Since you’re here, it’s safe to assume you’re looking for the best loans to finance your diner. Perhaps you’re just starting out, or you’ve already established the diner and you’re looking to renovate or expand. Whatever the case, you know a loan might be your best option
When starting and running your own diner, there are plenty of reasons why may not have all the funding you need. You have to think about expenses like storage, appliances, supplies, equipment, and maybe even some real estate. And maybe you can cover a lot of the costs, but you’re a little strapped for cash when it comes to funding all of it.
There will definitely be those of you who can fund it out-of-pocket, but for those who can’t, you’ll need to look apply to some lenders. It can seem intimidating, but fortunately for you, there are plenty of loan options out there when it comes to funding your diner.
Best Loans To Finance Your Diner:
- Startup loans
- SBA loans
- Business lines of credit
- Equipment loans
- How to qualify for loans
Best Loans To Finance Your Diner: Startup Loans
Startup loans provide you with unsecured personal and business funding (no collateral) for up to $350,000. You must have one guarantor and a credit score between 600 and 800. There are 0% interest rates for up to 21 months.
Best Loans To Finance Your Diner: SBA (Small Business Administration)
You need to have an established diner with tax returns supporting good cash flow. The interest rates are 6.75% – 8.5% and have payback terms that go from 10 – 25 years. SBA loans are reviewed anywhere between 2 weeks and 2 months (14 – 60 days), but offer the most money with the best interest rates.
Best Loans To Finance Your Diner: Business Lines of Credit
Business express loans are non-SBA, have lines of credit up to $500,000, and will finance your diner in as a little as 1 – 2 weeks. However, you must have an existing business with revenue. Interest rate and loan terms will change based on the individual.
Best Loans To Finance Your Diner: Equipment Financing
Equipment loans are easy to obtain, qualify for, and are used for equipment ranging from transportation, computers, utensils, appliances, and so on. The equipment is the collateral and loan amounts, terms, and interest rates change based on the individual.
The Three Cs For Getting Your Diner’s Loan Approved
To determine whether you’re qualified, Finance Factory looks at the Three Cs: Credit, Cash flow, and Collateral. They’ll look at any credit between 600 – 800, a minimum account balance of $1,000 – $5,000 for monthly cash flow (but also look at annual revenue), and will accept collateral as an option. However, You only need one of the three Cs to qualify for a loan – meaning as long as you fit the credit and cash flow qualifications, you will be able to get an unsecured loan.
Finance Factory Can Help You Finance Your Diner In As Little As 48 Hours!
Interested in finding funding for your business? Finance Factory would love to help! If you’re looking to fund your business within the next 30 to 90 days for $25,000 to $500,00 and have a credit score of 660 or better, let’s chat! Get pre-qualified right now with our quick-step pre-qualification form! And don’t worry, this will not result in a hard credit inquiry of sensitive information. We just want to learn more about you and your business. Click below to get started!