If you’ve tried to get you a loan from your bank and either they refused to give you a loan or the options they offered did not match your needs, you still have more options in Little Compton, RI!
Restaurant business funding options available within the state of Little Compton, Rhode Island
Line of Credit
An approved business owner can be extended an open line of credit from a brick and mortar institution or alternative lender. There is typically a limit on spending limit, and it must be paid in installments, either in a monthly or annual period before a merchant is permitted to obtain more credit. This is advantageous for two reasons:
- It gives business owners working financial capital whenever they need it and also the flexibility to choose the amount they require
- It assists business owners in improving their business credit score
This is used for managing cash flow to purchase additional inventory or to cover other unexpected expenses.
You can benefit from a rotating line of credit, that provides access to funds when you require it.
Term Loan
Utilize for investment in your business, such as acquisitions or expansion projects.
Make sure you have the money you need on a short notice at competitive rates with the option to apply for additional funding if you need to. This could be a ideal option if you have a flexible timeframe to your plan or you begin to look for financing before the time you’ll require cash in your bank.
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 have applicants depositing large amounts of collateral, either business or personal, for backing the loan to justify their personal investment in the venture. SBA loans also come with lengthy application processes that can last for months or weeks which require applicants to submit an annual financial statement and generate receipts for every large purchase the business undertaken over many years. SBA loans may be a good fit if your project has a flexible schedule and don’t need cash in hand immediately. SBA loans are also flexible in regards to the amount of financing available. Many SBA approved lenders will make loans that range from $5.5 million, which is the maximum allowed to be granted by SBA.
Restaurant Business Loan Calculator in Little Compton, RI
Calculator Disclaimer:
These calculators were designed to be used to aid in the process, not to replace the user-defined parameters. The default numbers are not guaranteed and may not be suitable to your particular circumstance. Before you use the figures , consult a financial expert.
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