Fast, Easy Restaurant Funding When You Need It
It can be difficult to obtain working cash for your restaurant from conventional lenders like banks or the SBA. These lenders frequently view restaurants as high-risk operations because of things like high overhead and operational costs, narrow profit margins, and fierce competition. The application procedure might take weeks or even months.
Main Street Finance Group is able to grant more restaurant funding than traditional lenders—often in only one business day—because of its simplified online application procedure, faster turnaround times, and more flexible approval criteria. To support the expansion of your restaurant, we provide a range of small business lending alternatives, with different funding levels ranging from $3,000 to $500,000. All kinds of restaurants—fast food, fine dining, casual dining, coffee shops, and cafes—are supported by our funding.
Restaurant Funding Rates
The type of alternative funding secured determines the cost of financing a restaurant. Several alternative funding sources for restaurants use a factor rate instead of traditional interest rates. Factor rates are simple decimal figures that represent the extra amount, based on your risk assessment, that you will owe over the original loan amount.
Restaurant Funding Solutions
Merchant Cash Advance
Working capital is precisely what we supply when you need it. Your daily or weekly credit card sales will be deducted from your repayment until the advance is paid in full.
Collateral Loan
Risk is reduced with a secured loan backed by commercial real estate. Larger loans might be approved at lower rates and costs because to this security.
Business Line of Credit
With the flexibility to take out and return money as needed, you can borrow just what you need without being constrained by a fixed-term loan. Only the amount that you utilize will be subject to interest.
How To Use Restaurant Funding
Restaurant funding from Main Street Finance Group provides flexible financial support that can be used to fuel various growth strategies aimed at boosting your eatery’s revenue. Key uses include:
- Upgrading point-of-sale technology for enhanced operational efficiency.
- Introducing new services like takeout, delivery, or catering to expand your customer base.
- Replacing outdated appliances and equipment with energy-efficient models to reduce costs and improve performance.
- Renovating your dining space or creating outdoor seating to enhance the customer experience.
- Developing a user-friendly website capable of facilitating online orders or app-based ordering systems.
- Expanding to a larger location or opening additional branches to reach more customers.
Alternative small business funding options can also provide essential working capital to address specific challenges faced by restaurants, such as:
- Recruiting, training, and retaining skilled staff.
- Managing high operational and food costs effectively.
- Handling complex inventory management tasks.
- Adapting to fluctuations in real estate values and lease payments.
- Competing with numerous local eateries in the area.
- Covering expenses related to equipment maintenance and repairs.
- Addressing evolving customer preferences, such as increased demand for home delivery, locally sourced ingredients, sustainable cooking practices, and healthier menu options.
- Navigating changes brought by external factors like COVID-19, including shifting restrictions, capacity limits, and the need for personal protective equipment (PPE) for staff.
How Restaurant Funding Works
Apply
Kindly submit your bank statements for the past three months along with any other pertinent documentation. You can grant secure access to the transaction history of your bank account for expedited processing.
Choose Funding
Within an hour (during regular business hours), a fundraising advisor will get in touch with you to help with your application and look into funding possibilities.
Get Funded
Within 24 hours of deciding whatever funding option is appropriate for your company, you and your funding advisor can authorize and deposit your funds.
Set Repayment
The daily or weekly debit and credit card sales of your company will be automatically withdrawn to cover payments. Your sales volume will determine the amount of the deductions.
Will You Qualify for Restaurant Funding?
Depending on the kind of money you are looking for, there are different requirements for eligibility for attorney financing. Approval at Main Street Finance Group isn’t based only on your credit history or credit score. We evaluate the general health of your practice, accounting for:
- Revenue from operations
- Financial liquidity
- Payment track record with suppliers
- Business tenure
- Publicly available records