If you’ve attempted to get an loan through your bank but either they refused to give you a loan or the alternatives they suggested weren’t exactly what you needed but you have plenty of options in West Monroe, LA!
Restaurant business funding options are available within the state of West Monroe, Louisiana
Line of Credit
An approved business owner is granted a loan of credit from a brick and mortar institution or alternative lender. There is typically a spending limitation, which must be repaid each month or every year before a business owner can access additional credit. This method is advantageous due to two reasons:
- It gives business owners working funds when they’re in need and the flexibility to decide the amount they’ll need
- It aids business owners improve their business credit score
Useful for managing cash flow to buy more inventory, or to pay for unexpected expenses.
Consider a revolving line of credit, that can provide access to cash at the time you require it.
Term Loan
Make investments for your company, for example major purchases or expansion projects.
Get the funds you need upfront with great rates, with the option to apply for additional funds if needed. It could be a choice for you if you’re working with a flexible schedule in your project, or the time to start looking for funding long before when you need to have cash on hand.
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 provide substantial amounts of personal or business collateral to fund their loan as proof of personal involvement in the venture. SBA loans also have lengthy applications that may last for months or weeks as applicants are required to submit several years of financial statements and submit receipts for every significant purchase that the company has undertaken over several years. SBA loans may make sense depending on your company’s flexibility in time and you don’t need cash in hand immediately. SBA loans also provide flexibility when it comes to the amount of financing available. Most SBA-approved lenders are able to originate loans of up to $5.5 million. This is the maximum allowed is set by SBA.
Restaurant Business Loan Calculator in West Monroe, LA
Calculator Disclaimer:
These calculators are designed to function as an aid and not to replace the parameters that are defined by the user. The default values are hypothetical and might not be suitable for your particular circumstances. Before you trust the data, seek the advice of an expert in finance.
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