If you’ve attempted to get an loan from your bank and either they refused to give you the loan or the options they offered were not the one you wanted There are still options in Saint Martinville, LA!
Restaurant business funding possibilities are available in the region of Saint Martinville, Louisiana
Line of Credit
A business that has been approved by the government is granted a loan of credit from a brick-and-mortar bank or alternative lender. There’s usually a strict spending limit, which has to be paid out either at a regular interval or once a year before a company can take out additional credit. This method is advantageous due to two reasons:
- It offers business owners working capital when they need it and the flexibility to decide the amount they’ll require
- It aids business owners improve their business credit score
Useful for managing cash flow to buy more inventory, or any other unexpected costs.
Make use of a revolving credit line that could allow you access cash at any time you need it.
Term Loan
Make use of it to fund your business, such as the expansion of your business or major purchases.
You can get the funds you require immediately, with the best rates available, and the possibility of applying for additional funding if you need to. This could be good option for you if you have a flexible timeline for your project , or if you start searching for funding early enough to know when you’ll need money available.
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 typically require applicants to place down a significant amount of collateral, either business or personal, to fund their loan to prove their personal investment in the venture. SBA loans also have lengthy application processes that can last from weeks to months which require applicants to submit years of financial statements and generate receipts for every major purchase they have made in the span of several years. SBA loans might be a good fit if your project has a flexible schedule and don’t require capital to be available quickly. SBA loans also give you flexibility with regards to the amount of financing available. Most SBA-approved lenders are able to originate loans that range from $5.5 million. This is the maximum permitted per SBA.
Restaurant Business Loan Calculator in Saint Martinville, LA
Calculator Disclaimer:
These calculators are designed to serve to aid in the process, not to replace user-defined parameters. The default numbers are not guaranteed and may never be appropriate to your specific circumstances. Before you decide to rely on the figures seek advice from an expert in financial matters.
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