If you’ve tried getting an loan from your bank and you were denied, or they refused to give you a loan or the alternatives they suggested weren’t the best fit for you There are still options in Morgantown, WV!
Restaurant business funding alternatives are available in the region of Morgantown, West Virginia
Line of Credit
A business owner who has been approved is granted an open line credit from a bricks-and-mortar bank or an alternative lender. There is typically a spending limitation, which must pay back monthly or annually before a merchant is allowed to take out more credit. This option is beneficial for two reasons:
- It grants business owners working capital when they need it and the flexibility to select what amount they’ll need.
- It aids business owners to improve their business credit score
Use for managing cash flow to buy more inventory, or other unplanned expenses.
You can benefit from a rotating line of credit, that provides access to money whenever you need it.
Term Loan
You can use it for investing in your business, like expansion projects or large purchases.
Receive the funds you require for your project in the beginning, and get them at an affordable rate, with the option to apply to borrow more in the event of need. This is a great option for you if you’re able to set a timetable to your plan or you begin looking for funds ahead of time of when you’ll need cash available.
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 require applicants to place down an extensive amount of collateral, either business or personal, in order to guarantee their loan to prove their personal stake in the venture. SBA loans also come with long-winded application processes that can be extended for weeks or months and requires applicants to submit years of financial statements and provide receipts for every major purchase the business has made in the span of several years. SBA loans could be an option for you especially if your project is on a flexible timeframe and you don’t require capital to be available quickly. SBA loans also provide flexibility when it comes to the amount of money available. Most SBA-approved lenders are able to originate loans up to $5.5 million. That’s the amount permitted is set by SBA.
Restaurant Business Loan Calculator in Morgantown, WV
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 might not be appropriate for your specific circumstances. Before relying on the numbers, seek the advice of an expert in financial matters.
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