There are a variety of funding options that are available for start up restaurants. Each type of funding has its own pros and cons that should be considered based on the needs and style of your business.
We understand no one clients needs are the same. While Some of our clients might be the perfect fit for a local bank others require very specialized lenders. The Shop Your Bank team of experts know where to go, who to go to, and how to get it done.
SBA Loans
Small Business Administration (SBA) Loans for restaurants is usually a great option for businesses that can successfully apply for it. An SBA 7 loan is a great loan if you can qualify for it. The SBA helps small businesses get loans. The SBA works with lenders to provide loans to small businesses. The agency doesn’t lend money directly to small business owners. Instead, it sets guidelines for loans made by its partnering lenders, community development organizations, and micro-lending institutions.
Unsecured Business Loans
Unsecured business loans are small business financing options that don’t require a borrower to put forth any collateral for the loan. A popular choice among business owners that have great credit and are looking for monthly payments. Unsecured Business Loans are tied to your personal credit, duration in business, and the financial status of your business.
Equipment Lending & Leasing
Leasing Restaurant Equipment is a good choice for restaurants that know how to separate their financial needs between equipment and resources. You can have the option to create a customized and affordable financing plan to cover the financial costs of owning/operating your restaurant’s equipment. When you lease restaurant equipment you can write off 100% of your payments off your taxable income.
Lines of Credit
You only pay for what you use and you’ll gain access to funding when you need it and can be used for bulk purchasing, fast access to working capital, short-term cash flow solutions, and more.
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