Food and Grocery Markets
Types of Business Loans for Grocery Stores
Canada Small Business Financing Program Loans
Canada Small Business Financing Program (CSBFP) loans offer the best rates in the industry. The loans are provided by reputable lenders who have been vetted to work with the CSBFP. The CSBFP shares the risk of the loan with a lender to offer loans at lower rates.
Food and grocery store loans must not be complicated. Term loans are simple and can be utilized for different business purposes. The loan will give the necessary cash to cover operating expenses and bulk purchases.
Revolving Line of Credit
If you need financing, the revolving line of credit is a good option. It can also be utilized for different purposes. Revolving lines of credit have higher interest rates compared to term loans. They have longer terms and offer greater control of financing for the grocery store.
Equipment loans are similar to terms loans but are specifically used to purchase fixed assets or equipment then used as collateral.
Merchant Cash Advance
Food and grocery stores will normally make sales by credit cards. A merchant cash advance is an ideal option for grocery stores that receive payments using credit cards. After getting the loan amount, the business will repay it through a percentage of future credit card sales.