If you’ve attempted to obtain one loan at your bank and they either refused to grant you a loan or the options they offered did not meet your needs There are still options in Springfield, IL!
Restaurant business funding options are readily available in the state of Springfield, IL
Line of Credit
An approved business owner is granted a line of credit from a brick and mortar bank or alternative lender. There is typically a spending limit, which has to be repaid either on a monthly basis or annually before the business is able to draw additional credit. This can be beneficial for two reasons:
- It gives business owners working money when they need it and the flexibility to decide how much they’ll require
- It assists business owners in improving their credit score for business.
This is used for managing cash flow to buy more inventory, or other unexpected expenses.
Benefit from a revolving credit line that allows you access to cash at any time you need it.
Term Loan
Make use of it to fund your business, such as expanding projects or purchases of large amounts.
Make sure you have the money you need for your project in the beginning, and get them at an affordable rate, with the option to apply for more when needed. This may be a beneficial option if you have a flexible timeline for your project , or if you begin to look for financing early enough to know when you’ll need money 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 provide an amount of personal or business collateral to secure their loan to justify their personal stake in the venture. SBA loans also have lengthy application processes that can extend for weeks or months as applicants are required to submit many years of financial records and submit receipts for every major purchase the business has made over several years. SBA loans may be the right choice for you if your project has a flexible schedule and don’t require cash on hand in a short time. SBA loans are also flexible with regards to the amount of money available. Most SBA-approved lenders are able to originate loans up to $5.5 million, which is the maximum permitted from the SBA.
Restaurant Business Loan Calculator in Springfield, IL
Calculator Disclaimer:
These calculators are designed to function as an aid and not to replace user-defined parameters. The default values are hypothetical and may have no relevance to the specific situation you are in. Before you decide to rely on the numbers, you should consult a financial expert.
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