Although owning a restaurant can be a fulfilling experience, it is not without its challenges. Whether you’ve hit a snag in your supply chain, you need updated equipment, or you are looking to expand, getting some financial help along the way can make a difference in your business. The truth is that the restaurant industry isn’t all that different from any small business industry, and there are plenty of restaurant-focused lending opportunities to help you secure the funding you need.
Here are three options to consider for restaurant funding:
- Startup loans – Designed to help a brand new business get off its feet, startup loans can be helpful in the initial stages of your business. Startup loans can include lump-sum loans, lines of credit, and real estate loans. You can tailor the specifics of a startup loan to meet your unique restaurant funding needs.
- Small Business Administration (SBA) Loan – SBA loans are government-backed and can offer favorable terms to help young businesses get off to a good start. There are several types of SBA loans available that can help cover your restaurant funding needs.
- Equipment loans – Beyond the initial startup costs, there are many loans tailored to the specific needs of your restaurant. One example is an equipment loan, which designates funds for acquiring the equipment you need for your business, from commercial kitchen appliances to display cases and everything in between.
At TB Capital Partners, we work with restaurants to equip them with the capital they need to succeed. If you’re unsure of the next steps in your venture, give our experienced team a call. We partner with you to help your business thrive.