If you’ve tried obtaining a loan at your bank, and either they refused to give you a loan or their alternatives weren’t what you needed, you still have more options in St. Tammany, LA!
Restaurant business funding options available within the region of St. Tammany, Louisiana
Line of Credit
An authorized business owner gets granted a loan of credit by a brick-and-mortar institution or an alternative lender. The typical credit line is a spending maximum, which needs to be paid in installments, either per month or annually prior to when a merchant is allowed to take out more credit. This is advantageous for two reasons:
- It allows business owners to work finance when they’re required and the option to decide the amount they require
- It assists business owners to improve their credit score for business.
Use to manage cash flow to purchase additional inventory and other expenses that are unexpected.
Take advantage of a revolving credit line, which could allow you access cash when you require it.
Utilize for investment in your company, for example acquisitions or expansion projects.
Get the money you need upfront with great rates, with the option to apply for more if needed. This could be a beneficial option if there is a flexible timeframe of your project or you begin to look for financing earlier than the date you’ll need money on hand.
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 generally require applicants to put down a substantial amount of their personal or business collateral for backing the loan for proof of their personal investment in the venture. SBA loans also come with lengthy procedures for applying that can take weeks or even months as applicants are required to submit years of financial statements as well as make receipts for each significant purchase the business made in the span of many years. SBA loans could be suitable for your needs should your project have a flexible timeframe and you don’t require capital in a hurry. SBA loans also allow flexibility regarding the amount of financing available. Many SBA approved lenders will make loans that range from $5.5 million, The maximum allowed through the SBA.
Restaurant Business Loan Calculator in St. Tammany, LA
These calculators are designed to function as an aid , not to replace the parameters that are defined by the user. The default values are hypothetical and may not be applicable to the particular situation. Before you make a decision based on these figures , consult an expert in finance.
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