If you’ve tried getting you a loan from your bank but you were denied, or they refused to give you a loan or the alternatives they suggested weren’t what you needed there are plenty of options in Wood River, IL!
Restaurant business funding choices are available in the region of Wood River, IL
Line of Credit
An approved business owner is granted a loan of credit from a brick and mortar bank or an alternative lender. There’s usually a strict spending limitation, which must be paid per month or annually prior to when a merchant can draw down additional credit. This can be beneficial for two reasons:
- It provides business owners with working money when they need it and the freedom to choose how much they’ll require
- It aids business owners to improve their credit score for business.
It is used to manage cash flow to purchase more inventory or for any other unexpected expense.
You can benefit from a rotating line of credit that gives you access cash at the time you require it.
Term Loan
Make use of it to fund your business, like acquisitions or expansion projects.
Receive the funds you require now at very affordable rates with the option of applying for more when needed. It could be a good option for you if you have a flexible timeframe in your project, or you begin your search for funding long before when you’ll need it in your bank.
SBA (Small Business Administration) Loan
An Small Business Administration, or SBA, loan is a loan of funds from The U.S. Small Business Administration
SBA loans generally have applicants depositing a substantial amount of their collateral, either business or personal, to support their loan to prove their personal stake in the venture. SBA loans also have long application procedures that could stretch for months or weeks as applicants are required to submit years of financial statements as well as submit receipts for every significant purchase the business completed over several years. SBA loans might work for you if your project has a more flexible timeline and do not need to have capital readily available. SBA loans also allow flexibility in terms of the amount of financing available. Many SBA approved lenders will make loans that range from $5.5 million, which is the maximum allowed per SBA.
Restaurant Business Loan Calculator in Wood River, IL
Calculator Disclaimer:
These calculators are created to serve as an aid , but not to replace user-defined parameters. The default values are hypothetical and may not apply to your particular circumstance. Before you decide to rely on the numbers, you should consult an expert in financial matters.
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