Coffee is one of the world’s most popular beverages, especially for individuals who want to get that morning boost of energy. Filled with antioxidants, coffee beans provide the body with a dose of goodness. Proven to make those who drink it slightly smarter, coffee is also known to reduce the risks of developing Alzheimer’s, Parkinson’s disease and type II diabetes, therefore there is no wonder why so many business-minded people are considering starting a coffee shop. There’s no need to worry about lack of money if you have the right business structure, logo, website and blueprint put into place, thanks to the funding sources out there. A fast cash advance could make a big difference to the success rate of your shop, so take a moment to explore the funding options.
Small Business Financing
A small business loan, otherwise known as an SBA loan, is perfect for someone who is thinking of starting a coffee shop. One reason why you might think about funding sources of this kind is because small business financing is less restrictive than other types of financing. What’s more, the equity requirements are lower and compared to conventional loans, the terms are sometimes longer. Your business could benefit in a multitude of ways, due to the fact you could expand the business if you so wish, as well as use the money to purchase real estate, equipment and machinery.
Lines of Credit
The first source you may look into when considering getting credit for starting a coffee shop may be a bank. However, bank loans can be more difficult to obtain and will carry higher interest rates. Other lines of credit to think about for inventory needs and business growth include personal loans, long-term loans, short-term loans and unsecured loans.
Short-Term Business Loans
Not every business owner will want to take out a long-term loan. Funding sources for starting a coffee shop tend to be short-term, but will give start-up businesses the push they need to experience success in the first few months. Typically, the lending period will be no longer than a year and you will qualify if you can have an impressive business plan to present to the lender. Cash flow gaps can be overcome when extra capital is gained from a well-known provider of funding. While the lending amount may be smaller than it would with a long-term loan, it means that you can use it for virtually any business purpose and can gain instant access to the funds. Furthermore, the debts will not show up on your books for as long.
If you are thinking about starting a coffee shop, call UCapital on 1300 1234 55 to discuss the business loan options on offer.
