Restaurant Business Loans
We made restaurant loans easy to obtain and simple to manage. Apply online now; get funded as fast as tomorrow. Use your restaurant loan to finance restaurant equipment, pay salaries or hire a new star chef
mCashAdvance™ Restaurant Loans Summary
- What is it – Business financing for restaurant owners in the USA
- Who is it for – Restaurant owners with existing revenues
- Amount – $7,500 – $500,000
- Duration – Payback in 3-12 months
- Approval Rate – High, based on revenues and amount requested
- How to Apply – Click on check eligibility below
- Requirements – Most recent bank statements. (3 months)
- Good to Know – We already funded over 23,000 restaurants
Get approved for up to $500,000 for your restaurant.
Restaurant owners can easily qualify for a small business loan through mCashAdvance™. The only thing you will need to do is provide us with your current revenue and an explanation of what you need the money for. Owners of restaurants may use the funds for any purpose that will benefit their business.
The high acceptance rate for restaurant owners
Yes, we know: Restaurant owners in the United States have been through a lot in the past 24 months. Our restaurant financing has helped thousands of restaurateurs thrive during this difficult period. Our specialized funding experts are trained to help restaurateurs obtain financing. All types of restaurants can get restaurant financing through mCashAdvance™ without overwhelming paperwork.
Restaurants actually have the highest acceptance rate for financing out of over 90 industries we work with. So if your restaurant requires fresh capital to thrive, the chances are high that you’ll be able to meet your needs through mCashAdvance™. You can get started right away.
Common Types of Restaurant Business Loans
There are several types of restaurant loans available from mCashAdvance™ to help your restaurant with cash flow for operations or investments in future growth. We’ve compiled a list of the most common restaurant loan options to help you find the right funding solution.
- Business loans for restaurants: Traditionally, restaurant financing has a fixed interest rate and loan term. A restaurant is usually considered a small business unless it is a franchise. You will make monthly payments to your lender until the loan is fully repaid. The funds can be used by the restaurant to purchase a new location, for renovations, for supplies, or for employee hiring.
- SBA Loans for Restaurants: SBA loans are backed by the government’s Small Business Administration. These loans are designed to help small business owners invest in their growth. As it turns out, restaurants are actually the number one industry that receives funding from the SBA. A SBA loan for a restaurant comes with a great interest rate and a reasonable repayment schedule. They, however, require a significant amount of documentation and are more difficult to get than a loan from mCashAdvance™. Find out if your restaurant is eligible for a SBA loan, as well as the possible loan amount, here.
- Restaurant loans for bad credit: The restaurant business can be tough at times, and your credit score might reflect that. You may be worried this will make it difficult to borrow money for your restaurant. However, many lenders offer restaurant loans for bad credit so that restaurateurs like you can get the necessary funding. Keep in mind that these loans have higher interest rates and shorter repayment terms to balance the increased risk of lending.
- Inventory financing: Inventory financing is used by businesses to finance the purchase of goods or materials that they hope to convert into sales in the future. In many cases, the materials purchased serve as collateral for the loan. Many factors, including the type of inventory, as well as the creditworthiness of the borrower, will affect the terms offered. Click here to discover alternative methods of financing your inventory through mCashAdvance™ here.
- Working Capital for Restaurants: The purpose of working capital loans is to help with cash flow problems. Restaurants are seasonal businesses, so owners may face cashflow problems quite frequently. mCashAdvance™ working capital loans can be used to pay for things like rent and salaries when restaurants are having slumps in sales.
- Restaurant Merchant Cash Advances: This type of loan exchanges future receivables for immediate cash. Approximately 5-20% of the restaurant’s future revenues will be sold to a lender like mCashAdvance™.
Financing for Restaurateurs: Reasons Why They May Need it
mCashAdvance™ has a lot of experience working with restaurants and we know they are a type of enterprise that is sensitive to cash flow. Often restaurant owners need to deal with cash-flow gaps that are just part of the nature of the business. One example is the gap between the payment for ingredients and the time when the restaurant gets the money for selling the finished product to a consumer.
The average profitability in the restaurant business is between 5% to 10%. mCashAdvance™ mainly offers loans for restaurants but we can also help restaurant owners get approved for free payment processing, helping them to eliminate the common 4% credit card transaction fees. This combination of capital injection through a restaurant loan and instant savings through no-transaction-fee credit card processing has already helped thousands of restaurants across America to stay in business.
Restaurant Equipment Financing
You’ll want to equip your restaurant kitchen with the best equipment to prepare the fine cuisine your customers adore. Unfortunately, top-notch equipment is usually quite expensive – often exceeding your monthly budget. The good news is that you can spread out the costs of upgrading your restaurant equipment with the help of mCashAdvance™. This means that you can begin reaping the benefits of the upgrades as soon as possible.
This is how it works. An equipment loan is used to purchase a specific piece of equipment for your restaurant and is repaid on a set schedule. The equipment you purchase serves as collateral for the loan. The following are some things you should know about this type of financing:
- You can use restaurant equipment financing for any kind of equipment you need for your restaurant, from financing a bar purchase to buying new commercial ovens. (Financing options from mCashAdvance™ can also be used for equipment purchases.)
- It’s usually up to you to choose whichever restaurant equipment supplier you like best
- Equipment financing is automatically secured against the equipment you’re purchasing. So if you default on repayments, your lender can repossess the equipment. That’s one reason exploring options from mCashAdvance™ that don’t require collateral may be a good idea.
