Restaurant Business Loan AlternativesAlternatives to restaurant business loans that make sense for small business owners who own existing restaurants.
You are in the restaurant industry because you are passionate about it, not because it is easy. That doesn't mean getting financing can't be quick and simple. The issue preventing restaurant owners from getting the business loans they need, when they need them, springs fromfrom the universal difficulty small businesses face when applying for loans from banks. The state of the economy has increasingly more restaurant owners taking funds out of their own pockets, putting their financial stability at risk. Liquid cash infusions are vital when it comes time to expand, hire new staff or manage equipment, yet funds for restaurants can be some of the most difficult small business loans to obtain. Horizon Business Funding recognizes this problem facing restaurant owners and we are proud to offer a unique solution. A merchant cash advance eliminates the most problematic aspects of business loans, namely high rates of rejection because of bad credit, previously existing debt, "high risk" designations, requirements of collateral, as well as an arduous approval process. In contrast to a restaurant business loan, a merchant cash advance is simple to obtain, appears in your bank account in as little as 48 hours, and is unsecured, meaning there is no personal guarantee of collateral to make in order to get cash fast. Have you had moments where opportunities arose for your restaurant that you needed cash fast to pursue? Helping in those moments is our specialty, as well as continuing to offer financing when you need it down the road.
Some perspective on restaurant loans and our alternatives.In the spirit of keeping things simple, we will show you what makes a merchant cash advance an excellent alternative to restaurant business loans by showing where Horizon Business Funding's programs and the needs of small business owners meet.
What you have:
- Bad credit, existing loans, a high risk designation or any issue banks use to disqualify.
- A business you have been operating for at least 2-3 months. No startups.
- Monthly gross sales of $15,000 or higher.
- Interest in funding to improve or expand your business.
What we need:
- You to fill out the form on the right of this page.
- The completion of some easy steps that a representative will help you do over the phone.
- You can also live chat with a representative on the right of this page.
What you don't need:
- Loans that take ages to get, while opportunity passes you by.
- Demands for collateral which you could lose.
- Restrictions on how you can use the money you apply for.
Does this sound like your small business? Then our restaurant business loan alternatives could be just what you're looking for.
How is a merchant cash advance different from a restaurant business loan?Banks scrutinize restaurant business loan applicants in myriad ways before they will agreed to fund. Their requirements for due diligence can include tax forms, business plans, credit histories, and collateral that they would claim in the event of a default. Not only can this necessitate valuable time at a bank location, but even after you give your paperwork, approval processes can drag on over a month. For a restaurant owner, a month could be too late to use the money they needed. This is frustrating enough, but to make matters worse, you could spend time applying for restaurant loans only to be rejected. For these reasons, the businesses that can successfully apply for loans may not be the ones who need them the most. Our merchant cash advance programs were created specifically to address these issues with traditional financing. Since we are not a bank, we can supply direct capital to a much larger range of restaurant business owners and are able to make funding decisions often on the same day you apply. Unlike restaurant business loans, no collateral requirement means your property is never at risk. We don't disqualify based on bad credit, and don't require business plans. Once approved, you will be able to access the cash from your bank account with no restrictions on use in as little as 48 hours. This works in conjunction with our flexible repayment structures. On days when business slows, you pay back less, so your cash flow is not put in jeopardy of being overburdened.
How do restaurant business loan alternatives work?By filling out the short application on the right of this page, you will be contacted by one of our friendly representatives who will guide you through the fewsteps it takes to be approved. Any business owner can apply as long as they have been operating their small business for at least 2-3 months making gross monthly sales of at least $15,000 and up. When we give liquid cash up front, we are essentially purchasing a portion of your future sales. You can be eligible for funding from $1,000 up to $1,000,000 in cash that will appear in your bank account as quick as 48 hours after approval. Once your original cash advance is 70% paid back, you will have the option to refinance for up to 200% of the cash amount you were originally given. Once you get your merchant cash advance, you are free to use it in any way you decide is best for your restaurant, from adding tables to opening a new location. Your advance will be repaid automatically as you do business in the form of a small daily percentage of your sales. This allows the amount you pay to go down if you do fewer sales, so that your cash flow is not overly burdened, letting you focus on running your restaurant. Horizon Business Funding is a resource that your business can call on whenever it needs direct capital. Start your relationship with us now by filling out the application field on the right of this page, and see for yourself what direct capital can do.
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