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Restaurant Business Loans

Restaurant Business Loans Can Help Your Business

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Grow Your Business with Restaurant Business Loans

In the food industry – or any business industry, for that matter – there can be good days and there can be bad days. What determines a good or a bad day is not always clear, and it is definitely not predictable. Despite the unpredictability, your business always is going to have to pay expenses and fun day-to-day operations.

Another factor to consider is growth; but, while expansion opportunities offer long-term sustainability, they definitely take working capital to get started.

A restaurant business loan can help you make it through slow periods of business and can help you seize growth opportunities to maintain and expand your restaurant business.

SMB Compass is dedicated to helping our clients’ businesses grow, by providing you with the funding you need. We handle your financial concerns so you can focus on what truly matters: serving your customers with delectable meals that will keep them coming back for more.

Whether you want to expand your existing store or branch out, restaurant business loans can help you cover the expenses. Whether you need funds for expanding, purchasing equipment or hiring new employees, a restaurant business loan can help you during successful times, or cover your payroll or expenses to vendors during a seasonal slump.

If a refrigerator, oven, stove, or another piece of equipment suddenly needs to be replaced or a repaired, a restaurant business loan provides a quick solution. With readily available cash, you can purchase new equipment and keep your business running.

SMB Compass knows how hard it is for restaurateurs to qualify for a business loan. That’s why we make it a point to work with you and help you find the best restaurant business loans in the market.

4 Most Common Restaurant Business Loan Uses

Running a restaurant is a lot to deal with. Business owners know that restaurant businesses are some of the most stressful organizations to run. While this may be true, managing a restaurant can also be extremely gratifying – personally and profitably, this is especially true if you have a trustworthy funding partner by your side.

At SMB Compass, we will work with you to find a restaurant business loan that perfectly fits your needs. Here are the four most common restaurant business loan uses:

Improve Marketing

If you don’t have an established online presence, your restaurant will definitely miss out on business opportunities. Having a mobile-friendly, content-rich website and social media presence will improve your online profile. More of a presence online means more potential customers will notice your brand, despite being in a competitive market.

Creating a fully-functional website with advanced ordering capabilities, real-time order status updates, and integrated customer reviews doesn’t come cheap. A restaurant business loan can help you cover the expenses of developing a website and establishing a strong online presence.

Renovate / Expand Your Restaurant

A restaurant business loan is ideal if you’re looking to renovate, repair, or expand your restaurant to make it look more presentable and more profitable.

Expanding your restaurant means more room to seat and serve more customers daily. Improving the kitchen and storage means that business operations become more organized and efficient, which results in fewer mistakes, faster orders, and happy customers.

Invest in Marketing & Advertising

When people look for places to eat, they hardly check the yellow pages anymore. Which is why it’s important for restaurants to keep up with the ever-changing technology by investing in marketing and advertising. A restaurant business loan provides you with the funds needed to hire a reputable marketing and/or advertising agency for your business.

Buy New Equipment

Your once-new kitchen equipment will eventually need costly repairs. By applying for a restaurant business loan, you will have the funds to purchase new equipment or repair old ones. You can even use the equipment you’re going to purchase as collateral, depending on the type of loan you apply for.

You can also use restaurant business loans to:

  • Upgrade point-of-sale systems
  • Open new locations
  • Purchase additional inventory
  • Hire new employees
  • Pay for operating expenses
  • Payroll and taxes
  • Refinance existing debt
  • Overcome unexpected business expenses
  • Improve advertising and marketing efforts

Top 3 Restaurant Business Loans for You

SMB Compass will work closely with you to help you find the best restaurant business loan depending on your business’ needs. Here are our top three picks for restaurants/bars:

Restaurant Business Loans

SBA 7(a) Loans

The Small Business Administration (SBA) guarantees a certain percentage of SBA loans. This makes an SBA 7(a) loan ideal for small business owners that are seeking financing for their restaurant.

An SBA loan can be used to improve marketing efforts, add a new location, or make it through an off-season. There are no strict restrictions as to how business owners can use the funds, so an SBA loan can cover most business expenses. SMB Compass will work with you to set competitive terms, rates, limits, and repayment schedules that suit your business’ needs and goals.

Equipment Financing

The equipment you’re using contribute much to the quality of service and food you offer. Equipment financing provides your restaurant with the funds you need to purchase new equipment. Our team of trusted advisors will work closely with you to determine the terms for your loan depending on the personal credit, trade history of the business, the financial strength of the company, and the type of equipment purchased.

Restaurant Business Loan
Business Loan for Restaurant

Business Line of Credit

Lenders set a maximum credit amount, and your business only has to repay the sum you’ve withdrawn (plus interest). For example, if you are approved for a $100,000 line of credit, and you’ve only spent $20,000 in the first month, you only need to pay the $20,000 and the interest.

Like a credit card, a business line of credit is revolving. This means that once the debt is paid, your line of credit is automatically renewed so you can use it again. The terms of this loan depend on your business credit, personal credit, and cash flow. Lenders prefer applicants with strong cash flow and great operating history.

Interested in learning about your financing options?
Speak with a lending expert today!

Top 3 Restaurant Business Loans for You

SMB Compass will work closely with you to help you find the best restaurant business loan depending on your business’ needs. Here are our top three picks for restaurants/bars:

Restaurant Business Loans

SBA 7(a) Loans

The Small Business Administration (SBA) guarantees a certain percentage of SBA loans. This makes an SBA 7(a) loan ideal for small business owners that are seeking financing for their restaurant.

An SBA loan can be used to improve marketing efforts, add a new location, or make it through an off-season. There are no strict restrictions as to how business owners can use the funds, so an SBA loan can cover most business expenses. SMB Compass will work with you to set competitive terms, rates, limits, and repayment schedules that suit your business’ needs and goals.

Restaurant Business Loan

Equipment Financing

The equipment you’re using contribute much to the quality of service and food you offer. Equipment financing provides your restaurant with the funds you need to purchase new equipment. Our team of trusted advisors will work closely with you to determine the terms for your loan depending on the personal credit, trade history of the business, the financial strength of the company, and the type of equipment purchased.

Business Loan for Restaurant

Business Line of Credit

Lenders set a maximum credit amount, and your business only has to repay the sum you’ve withdrawn (plus interest). For example, if you are approved for a $100,000 line of credit, and you’ve only spent $20,000 in the first month, you only need to pay the $20,000 and the interest.

Like a credit card, a business line of credit is revolving. This means that once the debt is paid, your line of credit is automatically renewed so you can use it again. The terms of this loan depend on your business credit, personal credit, and cash flow. Lenders prefer applicants with strong cash flow and great operating history.

Interested in learning about your financing options? Speak with a lending expert today!