Opening a restaurant comes with many different expenses, from new equipment, tables and chairs, building costs, and more. For most people, paying for all these expenses out of pocket simply isn’t an option. That’s why it’s important to look at your restaurant funding options and consider which ones might work best for your unique needs.
Below, we’ll go over three common restaurant funding options that can help you get your new business off the ground.
- Friends and family. Turning to the people around you for financial assistance can sometimes have great results but mixing your personal and professional lives can occasionally spell disaster. Personal relationships can be negatively affected when going into business in any capacity with your loved ones. It’s better to keep your private life out of your business life and consider other restaurant funding options.
- Traditional banks. Applying for a loan through a traditional bank is a common option for many people. However, there are many reasons why this funding source may not be ideal for you. The approval process can take a long time, limiting how much prep work you can do while waiting to be approved. It also requires significant collateral, which can feel risky for entrepreneurs.
- Commercial lending company. A commercial lending company can offer a more streamlined restaurant funding solution. At TB Capital Partners, we can help you find the right lender for your unique needs and situation and offer the tailored solutions you need to succeed.
If you’re looking for a restaurant funding source and want to make sure you find a lender that suits your needs, be sure to give us a call today.