Restaurant Funding
In the next ten years, it is anticipated that restaurants would hire more than seven million new workers. BIZ LOANS CAN PROVIDE UP TO $500,000 IN FUNDING FOR YOUR RESTAURANT'S GROWTH IN JUST 24 HOURS, HELPING YOU OUTPERFORM YOUR COMPETITION.
Fast, Easy Restaurant Funding When You Need It
It can be challenging to obtain the working cash your restaurant need from the SBA or a traditional lender like a bank. Due to characteristics including high overhead and operational costs, narrow margins, and fierce competition, restaurants are generally seen by traditional lenders as one of the riskiest operations. The application procedure might take weeks or months.
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More restaurant funding than traditional lenders can be approved by Biz loans, frequently in only one business day, thanks to a simplified online application, quicker response times, and flexible approval conditions. Our diverse range of small business funding options can support the expansion of your restaurant. Our alternative restaurant funding options range from $3,000 to $500,000. We provide funding for various kinds of Restaurants, including Fast food, Fine dining, Casual dining, Coffee shops, and more.
Restaurant Funding Rates
The rates at which you acquire alternative small business funding for restaurants vary. A factor rate is typically used in place of a conventional interest rate in alternative restaurant funding alternatives. Factor rates, which are derived from your risk assessment, are straightforward decimal numbers that indicate how much "extra" you will owe on the initial loan amount.
Restaurant Funding Solutions
OUR COURTESY, KNOWLEDGEABLE FUNDING ADVISORS WILL WORK WITH YOU TO CHOOSE THE FUNDING OPTION THAT BEST SUPPORTS YOUR GOALS WITHOUT IMPAIRING YOUR RETAIL STORE'S CASH FLOW.
How To Use Restaurant Funding
Biz Loans restaurant financing can be used in any way you choose. The best uses of restaurant investment are usually for growth plans that can boost your establishment's income, like:
Modernizing point-of-sale hardware to boost productivity
Introducing fresh services like delivery, takeout, or catering
Swapping out outdated equipment and appliances for more modern, energy-efficient models
Making up your area or adding a patio for dining
Creating a website that accepts orders via an app or the internet
Extending into a bigger area or setting up shop in another place
The following situations, when you require a rapid infusion of working money to address the particular difficulties of operating a restaurant:
Recruiting, educating, and keeping employees
High expenses for food and operations
Inventory management's complexity
Variations in the value of real estate and the amount leased
Fierce rivalry from nearby restaurants
High expense of equipment and appliance repairs
Shifting consumer preferences: more people are requesting healthy options, local sourcing, home delivery, and zero-waste cooking.
COVID-19: Modifying constraints, capacity limitations, and staff PPE needs
How Restaurant Funding Works
1
Apply
Collect three months' worth of bank statements and other documentation. Give us secure access to the transactional data from your bank account so we can approve it more quickly.
2
Choose Funding
Within an hour (during regular business hours), a financing advisor will get in touch with you to finish your application and go over your funding alternatives.
3
Get Funded
Your money can be authorized and deposited within 24 hours after you and your funding advisor decide which funding option is best for your company.
4
Set Repayment
Your company's debit and credit card sales on a daily or weekly basis will be automatically subtracted to cover payment. The amount of your payment will depend on your sales.
Will You Qualify for Restaurant Funding?
The specific qualifications required vary based on the kind of funding you're looking for for your restaurant. Biz Loans does not base its restaurant finance approval entirely on your credit score or financial history. Rather, we concentrate on your restaurant's general well-being, which includes:
Revenue for businesses
Money movement
Payment history of the vendor
Years of operation
Public documentation