed over several years. SBA loans could be a fit for you when your business has a variable timeline and you do not require cash on hand in a short time. SBA loans also have flexibility with regards to the amount of funding available. The majority of SBA-approved lenders can issue loans that are up to $5.5 million. That’s the amount permitted is set by SBA.
Restaurant Business Loan Calculator in Follansbee, WV
Calculator Disclaimer:
These calculators are designed to aid in the process, not to replace user-defined parameters. The default values are hypothetical and may never be appropriate to your specific circumstance. Before you use the figures seek advice from a financial expert.
If you would like a quote or you just want know what other options you have in Follansbee, WV, please fill the form below:
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