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Restaurant Loans

Restaurant Loans

Restaurant loans are extremely hard to come by. That said, it is definitely not impossible to get a loan to start a restaurant business. There is a host of lenders who are keen to extend finance to this sector. Many of them understand that a new restaurant is a high-risk commercial proposition and they try and take the necessary precautions to safeguard the money that they lend. If you are an existing restaurant owner with a successful track record and a sound financial history, it will relatively easy to get a loan to expand your business or even start a new restaurant. On the other hand, if you intend to get into the business for the first time, you may be required to furnish a personal guarantee and offer collaterals to be considered for a restaurant loans. The usual form of collateral is the equity that you own in your home. While this will definitely help in getting your loan approved, you should remember that in the case of default you would be personally liable and could stand to lose your assets. One of the major components of your initial costs would be the restaurant equipment that you need to buy. The equipment manufacturer would usually be in a position to arrange finance. Of course, you should be ready to pay between 10 and 20% of the cost as your contribution towards the purchase price. In addition to this initial investment, the cost of insurance, installation and delivery would need to be borne by you. An alternate method is to lease the restaurant equipment. While this option would place less of a burden on your capital, leasing the equipment would be more expensive in the long run. One of the best sources of finance to start a restaurant business is to get a loan guaranteed by the Small Business Administration, a government agency tasked with promoting small businesses in the country. While SBA loans carry the lowest rates of interest they are the most difficult to come by and take the longest time to approve. Your restaurant loan application would need to be carefully prepared as you would need to convince the lender that you have a viable business plan and that you are capable of repaying the amount that you borrow. In any case, you should be ready to put up a substantial amount of the total funds required in addition to giving a personal guarantee and collateral.

With over 500 business lenders, you are sure to find one that can help your small business get the money it needs to succeed. Most of the lenders work with all types of business lending options and are flexible with the amount you may be asking for. Most times you just need to fill out a quick and simple loan application and you could get your money in as little as 24-48 hours. It’s time to see what your business can do!

Accountable Capital Corp.

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(41 reviews)

1ST CAPITAL LOANS, LLC

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1st Merchant Funding, LLC

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Accelerate Commercial Capital

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Accountable Capital

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AdvancePoint Capital, LLC

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Advantage Capital Funds

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Advantage Software LLC

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All Business Loans

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American Stimulus Funding Corp.

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