- COVID-19 Relief
- Loan Types
- Loan Calculators
Feb 9, 2020
There’s never been a harder time to run a restaurant. With restaurants facing orders to close all across the US, the small businesses that feed America are fighting to survive. We’re in your corner to provide every resource we can to give your restaurant its best chance to survive the COVID-19 pandemic so that you can thrive again.
Through the CARES Act, the historic $2 trillion stimulus bill, small businesses can access 2 key loans through the SBA.
We still have lenders that are funding loans on our platform. Whether you’re looking for alternatives to SBA coronavirus loans or you’re planning for bluer economic skies, here are some of the loan options that work well to support restaurant business growth.
If you need to purchase a new dishwasher, kitchen equipment, food truck, or slushie machine so you can offer frosé, equipment financing is designed to meet your restaurant financing needs. If you’re seeking financing specifically for new equipment, why not try the business loan that has “equipment” in the name? The best news: because the loan is secured by the equipment you’re purchasing for your restaurant, it can be easier to qualify for an equipment loan than other loan types.
If you’re looking for a loan to open a restaurant, a startup loan offers the financing you need without the longer time-in-business and revenue requirements of other business loans. To qualify for a restaurant startup loan, lenders usually require that you’ve been in business for 6 months and that the business owner has a strong personal credit history.
You understand how fast the restaurant business moves better than anyone. Sometimes, you have an urgent, short-term need for working capital. In these instances, a short term loan may be just what you need.
SBA loans, guaranteed by the Small Business Administration (SBA), have the biggest name recognition in the restaurant business loan game. SBA loans can offer lower interest rates than other forms of financing, making it one of the most affordable forms of restaurant financing. To secure these highly competitive loans, you’ll have to be prepared for 2 things—quite a bit of paperwork and patience.
Sometimes the only constant in the food industry is change. A business line of credit provides a safety net for your changing financial needs. When you apply for a business line of credit, you’re awarded a maximum amount that you can borrow. You can then borrow as much as you like from that amount, pay it back, and repeat. Borrow only as much as you need, and you only pay interest on what you borrow.
Looking to purchase your current restaurant location? Or open a second one? A commercial mortgage can help you finance your restaurant building purchase.
If a business credit card isn’t already in your restaurant financing arsenal, it should be. When you inevitably discover that you’re out of limes, let that last-minute dash to the store build rewards. A business credit card can make your everyday restaurant purchases work for you while building a credit history for your business.
We’re going to level with you—there’s a hard way and an easy way to apply for restaurant financing. You can go through the bank, which requires a 29-hour application process and results in rejection for 80% of applicants. Or you can apply through Lendio. Our 15-minute smart application pairs you with offers from our network of 75+ lenders. You wouldn’t book an airline ticket without comparing prices, so why would you secure a business loan without comparing offers, rates, and terms?
When you submit your Lendio loan application, we perform a soft credit pull, so it doesn’t affect your credit. Then you’re paired with a personal funding manager who can walk you through the process. This small business loan expert will answer any questions you have and help you make the right choice for your restaurant.
Take 15-minutes to fill out our easy application. All you’ll need are answers to questions you already know about your business and 3 months of bank statements.
“Needed capital to do some renovations for my business. The money I borrowed helped me do that, and now more clients are coming in than ever.”