So you’ve decided that you’re going to need a small business loan for your restaurant. You have this great idea to expand your small business, and you need to find financing for it. So how do you find financing to bring this wonderful idea to birth? What if you have less than perfect credit to qualify for a small business loan? What if you lack business history? What if you do not own your own property and have zero collateral? You need to think about other options then getting a loan from the bank. Since 2007/2008 it’s been dificult to get small business financing from a bank. So what kind of hope do you have left in a lenderless world?
Well, you could write a great business plan, a very detailed and thorough business plan, and use it to get people to invest in your restaurant and in your idea. In exchange for that, they are appropriately going to want some ownership in the business. You can also explore being a franchisee and seeing if there’s a business that you want to become a part of in that way. It is possible to start with a very small investment from a financing point of view if you can come up with a restaurant space that’s fully equipped and ready to go that you can buy into for a reasonable amount of money. Now, if you’re really lucky and you have a really great brand and it’s something that building owners will find value in having within their building, you also might be able to negotiate a landlord contribution to help finance your restaurant. The bottom line is, you need to make sure, however you finance your restaurant, you have enough money for your startup costs and for those lean, snowy Monday nights when nobody comes in.
Get Funded 9-1-1 offers a Merchant Cash Advance (MCA) that is perfect for this business type. You use your credit card transactions as leverage to get this loan. We have partnered up with the top merchant cash advance provider in the industry – Mom and Pop Business Funding. Our MCA program is better than the rest because of it’s integrity of being cash flow friendly. No collateral. No fixed payments (unless requested). No coupons or checks to write. No impact on a business owner’s ability to qualify for other financing. No business use restrictions on the funding. No hassles – quick application & fast funding! Cash in business account in 3-7 days. Completely automated payback. No hidden fees. No late fees. Credit score does not make or break the deal. And again, Cash flow friendly!!!