If you want to develop a minigolf course or upgrade the one you currently own but are unsure of how to make it financially viable, think about mini golf course financing. Making your dream mini golf course company a reality could be possible with the help of small business loans and other forms of funding. Harris Mini Golf will outline three options for financing your minigolf course in this article.
SBA Loan by SmartBiz for Mini Golf Course
When you take out an SBA loan, the federal government guarantees the amount you borrow. With an SBA loan, your interest rates are probably going to be lower, making the loan less costly than alternatives from banks and other lenders. You will make monthly payments for ten years on the SmartBiz SBA Loan, which has an interest rate that ranges from 8.27% to 9.57% APR.
The two most common lending programs offered by the SBA are the SBA 7(a) and 504 loans. Both of these loans, unlike conventional loans, allow you to utilize the funds for working capital or the purchase of equipment. For public minigolf clubs that are already profitable, these loans may be fantastic.
It might be more difficult to get approved for SBA loans. Less financial flexibility is available and there are stricter lending standards; often, you must demonstrate that the golf course is currently profitable. You have a 3.5x higher chance of being accepted if you apply via Nav, however.
Commercial Real Estate Loan by SmartBiz for Mini Golf Course
A commercial real estate loan has a similar application procedure to a traditional mortgage, including an appraisal and title search. However, if you meet the requirements, you could be eligible to borrow a lot more money than you would for a home mortgage. To buy a new mini golf course or refinance your current course, you may borrow up to $5 million with a commercial real estate loan from SmartBiz.
Payments for SmartBiz have an excellent APR of 6.36% to 6.41% and are made over a 25-year amortization period. For this loan, you’ll need a 660 credit score, at least 10% down, and down payment. Additionally, your company has to have been operational for at least two years and be profitable. Therefore, a second minigolf course or an expansion of your current firm will probably need commercial real estate financing.
Equipment Financing by LendSpark for Mini Golf Course
No more putting up with lawnmowers that break down. Consider equipment finance if your minigolf course company requires new machinery, such as mowers or utility vehicles. This kind of investment for mini golf courses might be used to purchase heavy machinery or new pieces of office equipment that are necessary for growth and operation.
If you need significant quantities of money urgently, LendSpark may be a great alternative since it provides substantial loans up to $2 million and can deposit the money in your bank within two weeks. Depending on your qualifications, you’ll pay an APR between 6% and 35% and make monthly payments for up to a 60-month period.
It might be difficult to run a mini golf company at times. We will support you every step of the way when you invest in a mini golf business with Harris Mini Golf. We don’t only create long-lasting structures; we also provide company owners advice on how to steer clear of some of the most common mistakes they make while creating their own mini golf courses. Contact us right now to begin!
