If you’ve tried to obtain one loan at your bank, and they either refused to grant you a loan or their options weren’t what you needed You still have other options in Washington, PA!
Restaurant business funding options available within the state of Washington, Pennsylvania
Line of Credit
An authorized business owner gets granted an open line credit from a brick and mortar bank or alternative lender. There is typically a spending limitation, which must be repaid either each month or every year before a merchant is permitted to obtain more credit. This choice is beneficial due to two reasons:
- It provides business owners with working with capital when they need it and also the flexibility to choose how much they’ll require
- It can help business owners improve their business credit score
Use to manage cash flow to purchase more inventory and other expenses that are unexpected.
You can benefit from a rotating credit line, which gives you access funds when you require it.
Term Loan
Make use of it to fund your business, such as project expansion or for large purchases.
Have the money you require on a short notice at competitive rates with the option to apply to borrow more in the event of need. This is a suitable option if you’re in a position to create a flexible timeline for your project or if you begin looking for funds far in advance of the time you’ll require cash in your bank.
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 generally need applicants to pay significant amounts of collateral, either business or personal, to secure the loan to prove their personal stake in the venture. SBA loans also have lengthy application processes that can be extended for weeks or months and requires applicants to submit years of financial statements and generate receipts for every significant purchase the business conducted over many years. SBA loans could be suitable for your needs especially if your project is on a flexible schedule and don’t need to have capital readily available. SBA loans also allow flexibility in terms of the amount of funds available. Most SBA-approved lenders are able to originate loans up to $5.5 million, the maximum amount allowed in the SBA.
Restaurant Business Loan Calculator in Washington, PA
Calculator Disclaimer:
These calculators are created to serve as an aid , and not to replace the user-defined parameters. The default values are hypothetical and might not be applicable to the specific situation you are in. Before you take a stance on the numbers, you should consult an expert in finance.
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