Coffee shops are a major industry within small business. The great number of these businesses means that there are a vast amount of options for coffee shop financing. Coffee shops also have to cover equipment, improvements, expansion, supplies, and payroll. Coffee shop financing can help cover any or all of these costs. Banks, credit unions, and alternative lenders can help support a coffee shop owner’s desire to grow.
Small business funding has a merchant cash advance program specifically for businesses such as coffee shops. We understand the necessity for a fast cash infusion and finding someone who can facilitate the funding makes your life easier.
Coffee shop financing may be difficult to come by for some coffee shops. Banks and credit unions can make it even harder to secure financing. Both would request several years bank tax returns, a recent profit and loss statement, and several months of bank statements. Most require a minimum of 3 years in business and a FICO score of at least 750. In addition, it can take awhile to not only get approved for financing but also receive the capital.
With Small Business Funding it is easier to get the financing that your coffee shop needs. Bad credit, bankruptcies, and tax liens are okay (as long as there is a payment plan in place). Documentation required to receive an approval is an application (one page), 3 months of bank statements and 3 months of credit card merchant statements (if you process credit cards). This information will allow an alternative lender to provide you with a decision within 24 hours.
If you do not want to have payments held back through your credit card processor then you can have payments debited directly from your business bank account. This too can be a fixed percentage of your daily credit card sales or it can be a fixed daily payment Monday through Friday. So the necessity of accepting credit cards is NOT a requirement. An ACH Revenue Based Loan is an option.
With coffee shop financing you can grow your shop to its fullest potential. You can also buy any new equipment you may need or use it to make payroll. Small Business Funding can help you do what you need to in order for your coffee shop to be a great success. Apply for a small business loan today and find out how much you are approved for coffee shop financing. There is absolutely no obligation.