Finding a restaurant loan to cover expenses after you have opened your restaurant or when you are opening a new restaurant can be difficult.
You may find that with economic situations and the uncertainty of the restaurant industry, that you may have a hard time finding the funding you need to open a restaurant. That is why it is important to consider alternative financing methods when you are looking for funding for a food service business.
These methods can help bypass things like excessive wait times when looking for a loan. These alternatives are not difficult to find when looking for a restaurant loan, in fact they can be quite easy to locate, apply for, and be approved for making them perfect for franchise holders and people who are opening their first restaurant or just a single location.
This type of restaurant loan alternative takes a cut or percentage of future sales done with credit or debit cards and uses these to pay back the cash advance. It is called a merchant cash advance and obtaining approval is not difficult at all. There are unsecured small business loans, unsecured business lines of credit, but still not as easy to get as a restaurant business cash advance!
If you are looking into getting a unsecured business loan, or unsecured business line of credit and have been denied for either one, the business cash product does not ask for collateral so it is a unsecured working capital advance to you.
This cash advance product is a perfect business loan alternative for owners of pizza, diners, fine dining or casual dining restaurants, that are having difficulty getting financing or just don’t have the time for the long approval and funding process from your bank and need the money quickly.
To qualify you will need to accept credit cards, have at least $2,500 a month in sales with Master card and Visa. Your credit either business or personal does not have to be perfect but you will need a few other things.
You will need to have been open at least 5-6 months and turn in a lease on your location, if you do not own it. You also have to produce 4 months of statements for both credit card processing and bank statements. You also must be free of open judgments, bankruptcies, and open tax liens for this type of advance.
Getting a restaurant loan can be difficult at any stage of the process, before you open a restaurant, for start up unexpected costs, building costs, as well as after you open for equipment or even to expand. The restaurant industry can be a difficult one to break into. There is an extensive amount of competition and small or family owned can often find it difficult to make ends meet. It is because of this that banks and other traditional and formal lending institutions provide strict guidelines for these types of loans.
For those that have less than perfect credit it can be nearly impossible, but with this business cash advance product your credit score is not a big issue with certain cash advance financing companies.
This is why finding alternatives for a restaurant loan is essential when you need financing quickly. You can receive a business cash advance within 10-14 days and have the money you need to upgrade your business, get new equipment or just maintain operation during a down time in the economy.
When opening a restaurant there is always the chance that you are going to need extra financing and always the chance that the bank is going to turn you down. This is when you need to look into alternative financing sources and other ways of obtaining the restaurant loan you need to get your business started, maintain your business or upgrade and expand.