If you’ve tried obtaining a loan through your bank but they either refused to grant you a loan or the choices they gave you did not meet your needs there are plenty of options in Piedmont, OK!
Restaurant business funding options available in the state of Piedmont, Oklahoma
Line of Credit
An approved business owner is offered a line of credit by a brick-and-mortar institution or an alternative lender. There is typically a spending limit, and it must be repaid either on a monthly basis or annually before the company can take out additional credit. This can be beneficial for two reasons:
- It gives business owners working the capital they require and the freedom to choose what they will need.
- It can help business owners improve their business credit score
The use of cash flow management to buy more inventory or for any other unexpected expense.
Utilize a revolving credit line, which gives you access to cash when you need it.
Utilize for investment in your company, for example purchase of large quantities or projects for expansion.
Make sure you have the money you need in advance at a low cost, and the possibility of applying for more as needed. This could be a excellent option if there is a flexible timeframe for your project or if you begin searching for funding far in advance of the time you’ll need funds 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 need applicants to pay a substantial amount of their collateral, either business or personal, to support the loan as proof of personal stake in the business. SBA loans also have lengthy application processes that can take weeks or even months and require applicants to file more than one year of financial statements, and produce receipts for each large purchase the business completed over several years. SBA loans could be a good fit especially if your project is on a flexible timeline and you don’t require funds in short order. SBA loans also give you flexibility in regards to the amount of money available. The majority of SBA-approved lenders can issue loans that are up to $5.5 million. That’s the amount allowed by the SBA.
Restaurant Business Loan Calculator in Piedmont, OK
These calculators are designed to function as an aid but not to replace the user-defined parameters. The default numbers are not guaranteed and may not be suitable for your specific circumstance. Before you make a decision based on these values, seek the advice of an expert in finance.
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