Restaurant Industry Business Financing by Liberty Capital
A business loan is broadly used by businesses attempting to borrow or acquire capital. However, it’s important to understand that all loans involve a borrower and a lender, also known as a creditor and debtor.
Here are the top 10 business funding options available to every business. Navigating these options alone can be daunting because not every lender offers the same loans. Some lenders provide loans that others won’t, and credit requirements vary. For example, one lender might offer loans to those with lower credit scores, while another only works with borrowers who have excellent credit.
As a borrower, how do you determine a lender’s credit requirements? If you approach the wrong lender who doesn’t offer the program you need, you might have to start over, leading to “bank hopping.” This is a time-consuming process where business owners apply to multiple places in search of the right loan.
A business loan broker, like Liberty Capital, can guide you to the right loan for both short-term and long-term funding solutions. Let us help you find the ideal funding option efficiently, saving you time and effort. Liberty Capital Group, Inc. offers a range of financing solutions tailored to meet the diverse needs of business owners. Here’s a detailed overview of the top 10 loans and financing options available:
How to Access Business Loan for Restaurant from The Liberty Group
Here is how you can access business loans for restaurant from the Liberty Group –
· Your business can apply online
· You should have a minimum credit score of 600+ if you’re not startup.
· You must not have prior bankruptcy issues for the last 7 years.
· Moreover, you need to ensure that you don’t have any unresolved tax liens
· You should not possess any judgments or repossessions against the group
· In addition, you should have sufficient payment history business and personal credit
· Lastly, all the business owners should know most equipment financing requires down payment for low credit
Startup Financing for Restaurants by Liberty Capital
Yes we do start up for restaurants: two types of startup financing
When you apply for a loan, Liberty Group allows you to access business funding for all your business needs such working capital, equipment purchase and other expansion plans. You can easily access SBA (Small Business Administration) and MCA (Merchant Cash Administration). What affect your monthly payments and interest rates is based how old your startup company. Moreover, your sales volume will decide the course of the loan but pre-revenue start up will likely have difficulty getting a loan than equipment financing.
Pre-Revenue Start-Up
Getting loans for pre-revenue startup is difficult, as you can’t show your sales that can provide comfort to the lender. Thus, your options are limited. Hence, you can get an equipment loan and lease, which can help you set up your business for equipment purchase rather than using cash. Moreover, you can apply for a small business loan if you make a down payment but will require additional collateral. Lastly, you must show you can bring revenue right away.
How to Apply for a Business Loan?
For startups, showcasing your business plan and where you see yourself in the coming years is important for bank but credit score, down payment and equipment funding amount size. Besides, you need to address the collaterals and down payments to offer assurance to the Liberty Group and get access to the capital by providing skin in the game types of capital.
Here is how you can apply for the loan for restaurants –
· You should complete the online application and provide invoice, bank statements. This will get your preapproved from the lender and approval of your business equipment.
· You need to show you have FED, Bank account and equipment you want to purchase.
· Lastly, you much be able to meet the minimum credit score requirement which require stronger score if you’re startup.
