Restaurant Business Loans
Generally when restaurants are in requirement they apply for a restaurant business loans to their bank, and hope that the bank will approve their application. The bank does its due diligence as always, and in 90% of the cases rejects the application. The reason for rejection is that banks consider small and medium sized businesses to be a high risk investment.
Private lenders are not biased against small businesses, and the criteria they have for qualifying small business loans for restaurants is a lot simpler than banks. Here the primary criteria are simply, the business needs to be over 12 months old and the minimum gross monthly income of the business needs to be in excess of $15 thousand dollars.
Small Business Loans for Restaurants
Just to make things simpler for small business and small business loans for restaurants, private funders such as Funding Easily do not require high credit scores and a credit score in the mid-500s will do, with no collateral, security or personal guarantees. This is a far cry from the bank who require a minimum credit score of 700+.
In addition to the easy qualifying criteria of private lenders, the time frames for processing the restaurant business loans are also very quick, with the quickest turnaround times being 48 to 72 hours. These time frames are much quicker than banks can or will process the restaurant loans bad credit.
Restaurant Financing Companies
Taking all these features of private restaurant business loans into consideration, its clear why over 90% of small businesses, retailers, restaurants and other small businesses approach private lenders as compared to banks.
There are thousands of small and medium sized restaurants which require funding periodically, and this funding is generally not provided by banks. Banks are keener to provide funding to large organizations, leaving a very large percentage of smaller and medium sized restaurants with no other option than to choose to obtain business loans for restaurants from private funders.
For more information related to private funding contact us, our funding team will provide you the information you need and also assist you with the filling of the application if required.
Restaurant are our main clientele. Check out your options now