The coffee industry is booming. In 2018 the coffee shop market grew to $45.5 billion in the US alone.
With such great demand by coffee drinkers, there are over 35,000 coffee shops/stores in the US. Analyst are projecting this number to grow to over 40,000 by 2023.
As a coffee shop owner you need a steady cash flow to pay for equipment, supplies, payroll, marketing (to stand out from this competition), and improvements. And expansion if you want to open up a second location
Coffee shop financing can help cover any or all of these costs. Small Business Funding specializes in helping small business owners find the funding options that make the most sense for their business.
One funding option many coffee shop owners take is a Working Capital Advance. This option is great for coffee shops looking for a fast cash infusion.
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 due to their stricter requirements.
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). We look more at the health of your business, then your personal information.
The documentation required to receive an approval is a one-page application, 3 months of bank statements and 3 months of credit card merchant statements (if you process credit cards). This statements are needed to determine the health of your business.
This information will allow us to provide you with a decision within 24 hours. And if approved, funding within 72 hours.
With coffee shop financing from Small Business Funding, you can grow your shop to its fullest potential. You can use the funding for anything that will help your business – buying new equipment, to make payroll, etc.
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.