If you’ve tried obtaining you a loan from your bank , but you were denied, or they refused to give you the loan or the loan options offered weren’t what you needed there are plenty of options in Guthrie, OK!
Restaurant business funding choices are available within the state of Guthrie, Oklahoma
Line of Credit
A business that has been approved by the government is granted an open line credit by a brick-and-mortar institution or alternative lender. There is typically a limit on spending limit, which must be repaid either per month or annually prior to when a business owner can access additional credit. This can be beneficial for two reasons:
- It provides business owners with working money when they need it and the option to decide the amount they’ll require
- It aids business owners improve their business credit score
Useful for managing cash flow to purchase more inventory or for any other unexpected expense.
Consider a revolving line of credit, that can give you access to money whenever you need it.
Term Loan
Use for investments in your business, like purchase of large quantities or projects for expansion.
You can get the funds you require quickly and at affordable rates with the option to apply for additional funding if you need to. This may be a ideal option if you’re in a position to create a flexible timeline for your project or if the time to start looking for funding long before when you’ll require cash in your bank.
SBA (Small Business Administration) Loan
It is a Small Business Administration, or SBA, loan is a loan of funds from The U.S. Small Business Administration
SBA loans typically have applicants depositing substantial amounts of collateral, either business or personal, for backing the loan in order to show their personal stake in the venture. SBA loans also have long-winded application processes that can run for months or weeks which require applicants to submit the last few years of financial reports and keep receipts of every major purchase the business has made in the span of many years. SBA loans might work for you depending on your company’s more flexible timeline and do not need cash in hand immediately. SBA loans also have flexibility in terms of the amount of funding available. Many SBA approved lenders will make loans that range from $5.5 million. This is the maximum permitted is set by SBA.
Restaurant Business Loan Calculator in Guthrie, OK
Calculator Disclaimer:
These calculators are intended to function as an aid and not to replace the user-defined parameters. The default values are hypothetical and may not apply to your particular circumstance. Before relying on the numbers, you should consult a financial expert.
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