If you’ve attempted to get the loan at your bank and or they declined to offer you the loan or the alternatives they suggested weren’t the best fit for you but you have plenty of options in Henderson, LA!
Restaurant business funding options are offered in the area of Henderson, Louisiana
Line of Credit
An approved business proprietor is extended an open line of credit from a bricks-and-mortar bank or alternative lender. It is generally a spending limit, and it must be paid back either in a monthly or annual period before a merchant is permitted to obtain more credit. This option is beneficial for two reasons:
- It allows business owners to work capital when they need it and the option to decide the amount they require
- It can help business owners improve their business credit score
This is used for managing cash flow to buy more inventory or to pay for unexpected expenses.
Take advantage of a revolving credit line that can give you access to cash at any time you need it.
Term Loan
Utilize for investment in your company, for example expansion projects or large purchases.
The funds you require upfront with great rates, with the option to apply for more as needed. This could be a choice for you if you’re able to set a timetable for your project or if you begin looking for funds before the time you need to have cash available.
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 generally require applicants to put down significant amounts of collateral, either business or personal, to secure the loan to prove their personal involvement in the venture. SBA loans also come with lengthy application processes that can be extended for weeks or months and require applicants to file many years of financial records and make receipts for each important purchase their company has been able to make over many years. SBA loans may be an ideal choice if your project has a adjustable timeline and you don’t require capital in a hurry. SBA loans also offer flexibility in regards to the amount of funds available. Many SBA approved lenders will make loans of up to $5.5 million. This is the highest amount permitted through the SBA.
Restaurant Business Loan Calculator in Henderson, LA
Calculator Disclaimer:
These calculators are designed as an aid and not to replace the parameters that are defined by the user. The default numbers are not guaranteed and may have no relevance to your specific circumstance. Before you use the numbers, seek the advice of an expert in financial matters.
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