Secured Bank Loans
Traditional bank loans may be able to offer practice loans to businesses that can meet their strict criteria. However, it can be challenging to qualify for hotel funding, especially in the first stages. Getting a lower interest rate and a higher amount may prove challenging. Still, for the entrepreneur starting out, it may be impossible to get a high credit score, which is essential for security against the loan.
Crowdfunding
By advertising your desire to start up a hotel on crowdfunding websites, you'll stand chances of having to wait months for the funds to be gathered. In some instances, the project won't be funded at all.
Private Investors
Seeking out a private investor is an excellent way to get hotel funding. While you can often get the funds you need quickly, investors will often want to have a say in the business, and this may not be ideal.
Business credit cards and overdrafts
If you're struggling to get a bank loan, then you might be able to access a business credit card or an overdraft facility. Most credit cards will have a limit on how much can be withdrawn, and often credit cards and overdraft facilities have limitations and high-interest rates.
Business loans for medical facilities
At Rangewell, we can offer you brokered business loans for your hotel. In addition, we offer unsecured loans, so you won't be required to secure the funding your receive against any collateral. Opting for an unsecured business loan may suit smaller businesses just starting and can support you with the extra support and flexibility when you need it the most. It will help with expansion costs or simply aid you in the maintenance and upkeep of your business.