The restaurant industry is a $863 billion industry, with over 1 million locations in the United States.
According to a study by the Perry Group, most restaurants will close in the first year of operation. Of those that make it past the first year, 70% will close within 5 years.
But if you can make it past the 5 year mark – 90% of restaurants will stay in business over 10 years.
So how can you ensure you make it past that 5 year threshold?
Easy – taking out a restaurant loan or financing.
You may need financing for your restaurant in order to:
This is where Small Business Funding can help. We have multiple restaurant financing options for you. This includes a working capital advance, a business line of credit, restaurant equipment financing, and more.
You can apply today by completing our online funding request form or by calling 800-742-2995. If you’re pre-approved, one of our Funding Manager will be in touch to discuss your options.
We’ve asked our restaurant clients how they’ve used their restaurant loans to improve their operations. Here are the three most common reasons given that you may find useful:
1- New Location – You’ve heard the old adage “location, location, location”, well if there was ever an industry where this was true, it’s the restaurant industry. In fact, location is the number one reason closed restaurant owners give for why they went out of business. Use your funding to relocate or open second (or third) location.
2- Purchase New Technology – consumers want better customer service and convenience, and technology is being use to drive these initiatives. More and more restaurants are incorporating mobile apps and pay-at-the-table touchscreens to improve the customer experience and generate additional revenue.
3- Renovations – restaurant owners are looking to create more of an experience by renovating their locations to include a space for outdoor eating, larger bar area, or just updating the current ambiance.
Unlike a bank loan you will not be forced to submit page after page of documentation, financial statements, bank statements, tax returns, etc…
Our funding options are quick, easy, and require less paperwork than a traditional bank.
So apply for a small business loan today and find out how much you are approved for restaurant financing.
There is absolutely no obligation.