If you’ve tried getting the loan at your bank and or they were unwilling to give you a loan or the options they offered were not what you need but you have plenty of options in Lafayette, LA!
Restaurant business funding options are readily available in the area of Lafayette, Louisiana
Line of Credit
An approved business proprietor is granted a loan of credit by a brick-and-mortar institution or an alternative lender. There’s usually a strict spending limit, which has to be repaid regularly or on a yearly basis before a business is able to draw additional credit. This can be beneficial for two reasons:
- It allows business owners to work capital when they need it as well as the flexibility to decide what they will need.
- It aids business owners improve their credit score for business.
Use to manage cash flow to purchase additional inventory or other unplanned expenses.
Utilize a revolving line of credit that provides access to money when you need it.
Term Loan
Make use of it to fund your company, for example major purchases or expansion projects.
Find the money you require upfront with great rates, with the option to apply for more when needed. This could be great option for you if you have a flexible timeline for your project or if you start searching for funding prior to when you’ll need 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 require applicants to place down large amounts of personal or business collateral to fund the loan to show their personal stake in the venture. SBA loans also have lengthy applications that may stretch for months or weeks and require applicants to provide years of financial statements and generate receipts for every significant purchase that the company has made in the span of several years. SBA loans might be an ideal choice if your project has a flexible schedule and don’t need capital on hand quickly. SBA loans also allow flexibility when it comes to the amount of funds available. Many SBA-approved lenders will issue loans of up to $5.5 million. This is the maximum allowed in the SBA.
Restaurant Business Loan Calculator in Lafayette, LA
Calculator Disclaimer:
These calculators were designed to be used to aid in the process, not to replace the parameters that are defined by the user. The default values are hypothetical and might not be applicable to your particular circumstance. Before you rely on the figures seek advice from an expert in finance.
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