If you tried to get a loan from your bank but it was rejected, you a loan or the alternatives they suggested were not what you need, you still have more options in Lake Charles, LA!
Restaurant business funding possibilities are available in the area of Lake Charles, Louisiana
Line of Credit
An approved business owner can be granted an open line credit from brick-and-mortar banks or alternative lender. The standard is a monthly or annual spending limit, and it must be paid either every month or annually before the merchant can draw down additional credit. This method is advantageous due to two reasons:
- It provides business owners with working financial capital whenever they need it and the freedom to choose how much they’ll need
- It aids business owners improve their business credit score
Use to manage cash flow for purchasing more inventory or for other unexpected costs.
Make use of a revolving credit line, which could allow you access cash at the time you require it.
Term Loan
Make use of it to fund your company, for example purchase of large quantities or projects for expansion.
You can get the funds you require quickly and at affordable rates and the possibility of applying for additional funding if you need to. This may be a beneficial option if there’s a flexable timeline in your project, or the time to start looking for funding long before when you’ll need money available.
SBA (Small Business Administration) Loan
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 an extensive amount of collateral, either business or personal, in order to guarantee their loan for proof of their personal stake in the venture. SBA loans also come with lengthy procedures for applying that can run for weeks or even months as applicants are required to submit year-long financial statements and provide receipts for every large purchase the business undertaken over several years. SBA loans could work for you especially if your project is on a variable timeline and you do not require capital to be available quickly. SBA loans are also flexible when it comes to the amount of financing available. Many SBA approved lenders will make loans as high as $5.5 million, which is the maximum permitted under the SBA.
Restaurant Business Loan Calculator in Lake Charles, LA
Calculator Disclaimer:
These calculators are intended to serve as a tool, but not to replace the user-defined parameters. The default values are hypothetical and may not be suitable to the specific situation you are in. Before you decide to rely on the figures , get advice from an expert in finance.
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