Official Letsdiskuss Logo
Official Letsdiskuss Logo

Language


Sophia Williams

Digital Marketing Manager | Posted |


Business Loans for Restaurants

0
0



Business Loans for Restaurants

We provide small businesses such as restaurants with these loans. The entire process is very quick simple, and hassle free for the small businesses that apply with us. What we truly do require from small businesses is business owners who are decided about what they want to do and when, because it takes us hardly any time to provide them with the funding.


Banks on the other hand have a very different system from us in every way. They do not prefer to lend to small businesses, and as a result their qualification criteria are very stringent. Due to the stringent qualification criteria that banks have, over 90% of all restaurant business loans applications are rejected by the banks.


We provide small businesses with the funding that they require, and our criteria are completely different from those of the banks. Mentioned below here you will see our simple and easy criteria, these criteria enable almost all small and medium sized restaurants to ascertain for themselves whether they qualify or not for the restaurant business loans that we provide.


• The business needs to be at least 12 months old and a running business.

• The owner of the business should not be in any form of active bankruptcy at the time of the loan application.

• The gross income of the business needs to be at least $10 thousand or over that amount.


Based on the requirements that we have above, which are very simple, most businesses are able to qualify for the funding that they require. That is not the problem at all, however, we do advise all small businesses to be sure about everything else at their business end and the purpose of the funding before they apply. There are other features associated with the simplicity of the funding, and those are also mentioned here.


The processing time frames that we have are very quick, and typically we are able to get a small business the restaurant funding they require as quickly as 48 to 72 hours from the time we receive the application. At the most this time frame would be about a week to ten days, not over that. Banks on the other hand do take a couple of months to process the application and go through the paper work. If your application is not rejected during that period of time, and the bank requires additional paper work, the time duration can exceed a couple of months.


The credit scores are not a concern for us, and this is because they are not a part of our qualification criteria. As a result we often work with small and medium sized restaurants whose credit scores are in the low and mid-500s, and we do provide them with the small business loans for restaurants that they require. Here again, banks and financial institutions do not provide small businesses with the funding that they require if their credit scores are not premium. Typically, a bank would prefer to work with a small business whose credit scores are in the 700s if possible.


We do not ask small businesses to provide us with collateral either to provide them with restaurant loans, and this is because our loans are uncollateralized loans and unsecured loans. Collateral is not a part of our qualification or other criteria, and this is a good thing for small businesses, as many of them do not have the collateral otherwise required by banks and financial institutions. 


For more information related to restaurant financing companies contact us. Our funding team will provide you with the information you require, and also assist you with the application for a loan. Alternatively, if you wish to fill the application yourself, simply click on the ‘try working with us’ tab and fill in your details there.