Coffee shop financing?

[cwest]

Hi everyone,

I was curious how common financing was for coffee shops. I know that some many take out small business loans to get things up and running, but is it common to take out micro-loans for getting access to supplies and equipment when operating or growing the business?

[Musicphan]

Well - financing of some type always happens. SBA/Bank loans are hard and harder to get after the mid 2000's recession. Most use credit card or short term lines of credit for fluctuations in business when you need more capital for inventory, etc.

[cwest]

Great insight. Would you happen to know how often people use short term lines of credit or credit cards? I know it may vary greatly.

[Musicphan]

No idea...

[MntnMan62]

Great insight. Would you happen to know how often people use short term lines of credit or credit cards? I know it may vary greatly.

Short term lines of credit may have a reasonable interest rate depending upon what the collateral is. If it an unsecured line of credit then it will have a high interest rate. If it's a lien against your house, the rate will be substantially lower. Credit cards will carry the highest interest rate. Well, actually that's not entirely true. Vinnie Bag of Donuts will have the highest interest rate. I don't recommend that lender.

[cwest]

Thank you!

[Chris_Kross]

I don't know

[krisbarkley]

I would take a loan last

[Ailee]

Yeah, you need to take a loan. But please be careful because there are too many dangerous sources nowadays and they can steal your money or do something else. Just visit the resource on https://cashcat.ph/blog/online-loans...for-everybody/ and believe me, it will help you much more

[EricLam]

I'm not too sure, I have never looked into it because I am able to apply for special grants and contributions as well as interest free loans through a specific organization due to my cultural status.. Sorry I don't have much for ya!