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How Restaurant Loans Can Help You

Restaurant loans can help you grow your business by providing the necessary funds to purchase new equipment, expand your current space, or cover operational expenses. Having access to additional funds can allow you to create a more efficient, profitable operation and can also help you manage cash flow. With restaurant loans, you can make decisions that can help your business thrive, such as investing in marketing or hiring more employees. Plus, you can use the loan to purchase ingredients or equipment that can help you improve your menu or service offerings, making your restaurant more competitive in the market. With a loan through Filthy Rich Idea, you can make the necessary investments to ensure that your restaurant remains competitive and successful.

Qualifications for a Restaurant Loan

1. Business Plan: A comprehensive business plan outlining the restaurants objectives, market analysis, and financial projections should be included with the loan application.

2. Credit History: The lender will assess the borrowers credit score and history to ensure they are a reliable and responsible borrower.

3. Collateral: The lender may require some form of collateral to secure the loan.

4. Equity: The borrower should have some form of equity in the restaurant, such as ownership or profits.

5. Financial Statements: The lender will require the borrower to provide financial statements to determine their financial health.

6. Experience: The lender may require the borrower to have some experience in the restaurant industry.

7. Licenses and Permits: The borrower must have all the necessary licenses and permits to operate the restaurant.

8. Cash Flow: The lender will assess the cash flow of the restaurant to determine its financial stability.

9. Debt-to-Income Ratio: The borrower must have a low debttoincome ratio to qualify for the loan.

10. Insurance: The borrower must have insurance coverage for the restaurant in case of any unforeseen losses.

Best Working Capital Loan

SBA 7(a) Loan

SBA 7(a) Loans

The most attractive of all small business loans, SBA 7(a) loans, provide long repayment periods and low interest rates. Small banks, which are the primary lenders of these loans, are guaranteed up to 85% of the loan by the U.S. Small Business Administration in case of borrower default. This security allows for competitive rates for borrowers.

Best SBA Loan Alternative

Term Loan

Term Loan

Term loans are comparable to SBA 7(a) loans, in that they provide a lump sum of capital and a specific repayment period. However, lenders don't require as stringent a credit history for qualification. This may mean higher interest rates, but if you need a lump-sum "traditional" business loan quickly, a term loan may be an ideal option.

Best Restaurant Loan for Supplemental Purchases

Short-Term Working Capital Loan

Short-Term Working Capital Loan

This type of loan is designed to provide restaurants with access to additional funds for purchasing inventory or equipment, as well as other business needs. They are typically quick, easy to obtain with repayment periods ranging from six months to one year, and come with competitive interest rates, allowing restaurants to make the purchases they need without breaking the bank.

Best Restaurant Loan for Everyday Expenses

Merchant Cash Advance (MCA)

Merchant Cash Advance

An MCA is a short-term loan that provides restaurants with a lump sum of cash upfront in exchange for a portion of their future credit card sales. This is a great option for restaurants that need access to cash quickly and don’t want to take out a traditional loan. With an MCA, restaurants can get the cash they need to cover everyday expenses, such as payroll, inventory, and repairs. Plus, they only pay back what they borrow when they make credit card sales.

Best Loan to Finance Equipment

Equipment Financing

Equipment Financing

If you're in the market for equipment, from hair products to styling booths, then this type of loan allows you to purchase large items without having to put up collateral. After being approved for a loan, you'll receive a quote for the gear and a lender will finance a large portion of the cost.

Best Restaurant Loan for Cash Flow

SBA loan

SBA loan

These loans offer a variety of benefits, including low-interest rates, long repayment terms, and flexible qualification criteria that make them accessible to businesses of all sizes. Additionally, SBA loans are backed by the U.S. government, meaning lenders are more likely to approve them. This makes them an ideal choice for restaurants needing cash to stay afloat during difficult times.

Ready to Apply?

Filthy Rich Idea makes it easy to get a business loan for your restaurant. Apply online and we will give you a decision within minutes. One of our Loan Specialists will tailor a loan package for your business needs. As soon as we receive the application and documents, your dedicated Funding Advisor will be in touch to discuss the application and next steps. Approval typically takes 24-48 hours, and funds can be deposited into your account the following business day. It’s that simple!


What information and documents do I need to apply for funding?

Our lending partners will need 3 months of bank statements, the government IDs of all applicants, 1 or 2 years of business tax documents, business P&L and balance sheets, business licenses and formation documents, and a business EIN.

What is APR?

APR stands for Annual Percentage Rate and is a measure of the cost of borrowing money. It is the interest rate expressed as a yearly rate, including fees and costs associated with the loan. It's a good way to gauge the overall cost of your loan and your planned repayment schedule.

How long does it take to get the money once my business is approved?

Once approved, transfer times vary depending on the lender, but it is possible to receive your capital in as little as 72 hours after approval. Lines of credit, on the other hand, may be used immediately upon receiving approval in some cases.

How do I pay back the funding amount?

Our lenders offer secure digital payment portals so that you can make your repayments on time and without penalty. You may be able to change due dates and other important information.

How To Best Prepare for a Business Loan

Determine the amount of money you will request—and do not request an excessive amount.

Although you may have the option of a small business loan, it is important to only request the amount of money that you need and can afford to pay back. This will demonstrate to your lender that you are financially responsible and increase your chances of approval.

Understand the limitations and costs of your loan.

Before committing to a loan, be sure to consider the speed, flexibility, and cost. Some loans are more or less flexible while others charge for speed. Understand the APR and other associated fees and costs so you can make an informed decision.

Avoid taking out multiple loans.

If you already have a loan, it is not advisable to take out another one. This is calledstacking loans and is generally not allowed, except in certain cases (e.g. having a business line of credit with a term loan). If you stack loans without the permission of your original lender, you could be in breach of your loan agreement and default on your first loan. Before taking on another loan, check with your lender to make sure it is allowed.

Ready to Apply?