If you’ve tried to obtain an loan from your bank and either they refused to give you a loan or the alternatives they suggested were not the one you wanted, you still have more options in Rockingham, NC!
Restaurant business funding options are readily available in the state of Rockingham, North Carolina
Line of Credit
A business that has been approved by the government is provided with an open line of credit from a brick and mortar bank or an alternative lender. There is usually a spend limit, and this must be paid either in a monthly or annual period before a business is able to draw additional credit. This can be beneficial for two reasons:
- It provides business owners with working cash when they require it and allows them to choose the amount they’ll need
- It aids business owners improve their credit score for business.
Use for managing cash flow to purchase additional inventory or other unplanned expenses.
You can benefit from a rotating credit line, which allows you access to money whenever you need it.
Term Loan
Use for investments in your company, for example expanding projects or purchases of large amounts.
Find the money you require now at very affordable rates and the possibility of applying for additional funding if you need to. This might be a great option for you if you’re able to set a timetable in your project, or you are looking for funding prior to when you’ll need cash 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 put down an extensive amount of personal or business collateral for backing the loan to justify their personal investment in the venture. SBA loans also come with lengthy application processes that can stretch for months or weeks as applicants are required to submit years of financial statements and prepare receipts for every major purchase the company has made over the course of many years. SBA loans may be an option for you when your business has a more flexible timeline and do not require cash on hand in a short time. SBA loans also give you flexibility regarding the amount of funds available. Many SBA-approved lenders will issue loans of up to $5.5 million. This is the limit allowed through the SBA.
Restaurant Business Loan Calculator in Rockingham, NC
Calculator Disclaimer:
These calculators are created to serve as an aid and not to replace user-defined parameters. The default values are hypothetical and might not be appropriate for the specific situation you are in. Before you base your decisions on the values, seek the advice of a financial expert.
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