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Only U.S.-Based Businesses are Eligible.
Running a successful bar in Maine takes plenty of time, passion, drinks (of course), and hard work. Countless bars cater to a specific idea or environment for their customers. Like the restaurant business, it is considered one of the more challenging business ventures. It takes a lot more than a good drink selection to keep a bar running successfully in this current market. Traditional lenders tend to view businesses within the food industry as risky investments; thus, acquiring funds is a tedious process.
Like restaurants, bars and pubs need a steady stream of working capital and revenue to repay equipment loans, run payroll, and purchase inventory. Opting for a bar and pub business loan in {location} can provide the money needed to streamline the busines
First Union Lending has provided working capital to many bars and pubs run by passionate owners who enjoy providing great drinks, service, and atmosphere to their customers daily. We are ready to help small and growing bars attain the necessary funds when needed.
Maine bar and pub business loans are industry-specific loans offered by traditional and non-traditional lenders to support a range of business needs. It provides funds to small and growing bars within the food industry to manage capital flow, purchase necessary equipment, run payroll, and more.
Types of Bars and Pubs that can obtain a business loan:
Like those mentioned above, various bars and pubs in Maine require a certain amount of working capital to operate. The best solution for a small or growing business is acquiring the working capital to enhance their endeavors. First Union Lending is here to help! Various loan options can help your bar or pub thrive.
When choosing the best types of loans in Maine relevant to the food industry, many factors are considered. Once you, the business owner, have determined the requirement for additional funds, consider the factors most important in acquiring a loan. Business owners considering a loan should look for loans that offer low-interest rates, down payments, and collateral requirements.
Here are the more widely used loans to help Maine businesses like bars and pubs grow.
SBA Loans: Partly guaranteed by the U.S. Small Business Administration, traditional and non-traditional lenders offer SBA loans. The program provides highly flexible rates and terms ideal for small businesses. Well-established companies looking to expand their initiatives can be several variations of SBA loans.
Businesses in Maine must meet the following requirements to be eligible:
Listed below are some of the SBA loans that can benefit a small but growing business within the food industry.
SBA 504/CDC Loan: 504 loans are particular; it provides long-term, fixed-rate financing through Certified Development Companies (CDCs), SBA's community-based partners who regulate and promote economic development within their communities. If your business needs to purchase commercial real estate or perhaps a large piece of equipment, this may be the ideal loan program. The borrower may need to provide 20% of the total value, with the SBA kicking in 40% and the lender the rest. The cap on this type of loan is generally $5 million.
Businesses in Maine must meet the following requirements to be considered eligible:
Business Lines of Credit: Banks, financial institutions, and other licensed lenders often extend credit to creditworthy customers to address fluctuating cash flow needs. It is effectively a source of funds that Maine borrowers can readily tap into at their discretion. Borrowers use this financing option rather than taking a significant, long-term business loan. When borrowers open a business line of credit, they receive access to a state amount of funds to use as needed. A monthly statement reflecting the amount of credit used will also include any interest charges, and borrowers will only pay interest on the funds used.
Most lenders will require the following basic information during the application process:
If your Maine based business has come to the point where funds are needed to generate a greater profit return, acquiring a small business loan may be the best option.
First Union Lending is here to help!
Submit your business information below to determine if you qualify for any available small business loans. Our Funding Specialists will analyze your qualifications and will reach out to walk you through the following steps.
See Your Loan Options
Only U.S.-Based Businesses are Eligible.
While each of the available loans have varying qualifications, lenders will typically ask for the following general information:
Online lenders like First Union Lending provide various businesses across the United States with the funds needed to grow and generate revenue.
If you have any questions in regards to any food industry-related business loans in Maine, feel free to give us a call: 863-825-5626
Depending on the loan you qualify for, there are many benefits in partnering with a lender to gain funds for business initiatives. The funds from these financing options can solve various food service industry issues.
These options provide the working capital needed for borrowers to maintain their Maine bar to serve their customers better. To stay ahead of the competition, bars and pubs will often use the funds for renovation purposes, order higher-quality beverages, and maybe include a kitchen to provide hot meals to their customers.
These funds are not limited to renovations and maintenance; Businesses can use them to enhance their business advertising and serving equipment if needed. In today's world, internet marketing is a must to create a name for your business. Having a presence on the internet will help keep your small business population on relevant Google Search results, thus bringing in more customers.
Maintaining technological equipment is a must. Point of sale (POS) systems are continuously enhanced to streamline your business better. Stay on on top of the latest upgrades by utilizing the necessary funds when needed. Quick card processing and easy-to-use systems will positively impact your customer and staff experiences.
Businesses in Maine can use these loans to help run their business smoothly. Use the funds to repair or replace essential equipment when needed. Utilizing out-of-pocket funds can be expensive. Look to a lender to finance your initiatives.
At First Union Lending, we have an unwavering belief that small and medium-sized businesses deserve the right to access the capital they need to succeed.
Our goal is to build long-term, lasting relationships by providing business owners with what they need when they need it. We pride ourselves on being educated, knowledgeable, and caring about conducting business in Maine and across the United States. We have voluntarily acquired much of the same licensing traditional banks require to cement our fiduciary responsibility to our clients and work culture.
We are here to consult, help you save, and guide you and your business to success.
See Your Loan Options
Only U.S.-Based Businesses are Eligible.
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