If you’ve attempted to get you a loan from your bank , but they either refused to grant you the loan or the loan options offered did not meet your needs however, you’re still left with other options in Lewisville, TX!
Restaurant business funding alternatives are available within the state of Lewisville, Texas
Line of Credit
An approved business owner is provided with an open line of credit from a brick and mortar bank or an alternative lender. There is typically a spending limit, which has to be paid out either regularly or on a yearly basis before a company can take out additional credit. This method is advantageous due to two reasons:
- It offers business owners working cash when they require it and the flexibility to decide the amount they require
- It assists business owners in improving their credit score for business.
Useful for managing cash flow to purchase more inventory and other expenses that are unexpected.
Consider a revolving credit line, which can give you access to funds when you require it.
Term Loan
Make investments for your business, like major purchases or expansion projects.
Have the money you require immediately, with the best rates available, and the possibility of applying to borrow more in the event of need. It could be a beneficial option if you are able to adjust the timeline for your venture or if you start looking for funding far in advance of the time you’ll require cash in your bank.
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 typically have applicants depositing an amount of collateral, either business or personal, for backing the loan to justify their personal stake in the business. SBA loans also have lengthy procedures for applying that can stretch for months or weeks and require applicants to file several years of financial statements and create receipts for every major purchase the company has made over many years. SBA loans may be an option for you when your business has a more flexible timeline and do not require capital to be available quickly. SBA loans also offer flexibility in regards to the amount of financing available. Many SBA approved lenders will make loans that are up to $5.5 million, which is the maximum permitted from the SBA.
Restaurant Business Loan Calculator in Lewisville, TX
Calculator Disclaimer:
These calculators are designed to serve as an aid and are not meant to replace the user-defined parameters. The default values are hypothetical and may never be appropriate to your particular circumstance. Before you rely on the numbers, you should consult an expert in financial matters.
If you would like a quote or you just want know what other options you have in Lewisville, TX, please fill the form below:
The operator of this website is not a lender however, it does not make loan offers and does not offer online loans to lenders or lending partners. Visitors who visit restaurantloan.xyz are paired with a lender or the lending partner, and directed to lenders or lending partners that provide business loan products.