Funding for Restaurant Expansion
Business must be good if you’re seeking funding for expanding your restaurant, so congratulations on your success! We’re excited to help you keep growing. When looking for a business loan, it’s important to get familiar with your options – and you have quite a few choices! It’s easy to get overwhelmed at this stage, but don’t worry – we’re here to help. First Capital Business Finance offers a wide variety of programs, from equipment leasing and financing to business loans, and even SBA loans. Even if you have bad credit, previous bankruptcy, or if your tax returns aren’t showing much of a profit, we have programs built specifically for you. These programs typically consider your bank statements instead of your tax returns. Depending on what you’re looking to accomplish, there will be better solutions for specific goals. It’s always best to speak to an expert if you’re unsure what would be best for you. Simply call [phone number=”888-565-6692″] to speak with one of our advisers so we can help you decide the best plan for you.Restaurant Equipment Financing
If you are in need of restaurant equipment, you might not need a business loan. Depending on the type of business loan, the terms can be shorter compared to equipment financing. If you’re not needing additional working capital, equipment financing is most likely the better option.
Is your restaurant a start-up? No problem! We have programs for start-up restaurants as well as established restaurants that have been in business for years. There are also programs that can accommodate business owners with bad credit.
Discuss Your Options with an Expert
Our Restaurant Financing Programs are Built to Fit Your Needs
Below you’ll see a short list of some of the restaurant financing programs we offer. Please keep in mind that this is not a complete list! If you don’t see something that fits your needs, simply call First Capital at [phone number=”888-565-6692″] to speak with an adviser and find out what you qualify for.Start-Up Restaurants
- 580 credit score (with good payment history on other tradelines)
- 24 to 60 months
- No bank statements needed
Established Restaurants (non-start-up)
Low credit score program:- 500 credit score (not credit score driven, but will review credit history)
- 24 to 48 months
- Business must be making a minimum gross income of $10,000 a month for the last 3 months
- 580 credit score (with good payment history on other tradelines)
- 24 to 60 months
- No bank statements needed
All we need to get the process started is the following:
- Application
- Your last 3 months of business bank statements
- Invoice(s) for the equipment
Financing for Current Restaurant Location Remodeling
Are you looking to remodel your restaurant or upgrade some of your equipment?
You should consider a combination of equipment financing and a working capital business loan.
If you need working capital to do some construction, a working capital business loan is your best option.
If you’re not doing any remodeling and only need to upgrade your equipment, then stick to our equipment financing program.
Our working capital business loans are based on the business’s gross income. Credit is not a huge factor for the majority of these programs, so if you have some issues with your credit, we can still help you. First Capital has a wide variety of programs for you to choose from, no matter your credit score.
Working Capital Programs
- 500+ credit score
- 6 months’ time in business
- Min $10,000 gross monthly income a month
- 6 months of bank statements to prove gross income
- 4 months of credit card processing statements (if you accept credit cards)
- Application
- Your last 6 months of business bank statements
- Your last 4 months of credit card processing statements (if you accept credit cards)
Restaurant Expansion Financing: Opening a New Location
Business is booming and you’re wanting to open a new location, so congratulations!
If you’re already seeking financing for this new venture, it’s safe to assume you’ve already drawn out a business plan and you most likely have an idea on the cost for this new location. Of course, this new location will need restaurant equipment like flatware, stoves, ovens, freezers, seating, etc.
Here are your options:
- Equipment Financing
- Working Capital Loan
- SBA Loan
