Restaurant Loan can be secured or unsecured and it is typically used for equipment and marketing.
From managing dozens of employees to dealing with seasonal income and food costs, it’s widely known that being in the restaurant industry is not an easy business. You have to invest heavily in inventory and equipment plus hiring and training staff that may turn over regularly.
It costs time and money to keep up the marketing required to drive new customers and continue engaging your regular clients. With fluctuations in your working capital, you’ll likely need a small business loan at one point or another to fill gaps in cash flow.
Where can I get a business loan for my restaurant?
Bankers tend to view restaurant loans as shaky investments – especially those just starting out. Some lenders may require you to demonstrate everything from relevant hospitality experience and a solid credit history to a strong business plan or even 20-30% of your desired business loan amount in cash.
At Aspire, we want to help you cut through the red tape to get the restaurant loan you need. Our small business loans are available through a fast, simple application that’s fully automated. Provide basic data, and we’ll review your business performance to give you the funding you need – up to $50,000.
How can I use a restaurant loan?
A restaurant loan can cover a wide range of expenses related to running a restaurant business, such as:
Purchasing a major appliance
Investing in a new marketing tactic
Training new chefs
Redesigning existing menus
At Aspire, we are happy to support the small business community and those working in the restaurant industry.
What are other small business funding options?
Factoring is generally a short-term solution, however. Giving up a percentage of your profits is not always the best way to sustain or grow your business. Unlike a line of credit, business factoring provides you working capital at one time, not ongoing access to the funding you need.
Aspire provides lines of credit that you can draw from in any amount, whenever you need it. The security of working capital at your disposal can provide a more long-term solution as your business continues to grow.