If you’ve attempted to get an loan from your bank and you were denied, or they refused to give you a loan or the choices they gave you weren’t exactly what you needed however, you’re still left with other options in Marrero, LA!
Restaurant business funding options available in the area of Marrero, Louisiana
Line of Credit
An approved business proprietor is granted a loan of credit from a brick-and mortar bank or an alternative lender. The standard is a monthly or annual spending limit, and it must be repaid either monthly or annually before a merchant can draw down additional credit. This method is advantageous due to two reasons:
- It grants business owners working financial capital whenever they need it and the option to decide how much they need
- It aids business owners to improve their credit score for business.
This is used for managing cash flow to buy more inventory, or to cover other unexpected expenses.
Utilize a revolving line of credit, that could allow you access money whenever you need it.
Term Loan
Utilize for investment in your business, such as purchase of large quantities or projects for expansion.
Get the money you need immediately, with the best rates available, with the option to apply for additional funds if needed. This could be excellent option if you are able to adjust the timeline for your project , or if you begin your search for funding early enough to know when you need to have cash in your bank.
SBA (Small Business Administration) Loan
In essence, a Small Business Administration, or SBA, loan is a loan of funds from The U.S. Small Business Administration
SBA loans generally need applicants to pay the sum of money as collateral, either business or personal, to back the loan as proof of personal stake in the venture. SBA loans also come with lengthy applications that may run for weeks or even months which require applicants to submit an annual financial statement and prepare receipts for every important purchase that their business has conducted over many years. SBA loans could work for you in the event that your venture has a flexible timeline and you don’t need cash in hand immediately. SBA loans also allow flexibility in the amount of financing available. Many SBA-approved lenders offer loans that are up to $5.5 million. This is the maximum allowed in the SBA.
Restaurant Business Loan Calculator in Marrero, LA
Calculator Disclaimer:
These calculators are designed to serve as an aid and are not meant to replace user-defined parameters. The default numbers are not guaranteed and may not apply to the specific situation you are in. Before you make a decision based on these figures seek advice from an expert in financial matters.
If you would like a quote or you just want know what other options you have in Marrero, LA, please fill the form below:
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