The Best Restaurant Loans For Small Businesses - Fundera in Boston-Massachusetts

Published Jan 25, 23
4 min read

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We gauged factors including lender trustworthiness, market scope and customer experience, and arranged the lenders by categories that include your revenue and how long you’ve been in business. Last updated on September 20, 2021To recap our selections...

Your restaurant’s recipe for success hinges on a mix of different ingredients — delicious food, a killer location, a great concept — and of course, a steady supply of capital. You need to know how to get funding for a restaurant in order to cover essential operating expenses, such as paying your staff and keeping the kitchen fully stocked.

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And finally, you have the bigger costs, like upgrading your old equipment to state-of-the-art industrial ovens, stovetops, or refrigerators, or opening up a second location. A restaurant business loan can help with meeting all of those expenses and then some. Here’s a look at how these types of loans work as funding for restaurants, what’s needed to qualify, and different ways you could put them to use them to grow your restaurant.

Restaurant business loans can be used for funding both short- and long-term goals. Some types of restaurant loans are suited for startups and brand-new eateries; others are geared toward business owners that have at least one to two years of operating history under their belts. Qualification requirements and repayment terms can vary greatly, based on the lender and type of financing you pursue.

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It’s possible, however, to find restaurant financing options that have lower minimum credit score or revenue requirements. The great thing about business loans when used as funding for restaurants is that they can be molded to fit just about any need you may have. Some of the most common use cases include: Restaurant loans can be a great help if you’re ready to grow your footprint.

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Or, you may want to branch out into offering catering services on the side. In these scenarios, restaurant financing options like a loan could be used to secure your new location, buy equipment, or pay for a marketing campaign to spread the word. Understanding how to get funding for a restaurant with a loan is also useful when you want to give the interior or exterior of your restaurant, cafe, or bistro a fresh look.

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Your equipment is vital to what goes on behind the scenes at your restaurant. Without it, you wouldn’t be able to continue serving up the food your customers crave. Replacing ovens, ranges, stand mixers, coolers, refrigerators, espresso machines, or other equipment can easily get expensive. With a restaurant loan – specifically one geared towards restaurant equipment financing – you can handle the cost of repairing, maintaining, and upgrading equipment when those needs arise.

Managers, chefs, host staff, wait staff, bartenders, busboys, and dishwashers are just some of the people you might count on to keep your customers happy and coming back for more. If you’re expanding your location or your restaurant is growing faster than you can keep up, a restaurant loan can allow you to hire and train new employees so you have all hands on deck.

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Restaurant financing options like a loan can help in both scenarios. In the slow season, for instance, you might use a working capital loan to pay your overhead expenses — which could include everything from payroll and rent to insurance and utilities. As the season begins to pick up, you could use a restaurant loan to hire staff or stock up on inventory.

If you’re in the market for a loan, here are six options you might consider: A term loan is a loan that’s repaid over a set time frame, with interest. Restaurant owners can use term loans to meet short term expenses or fund longer-term investments in their business. Term loans may or may not require collateral and can have fixed or variable interest rates.

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The loan amount you can borrow typically ranges from $25,000 up to $500,000, although some online lenders may go as low as $5,000 and as high as $1 million. A short-term loan may be a good restaurant financing option if you have a cash flow gap you need to fill quickly — such as paying insurance premiums or settling an outstanding invoice with a vendor.

A long-term loan, on the other hand, might be a more appropriate type of funding for restaurants that need to borrow a larger amount or need more time to repay, or for those that want to refinance some existing debt. As the name suggests, restaurant equipment financing refers to loans that help restaurant owners buy equipment.