Restaurant Funding - Where To Acquire Your Restaurant Funding

When somebody is planning to open up a business, mostly considered is a food or restaurant business.

Florida, FL (prHWY.com) June 1, 2012 - Florida, June 01, 2012 - When somebody is planning to open up a business, mostly considered is a food or restaurant business. For obvious reasons that food is consumable, targets a wide market and never goes out of fashion. Nevertheless, it does not mean that everything is smooth-sailing with this kind of business. For starters, it is not easy to look for a restaurant funding. You must think of ways of getting a startup capital if you really want to open one.

Looking for a restaurant funding is not easy but there are alternatives available. There are actually many sources but they all have their own advantages and disadvantages. Thus, it is necessary that you, as the owner, know what you are getting into. This is because startup costs could reach as high as six-figures that could include your operational funds, equipments, inventory purchases, rental fees and initial expenditures. That's why many are really considering funds that will help in the realization of this business.

First choice is the merchant cash advance which is highly akin to your credit cards. This type of restaurant funding is quick and easy because it has minimal requirements. It can be unsecured and without a good credit line. It is so fast that you get the money within 72 hours. You can request for a repayment scheme that is suitable for both you and the funding group, it only means to show that their system is very flexible. The only major drawback here is that you are to repay them for higher fee from your card receivables.

The most common, however, is still the restaurant funding option is the traditional bank loan. Collateral and pertinent documents are needed here and this usually take a while before approval. Most commercial banks do not allow small startups a loan but with the fierce competition in the lending industry, banks have come to accept some restaurants with good credit line and oftentimes with Small Business Administration (SBA) backing. This loan must be repaid over a period of time with low interest rates. With this restaurant finance option, you're sure to acquire one with ease.

The last option is through personal savings, this may include your husband's, families' or friends' savings too. The benefit here is that you are not pressed to pay it back or if it is not from you, the advantage is that they usually do not set a timetable and a fee. However, the pitfall of this is that you do not have enough money in cases of emergency and this is usually the cause of damaged and ruined relationships. It is now up to you what kind of funding you would like to get.

About the Author:

Restaurant Funding - At Nations Advance, we combine industry experience with client-focused service to provide the best business loan and merchant cash advance options in North America. We have a 17 year history of service in the financial industry, including business loan and business cash advance programs. We have always offered merchant cash advances and merchant account loans, and we have considerable resources that let us get you a great rate on business loans.

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Tag Words: restaurant financing

Categories: Business

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