Successful restaurant business owners are a rare breed. It takes time, patience, quality food and service, to stay at the top of today’s hospitality industry. And while the success stories are many, there are some restaurants, bars, nightclubs, cafés and breweries, that fall-away never to be heard from again. But it doesn’t have to be this way! Here’s are some great reasons to take a business loan from an independent loan lender to help your restaurant business grow and survive-even the next pandemic!
Most restaurant owners just don’t know that when they hit a financial snag in their businesses–whether it be a cash flow issue, an outdated or faulty piece of kitchen equipment that needs replacing, or maybe they’re just falling behind on vendor invoices, or paying staff—whatever the reason, a small business financing package could make the difference between a success story or a flop. Seeking out a small business loan can help prop-up your business during lean times, slow seasons, or can simply help with advertising and marketing costs. There are many options borrowers have in the restaurant business financing category. Research restaurant business funding options for more info on exactly the type of loan you qualify for.
Quick-Serve or Fine Dining
Fast food, quick serve, grab and go, fine dining…every restaurant at one time or another finds themselves short of cash to keep their restaurants afloat. That’s where business financing solutions come in. Long term or short-term loans are available for restaurant owners who have poor or outstanding credit. Of course, when taking out a business loan for a restaurant from an independent lender you must meet certain criteria; from length of time in business, to how much revenue your business generates per month. Do your due diligence and find out the qualifications your lender requires, gather the proper documentation they need to process the loan and before you know it, you’ll be putting the open for business sign back out on the street and getting ready for round two!
People are Your Most Valuable Resource
It’s no secret that costs to pay staff have risen 10% over the past year. Workers demand more pay for the longer hours and the increasingly difficult working conditions that are asked to deal with. Taking out a business loan to pay staff is one of the most sought-after type of business funding packages most restaurant owners find themselves having to acquire. Some restauranters who have a “seasonal business” strive to be able to retain some of the most successful employees in their establishments, and this type of loan is perfect for paying that chef you can’t do without, or that bartender who brings in a crowd on a random Thursday night. If you’re looking for this type of business financing be sure you are prepared to show your businesses history paying vendors, rent payment history, credit card bills etc. And while a good credit score can make this process easier, a poor credit score will most often come with a higher interest rate or more hurdles to jump.
Restaurant business financing is just one of the programs offered to you-the small business owner-from United Business Funding. We offer capital funding programs to wholesalers, retail shops, commercial vehicle companies and so much more. Call United Business Funding today to learn more about how business financing can help your business.