Restaurant Loans
The restaurant industry is fast-paced and ever changing. To keep up the pace, restaurant owners often seek capital to renovate, advertise and expand. Restaurant loans are fairly common in the industry, but they can be difficult to obtain for many restaurants and especially difficult for family-owned or smaller franchises to obtain.
Even if the applicant has good personal credit and has been in business for over a year, banks and other lenders consider the restaurant industry to be extremely high-risk. Many lenders will not provide restaurant loans at all, while those that do tend to be very selective.
It is important to note that if your restaurant processes credit and debit card sales, you can look beyond restaurant loans for financial assistance. We encourage you to look beyond the hassles and limitations of traditional restaurant financing, and find a better way to get cash into your business. We encourage you to look at the benefits of using a Merchant Cash Advance for handling your restaurant’s working capital needs.
Restaurant loans usually require above average credit, a substantial down payment, and might come with strictly defined terms of use. Our Merchant Cash Advance has no up-front or hidden fees, has no specified terms of use, and does not require outstanding credit.
Restaurant loans require regular, fixed payments to the lender. Each installment must be made on time and in full or risk incurring additional penalties—regardless of the business’ income or sales volume. A Merchant Cash Advance payment is made based on credit card sales volume…so a slow time allows a restaurant to pay the provider less, and a busier time would result in a slightly larger payment. Ours is a solution designed to flow-and-ebb with the natural patterns of each specific restaurant: we get paid when you get paid.
Because the restaurant industry is fast-paced, some financial needs require immediate attention. A successful owner must be able to handle emergencies, or be able to act on a timely opportunity without having to wait. Restaurant loans might take weeks or even longer to secure while a Merchant Cash Advance can put cash in-hand in as few as 72 hours.
If you have applied and been rejected for restaurant loans, you might still be able to get what you need with a Merchant Cash Advance. We have helped many restaurateurs who were turned down by their banks or other lenders.
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Start the no hassle application process for working capital today with our easy online application form. You could have money within days!
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