If you’ve attempted to obtain a loan from your financial institution and you were denied, or they refused to give you the loan or their options weren’t the best fit for you, you still have more options in Lumberton, NC!
Restaurant business funding options available within the state of Lumberton, North Carolina
Line of Credit
A business owner who has been approved is offered a line of credit from a bricks-and-mortar bank or alternative lender. It is generally a spending limit, and it must be paid in installments, either regularly or on a yearly basis before a merchant can draw down additional credit. This method is advantageous due to two reasons:
- It offers business owners working cash when they require it and allows them to choose the amount they’ll require
- It assists business owners to improve their business credit score
This is used for managing cash flow to buy more inventory, or other unexpected expenses.
Get a revolving line of credit, which could allow you access cash at any time you need it.
Term Loan
Use for investments in your company, for example major purchases or expansion projects.
Find the money you require for your project in the beginning, and get them at an affordable rate, and the possibility of applying for more when needed. This could be a ideal option if you have a flexible timeframe in your project, or you begin searching for funding earlier than the date you’ll need money 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 a substantial amount of their collateral, either business or personal, in order to guarantee the loan to prove their personal investment in the venture. SBA loans also have lengthy application processes that can run for months or weeks as applicants are required to submit years of financial statements and create receipts for every major purchase the company has made over many years. SBA loans may be a good fit if your project has a adjustable timeline and you don’t require capital to be available quickly. SBA loans also give you flexibility with regards to the amount of funds available. Many SBA approved lenders will make loans that are up to $5.5 million. That’s the amount allowed to be granted by SBA.
Restaurant Business Loan Calculator in Lumberton, NC
Calculator Disclaimer:
These calculators are intended to function as an aid and are not meant to replace the parameters that are defined by the user. The default values are hypothetical and may not be suitable to the particular situation. Before you take a stance on the values, seek the advice of a financial expert.
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