- You’ll usually have to make a down payment on the equipment. A number of factors, including the equipment’s price, your credit score, and your lender, will determine how much you are eligible to borrow.
- Because these loans have a predefined purpose, they generally come with more favorable interest rates than other financing types. Check with mCashAdvance™ today to see about options for financing your equipment purchase.
Restaurant Equipment Leasing
You might want to consider leasing if you’re not sure if buying new equipment makes sense for your business. Leasing equipment lets you get new stuff without spending a lot of money up front. It’s also a good way to test out new equipment when you’re not sure if it’s worth the money.
Furthermore, if you know your equipment will be upgraded consistently, leasing may be a better option. At the end of your lease, some lenders let you buy the equipment for a reduced price. You can even apply for funding from mCashAdvance™ to help finance that purchase when the time comes.
How to Qualify for a Restaurant Business Loan
Lenders have different qualification criteria, but here are some basic guidelines for restaurants:
Most lenders, including mCashAdvance™, require these things before they will approve your restaurant business loan application. If you apply for quick restaurant funding with a higher credit score, higher monthly revenue, and longer time in business, you’ll boost your chances of acceptance. Furthermore, you may be able to secure better loan terms, so it’s always wise to try and improve your credit score.
Restaurant Startup Financing
Getting your restaurant off the ground comes with a lot of expenses. You’ll need startup capital for rent, utilities, supplies, and staff. You might have to pay these expenses for a while before restaurant revenue picks up. It’s difficult to get traditional financing for a restaurant unless you’ve been around for a year. The good news is that you can apply for restaurant startup financing from a lender like mCashAdvance™
A restaurant loan is a special type of loan that helps start a business. It can be used for bakery equipment financing or cafe financing. Since startups are risky, these loans usually have high interest rates. You’ll also need a solid business plan to show your lender how you’ll turn his investment into profit. Restaurant startup financing can be the key factor in turning your restaurant from a dream into a reality.
Unfortunately, most restaurants fail in their first year of business and a lack of proper funding can play a role in this. We hope this guide has given you some useful information about the kinds of restaurant loans available to you from mCashAdvance™ and other sources so you can choose the right financing to help your business flourish. We wish you the best of luck!
Restaurant Financing FAQ’s
The average restaurant can borrow upto $850,000 dollars. Of course, the actual amount will depend on a few things. Lenders like mCashAdvance™ will look at how long you’ve been in business, your credit score, and other factors.
There isn’t really a way to state general figures here. Restaurants are all very different. Depending on the restaurant’s financial health and credit history, different terms will be offered. There are some lenders who offer loans for up to five years, but the typical term is between six and 18 months. Rates can vary significantly between lenders even for the same business and may range from 5%-50%. The terms and rates you receive from mCashAdvance™ will depend on the type of funding you request and the specifics of your business.
Obviously not. Opening a restaurant is an expensive proposition that takes capital. However, you may be wondering if it is possible to open a restaurant without investing any of your own funds. While this is possible, securing funding for a new business is more difficult than a restaurant already earning revenue. For restaurants that have been operating for at least six months, mCashAdvance™ can provide startup funding.
It isn’t difficult, as long as your restaurant meets certain criteria. Lenders like mCashAdvance™ will want to see that your business has been operating for at least 2 months, is bringing it at least $5,000 a month in revenue, and has a good credit score. What might be more difficult, depending on your circumstances, is finding a loan at the terms you want. The stronger your business, however, the more likely you’ll find financing at reasonable terms.
It’s also important to know how you intend to use the funds, because that will affect the terms and your chances of getting approved. Working capital loans are riskier for lenders like mCashAdvance™. That’s because working loans aren’t backed by anything.
In general, you won’t need collateral to secure a loan for your restaurant, but this will depend on your lender. The equipment automatically acts as collateral for a restaurant loan if you take out restaurant financing. Your lender can repossess the equipment if you default on your payments. mCashAdvance™ has several options for loans that do not require collateral.
You can use a loan from mCashAdvance™ for any restaurant-related expenses, from paying rent to hiring extra staff. Here are the top 3 ways that owners like you use restaurant business loans:
Opening a new location:
Location is an important factor in the success of a restaurant, particularly if you rely on walk-ins as opposed to reservations.
Buying New Technology:
Many restaurant owners use the funding from mCashAdvance™ to buy technology to streamline the business.
A common use of the funds is to renovate a restaurant so it has a nicer ambiance which should attract more customers.
These are just 3 possibilities of how you can use your restaurant business financing from mCashAdvance™ to make your business stand out.
Find The Best Payment Processing For Restaurants
Restaurant owners can use credit card sales as proof to lenders that their establishment is busy and that they are safe to lend money to. mCashAdvance™ can help you get set up if you are not currently processing credit cards. If you are charged high processing fees for accepting credit cards, you should seriously consider switching payment processors. We offer the best payment processor for small businesses and restaurants. By switching to mCashAdancez zero-fee payment processing, restaurants can save thousands of dollars each year.
Does Your Business Need Funding Today?
There’s no fee or obligation, and it won’t impact your credit.
$5,000 – $1,000,000
Talk to a rep at (855) 433-8641
Mon – Fri | 9:00am – 8:00pm