You already know that the ability to secure funds for your restaurant is a crucial ingredient in the recipe for success. Whether you're just starting out or you've been in business for years, PaymentCloud can help you secure the financing your restaurant needs.
With relatively high operating costs, restaurants typically require significant capital investment. While small business loans for restaurants can be difficult to obtain, PaymentCloud has the resources and experience necessary to secure whichever funding option is most advantageous for your operations. (Don’t know which restaurant financing solution is best for your business? Don’t worry; we can help with that too!)
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Success in the restaurant industry requires more than simply serving delicious food. There are many behind-the-scenes costs: rent, utilities, staff salaries, and ingredients—just to name a few. If you don't have the cash on hand to cover these expenses, you’ll need to find another means of financing your business. Fortunately, there are several financing options available to restaurants.
The Small Business Administration (SBA) is a U.S. government agency that provides financial assistance to small businesses. The most common type of SBA loan is the 7(a) loan, which merchants may use for a wide range of purposes, such as working capital, equipment purchases, and real estate development.
Equipment financing is a type of loan through which you can finance the purchase of new equipment. The equipment itself can be used as collateral, making the interest rates lower and the approval more likely. Equipment leasing is also another option where you can get the necessary equipment for your business without a large upfront payment.
Borrowers with lower credit scores can obtain bad credit loans. This funding can be used for a variety of purposes, including consolidating debt, financing a major purchase, or paying for unexpected expenses. Bad credit loans are an excellent option for borrowers unable to qualify for traditional types of financing.
A popular way to expand a restaurant business, franchising offers the benefits of a proven business model and brand recognition, as well as the potential for lower start-up costs and reduced risk. With careful planning and proper execution, financing a franchise can be a great way to achieve your business goals.
Because restaurant operations depend on so many moving parts, owners may find themselves in need of financing for a number of reasons. Fortunately, PaymentCloud helps restaurant owners secure working capital that may be used for a variety of purposes.
Without upfront cash, business owners may be unable to update worn-down equipment. By taking out a loan, you can spread the lump sum cost of equipment out over time. In doing so, you can generate revenue from your updated equipment before you start making repayments.
Being short-staffed can negatively affect a restaurant’s reputation and revenue. However, hiring reliable employees requires time and money. With the extra funds from a restaurant loan, you can invest capital into acquiring, nurturing, and retaining talented servers.
Inventory purchased in bulk is usually discounted, but purchasing in bulk requires quite a bit of upfront capital. To access discounted prices, some business owners take out a loan to purchase inventory in bulk. The lower price per unit can save you a significant amount, so much so that it may outweigh the interest you’ll pay on the loan.
Expanding into other locations can be a costly undertaking for any business, but especially for a restaurant operating with thin profit margins. A restaurant loan can help you cover the costs of expansion, so you can increase your reach and grow your business.
When you buy an existing restaurant, you inherit a customer base, a stellar reputation, and an established location. Such advantages often make buying an existing restaurant a wiser choice than starting a new restaurant business.
Securing a loan communicates to potential partners your commitment to opening a restaurant. If you plan to partner with investors, having already acquired some financial backing can boost their confidence, as well as their financial commitment.
At PaymentCloud, we have a deep understanding of the restaurant industry and the challenges businesses face in securing funding. Whether you’re looking for a short-term loan to cover unexpected expenses or a long-term loan to fund expansion, our streamlined application process can get you approved in as fast as 24 hours. Contact us today to learn more about our restaurant funding options!
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When evaluating a loan application for your restaurant, there are a few key requirements lenders take into account:
With a dash of research and a pinch of preparation, applying for a restaurant loan can be a relatively painless process. When you're ready to apply, simply fill out our online application and one of our loan specialists will reach out to discuss your options.
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With so many alternative options, restaurant owners don’t have to rely solely on traditional bank loans for funding. Below are a few of the financing alternatives PaymentCloud can help you secure.
A merchant cash advance is a short-term loan repaid via your restaurant’s credit card sales. Merchants can typically access funding within a few days, making it an attractive option for those who need quick capital.
A startup loan is a type of business loan assisting early-stage businesses in raising the capital they need to get off the ground. Unlike traditional business loans, which are typically granted based on a business’s creditworthiness, startup loans are often awarded based on the potential of the business to succeed.
With invoice financing, a business can borrow money against the value of its outstanding invoices. This can be useful for businesses experiencing hindered cash flow due to outstanding invoices.