If you’ve tried getting the loan from your banking institution but they either refused to grant you a loan or the alternatives they suggested weren’t what you needed There are still options in Opelousas, LA!
Restaurant business funding options available in the region of Opelousas, Louisiana
Line of Credit
An authorized business owner gets extended an open line of credit from a brick-and mortar bank or alternative lender. The typical credit line is a spending limit, which must be paid out either every month or annually before the business can obtain additional credit. This option is beneficial for two reasons:
- It grants business owners working funds when they’re in need and allows them to choose how much they’ll need
- It aids business owners to improve their business credit score
This is used for managing cash flow to purchase additional inventory or to pay for unexpected expenses.
Take advantage of a revolving line of credit that could allow you access money when you need it.
Term Loan
Make investments for your business, such as acquisitions or expansion projects.
Receive the funds you require immediately, with the best rates available, with the option of applying for additional funds if needed. This may be a good option for you if you’re working with a flexible schedule to your plan or you start searching for funding earlier than the date the cash is required 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 generally require applicants to deposit the sum of money as personal or business collateral to support the loan for proof of their personal stake in the business. SBA loans also have lengthy procedures for applying that can run for months or weeks and require applicants to file years of financial statements as well as create receipts for every significant purchase that the company has done over several years. SBA loans could work for you especially if your project is on a flexible timeline and you don’t require funds in short order. SBA loans are also flexible in the amount of funding available. Some SBA-approved lenders may originate loans of up to $5.5 million. That’s the amount allowed is set by SBA.
Restaurant Business Loan Calculator in Opelousas, LA
Calculator Disclaimer:
These calculators are intended to serve as a tool, but not to replace user-defined parameters. The default values are speculative and could not be applicable to your specific circumstance. Before relying on the data, seek the advice of a financial expert.
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