Restaurant business loans allow business owners access to capital when they need it most. This could include financing commercial equipment, renovating a building, restocking inventory or opening up a new location.
Unfortunately, when the economy crashed in 2008, acquiring working capital became difficult for restaurant owners as banks became hesitant to lend money. Even if the restaurant owner qualified for a traditional loan, banks were slow to finance and stringent about who they actually approved. Additionally, of the 40 percent or so that do get bank loans, most are backed by personal guarantees and personal property, such as equity in a home.
To help restaurant owners get working capital faster, alternative lenders emerged on the scene, offering quicker solutions for merchants looking to get their business funded. For a restaurant, a favorable alternative financing option is a merchant cash advance. Essentially, an MCA loan allows a business owner to get cash upfront from a merchant cash advance provider, who then withdraws a percentage from the business’s future credit card sales.
Bizfi is a fully automated business loan marketplace engineered to give various financing options to applicants. What sets us apart is our proprietary platform technology which allows business owners to get real results for multiple product types and the ability to go directly to contract. Every step of the way, business owners are guided by a qualified funding specialist.
Let us do the difficult work finding your business the right financing option. Navigate over to our application now.