If you’ve tried to obtain a loan from your financial institution and the bank refused to give you the loan or the options they offered weren’t what you needed You still have other options in Greenville, RI!
Restaurant business funding options are offered within the state of Greenville, Rhode Island
Line of Credit
An approved business owner can be granted a line of credit from a bricks-and-mortar bank or alternative lender. There is usually a spend limitation, which must be paid in installments, either in a monthly or annual period before a business can obtain additional credit. This is advantageous for two reasons:
- It grants business owners working funds when they’re in need and the option to decide the amount they require
- It helps business owners improve their credit score for business.
Useful for managing cash flow to buy more inventory or any other unexpected costs.
Utilize a revolving credit line that gives you access funds when you require it.
Term Loan
Make investments for your business, such as purchase of large quantities or projects for expansion.
Get the money you need upfront with great rates, and the possibility of applying for more if needed. It could be a good option for you if you are able to adjust the timeline for your venture or if you begin your search for funding ahead of time of when the cash is required 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 will require applicants to contribute a significant amount of personal or business collateral to back the loan to prove their personal involvement in the venture. SBA loans also come with long application procedures that could run for weeks or even months in order to require applicants submit many years of financial records and submit receipts for every major purchase the business has conducted over many years. SBA loans could be the right choice for you if your project has a adjustable timeline and you don’t need cash in hand immediately. SBA loans also have flexibility with regards to the amount of financing available. A majority of SBA-approved lenders can originate loans that range from $5.5 million. This is the maximum permitted is set by SBA.
Restaurant Business Loan Calculator in Greenville, RI
Calculator Disclaimer:
These calculators were designed to be used as a tool, but not to replace user-defined parameters. The default values are hypothetical and might not apply to your specific situation. Before you take a stance on the figures , ask a financial expert.
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