The restaurant industry as a whole is a popular one for small businesses. Within this industry there are a number of niche businesses, such as burger restaurants. These type of businesses can be very rewarding but also very challenging. Due to the great deal of competition in this industry, it is important to be aware of all industry trends. The good thing about food is that there are always new fads so your business can benefit from them if you pay attention. Although you can be very successful with a burger restaurant, you will also face a number of other changes. There are many expenses that come with running a business and you will need working capital to cover them. Luckily, there are banks, credit unions, and alternative lenders that can provide burger restaurant loans.
Burger Restaurant Loans
You can get a burger restaurant loan from a bank or credit union but it can be difficult. Both would request several years bank tax returns, a recent profit and loss statement, and several months of bank statements. Most require a minimum of 3 years in business and a FICO score of at least 750. In addition, it can take awhile to not only get approved for financing but also receive the capital.
Small Business Funding has a merchant cash advance program specifically for businesses such as burger restaurants. We understand the necessity for a fast cash infusion and finding someone who can facilitate the funding makes your life easier.
With Small Business Funding it is easier to get the financing that your burger restaurant needs. Bad credit, bankruptcies, and tax liens are okay (as long as there is a payment plan in place). Documentation required to receive an approval is an application (one page), 3 months of bank statements and 3 months of credit card merchant statements (if you process credit cards). This information will allow an alternative lender to provide you with a decision within 24 hours.
ACH Revenue Based Loan
If you do not want to have payments held back through your credit card processor then you can have payments debited directly from your business bank account. This too can be a fixed percentage of your daily credit card sales or it can be a fixed daily payment Monday through Friday. So the necessity of accepting credit cards is NOT a requirement. An ACH Revenue Based Loan is an option.
Burger restaurant financing from Small Business Funding can help take your business to new heights. You can also buy any new equipment you may need or use it to make payroll. Small Business Funding can help you do what you need to in order for your burger restaurant to be a great success and make all the delicious burgers and fries that people love. Apply for a small business loan today and find out how much your burger restaurant is approved for. There is absolutely no obligation.