We know that the restaurant industry is extremely complex — but receiving financing to help grow your restaurant doesn’t need to be. Startup costs can be high in hospitality; you need significant capital to purchase expensive equipment and large amounts of inventory. In addition, the cyclical and seasonal nature of the business means you need capital on hand to deal with any unexpected opportunities or emergencies. Restaurants operating in the United States have significant industry competition, so it’s important to make sure that you advertise and market your product actively and consistently. For all of these reasons, we made a small business loan specifically for restaurants. Our restaurant business loans are built specifically to help new and existing restaurant owners with any financial requirements they may have. We’re proud to be helping various small business owners in the hospitality industry with their dream of operating a successful and profitable restaurant.
Who Offers Restaurant Business Loans
Restaurant loans are considered risky investments for many traditional lenders — particularly if you’re just starting your business. This is because the restaurant industry is extremely hard to crack, and suffers from its own cyclical nature. For this reason, many traditional lenders require extensive documentation and collateral when issuing loans to new or existing restaurants. Years of experience, established credit history, and extensive business planning are just a few of the things your lender might ask you for during the application process. Some banks may even want up to 30% of the principal loan amount in cash prior to granting you finance. As you can tell, these requirements are extremely difficult to meet for new business owners. We’re committed to helping you access capital quickly and without the hassle of traditional lending services!
We don’t require the same extensive documentation that other creditors insist on. Instead, we ask for a comprehensive business and revenue plan when making our decision on granting restaurant loans. Our application process is automated through our online web portal. We’re able to tell you our decision in a fraction of the time that it takes most of our competitors. Loans of up to $150,000 are available to restaurant loan customers!
How Can Restaurant Business Loan Help My Business
There are a multitude of ways that a restaurant can help your business sustain and advance its current operations. In addition, restaurant business loans are perfect for individuals looking to open up their first restaurant. Once you receive your financing you are free to use the capital at your own discretion within your business. But here are some of the primary ways our restaurant business loan customers use their loans:
- Purchasing major kitchen equipment
- Investing in additional inventory
- Undertaking marketing or advertising campaigns
- Investing in staff training
- Expanding current menu offerings
- Hiring additional staff for seasonal increases in customer base
- Researching current food trends and possible business routes
These are just some of the ways a restaurant business loan could help improve your operations. So, what are you waiting for? Head to our online application portal and apply today!
Learn More About Specific Loans for Your Business
Unsecured Small Business Loans