Sales are great. Customers keep coming back. Your cash flow is positive.
Congratulations! It sounds like your small business has successfully capitalized on a great idea. It might be time to expand.
At Litchfield Bancorp we know that small businesses are the workhorses that drive the U.S. economy. We love seeing them grow and prosper.
Just like opening your small business took some serious planning and financing, the same goes for expanding it. Litchfield Bancorp offers several forms of financing to help your business through its growth spurt and to reach the next level of success.
Here are some of the options available to you.
A real estate loan. Do you have employees sharing desk space or tripping over inventory in the stock room? Then your business needs a bigger facility. With a real estate loan from Litchfield Bancorp we’ll lend you up to 80 percent of the property’s appraised value.
A term loan. A term loan is a good option because it will help you cover your long term-needs. Maybe you want to renovate or buy more equipment and inventory. You can borrow a fixed amount of money and pay the loan back over a period of time.
Line of credit. A line of credit allows you to draw on the credit any time you need it. If you need to hire employees to get through the seasonal rush, you can tap into the line of credit. The other good thing about a line of credit is that you pay back interest only on the amount advanced to you.
USDA and SBA loans. These government loans are through the United States Department of Agriculture and the United States Small Business Administration to buy real estate, equipment, or to give you working capital.
Let me get to know your growing business. Give me a call at 860-393-9174, or visit one of our branch offices in Lakeville, Washington, Torrington and Watertown so we can deliver a loan that’s right for you.
Commercial Lender, Assistant Vice President