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.
With mCashAdvance™, restaurant owners can easily qualify for a small business loan. You will just need to show us your current revenues and tell us for what you need the money. Restaurant loans from mCashAdvance™ come with no usage restriction. Restaurant owners can use the money for anything to support their business and thrive.
The high acceptance rate for restaurant owners
Yes, we know: Restaurant Owners in the USA have gone through the wringer in the last 24 months. But we also know that we have already helped thousands of restaurateur to thrive with adequate restaurant financing. In fact, here at mCashAdvance™, we got specialized funding experts trained specifically to help restaurateurs get approved for financing. We took away the hassle and overwhelming paperwork and made restaurant financing fast and accessible to all sorts of restaurants.
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: These traditional restaurant financing usually come with a fixed loan term and interest rate. Most restaurants are classified as small businesses unless your restaurant is part of a franchise. You’ll make monthly payments to your lender until you fully repay the loan. Small business loans for restaurants are one of the most common types of restaurant business financing. You can use these loans for nearly anything to grow your business: a new location, renovations, supplies, or hiring staff.
- SBA Loans for Restaurants: An SBA loan is backed by the government’s Small Business Administration. They are designed to help small business owners invest in their business growth. Interestingly, restaurants are actually the #1 industry to which the SBA grants funding. SBA loans for restaurants come with excellent interest rates and reasonable repayment terms. However, they require a lot of documentation and are more difficult to secure than a loan from mCashAdvance™. Check if your restaurant is eligible for an 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: Businesses turn to inventory financing to get help purchasing products or materials they hope to turn into sales in the future. Often, the materials purchased serve as collateral for the loan. The type of business (and the type of inventory) along with the usual considerations of creditworthiness will affect the terms offered. You can learn more about these types of loans or discover alternative ways to finance your inventory from mCashAdvance™ here.
- Working Capital for Restaurants: Working capital loans are designed to help with cash flow problems. At mCashAdvance™, we know restaurants tend to be seasonal businesses, so owners can face this problem quite often. These loans provide working capital for business owners to pay rent, cover salaries, and purchase inventory even during a revenue slump.
- 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
If you own a restaurant, you’ll want to outfit your kitchen with the best equipment to help your chefs whip up the fine cuisine your customers rave about. The thing is, top-notch equipment usually comes with a top-dollar price tag – often way over your monthly budget. Luckily, restaurant equipment financing from mCashAdvance™ can help you spread out the costs so you can begin reaping the benefits of upgraded equipment right away.
Here’s how it works. Equipment loans are made to pay for a specific piece of equipment for your restaurant and repaid on a fixed schedule. The equipment you purchase acts as the collateral for the loan. Here 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.)
- You can usually choose your supplier, whether it is Best Restaurant Supply, National Restaurant Equipment, or another provider.
- 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.
- Typically, you’ll need to provide a down payment on the equipment. The amount will vary greatly based on the price of the equipment, your credit score, and your lender.
- 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
If you’re not sure buying a new piece of equipment makes sense for your business, it is worth exploring leasing as an alternative. Just like leasing a car, an equipment lease allows you to get new equipment without spending as much up front. It also allows you to try out equipment when you are interested but not sure if it will really be worth owning.
Additionally, restaurant equipment leasing may be a smarter option if you know you’ll consistently upgrade your equipment. Some lenders may also allow you to buy the equipment at a reduced price at the end of your lease. 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
Every lender has its own set of qualifying criteria for restaurant loans, but here are some basic guidelines about what you’ll need:
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
When you first open your business, you face a lot of expenses before you can begin to earn revenue. You’ll need restaurant startup capital for things like rent, utilities, supplies, and staff. You might be incurring these expenses for many weeks before your first customer pays for his or her meal. Since you don’t yet have revenues, however, your restaurant won’t yet meet the criteria for traditional financing. You’ll need to apply for restaurant startup financing from a lender like mCashAdvance™.
This is a special type of loan to help start a restaurant business and can range from financing for bakery equipment financing to a loan to open a cafe. Since lending money to startups is risky, these loans often come with high-interest rates. Additionally, one of the most critical aspects of your application will be a solid business plan to show your lender how you intend to 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
Typically, a restaurant may be able to borrow as much as one to five million dollars. The actual amount, of course, will depend upon a number of factors. A lender like mCashAdvance™ will take into consideration the health of your business, how long you have been in operation, your credit score, and other relevant information.
It isn’t really possible to state general figures here. Two different restaurants may receive very different terms for their financing depending upon their credit histories and financial health. Term loans will often be between 6-18 months, but some lenders offer terms up to 5 years. Even for the same business, rates can vary significantly between lenders and can range from 5%-50% or even more. Ultimately, the rates and terms of your financing from mCashAdvance™ or another lender will depend on the type of funding and the details of your business.
Obviously not. Opening a restaurant is an expensive proposition that takes capital. But you’re probably wondering if you can open a restaurant without having to have any of your own money to put on the line. This is possible, but it is going to generally be more difficult to secure funding to create a business than to sustain or grow one that is already earning revenue. mCashAdvance™ can provide startup funding for a restaurant that has been in operation for at least 6 months.
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.
Bear in mind that the terms and your chances of approval will also be affected by how you intend to use the funding. For example, from the point of view of a lender like mCashAdvance™, working capital loans will be riskier than equipment loans since the latter provide collateral.
In general, you won’t need collateral to secure a loan for your restaurant, but this will depend on your lender and how much money you are borrowing. Additionally, if you take out restaurant financing, the equipment automatically acts as collateral for the loan. So if you default on the payments, your lender can repossess the equipment. 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:
1. Opening a new location- Location is very important to your business, especially if you rely heavily on walk-ins vs. reservations.
2. Buying New Technology- Many owners use funding from mCashAdvance™ to invest in technology such as table tablets for effortless ordering, paying, and tipping to create a smoother customer experience.
3. Financing Renovations- The restaurant ambiance is important to your customers, so you’ll want to invest in making sure everything from the chairs to the wall art matches the mood you’re aiming to create.
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.
Don’t Allow a Lack of Financing
to Hold your Restaurant Back
It’s Time To Move Your Restaurant Forward!