Smart Restaurant Funding Options
Several restaurant owners come back from a bank frustrated with their inability to secure a loan. But you can now breathe a sigh of relief as there are several other options for you. As a restaurant owner, some of the main reasons you do not qualify for a commercial restaurant loan is because you are new to the business and less than a stipulated time frame old. It may also be that you have a bad credit history, personal or business and this brings down your eligibility. It could also be because you are unable to put up the collateral that is being asked. Now all of these will not matter much if opt for a merchant cash advance.
A merchant cash advance is an unsecured form of money and puts instant funds in your hand. All you need to do to qualify is accept Visa or Mastercard as a form of payment. Your monthly sales will have to reflect approximately $5000 and your business should not have filed for bankruptcy. These three factors instantly provide most restaurant owners with the qualifications they need for the loan.
Most business cash advance lenders have an established presence online. You just have to find a lender who is recommended and fill in a small application form. All documents necessary are listed and you will have to upload these as well. Compared to a commercial lending establishment, the time frame for approval is rather small and you should know within 72 hours. The rates of approval are rather high too and so this should not be a concern. Once you have the approval, you can expect the cash to be in your account in less than a week.
Now as a restaurant owner this is money that you can choose to use any way you please. Commercial lending outfits will not always give you this flexibility. You could choose to upgrade your kitchen equipment which will give you a better output from your staff and kitchen. You could use it to improve on stocks in terms of quality and variety. You could expand the seating in your restaurant and add more covers bringing in added revenue should you need it. You could also choose to expand to another location and give yourself a presence that is more visible than where you currently are.
These are the kinds of requirements a restaurant has of quick cash infusions and a merchant cash advance can make it happen.
Mathias Scott - About Author:
Welcome to Next Level Funding, We are the Restaurant Loan providers. NLF specializes in providing unsecured business cash advances to small business owners. The cash will be directly deposit into your bank account with in 24 hours. Our funding ranges from $5,000 to $250,000. We believe in your future. And we invest in it.
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