While Italian wasn’t always a staple American cuisine, nowadays, it’s one of the most popular foods out there. In fact, since it came over in the 19th century, Italian has become a full-blown American dining experience. There isn’t a single place here in the U.S. where you can’t find at least one Italian restaurant in your vicinity.
However, Italian restaurants come in all shapes and sizes. There are pizza places, sub shops, fast casual dining, and even fine dining. And because of all the options, the amount of financial assistance you may need can vary.
But even with all of the options and potential costs, there’s plenty of loans out there to help you get the ball rolling.
Best Startup Loans For Your Italian Restaurant
- Business Credit Cards
- Personal Loans And Lines Of Credit
- Business Directed Retirement Accounts
Business Credit Cards: Best Startup Loans For Your Italian Restaurant
Regardless of the type of Italian restaurant you want to run, a business credit card is always a great choice. The application process isn’t much different than a standard credit card. You can use BCCs for a variety of reasons and they’re typically much easier to obtain than other loans. However, they’re also a great way to keep your personal and business credit separate. It’s important to note there are typically higher interest rates for BCCs, but you can receive anywhere from $25,000 – $150,000 in funding.
Personal Loans And Lines Of Credit: Best Startup Loans For Your Italian Restaurant
When it comes to running an Italian restaurant, personal loans and LoCs are also good options for startup funding. You borrow LoCs and personal loans from banks, alternative lenders, or credit unions with fixed terms and rates. As with any other loan, you have to pay the money back on a monthly basis with a specific rate of interest. And beyond that, most personal loans come unsecured and require no collateral.
Business Directed Retirement Account: Best Startup Loans For Your Italian Restaurant
Let’s say you’ve retired, but you’re interested in starting your own Italian restaurant. A BDRA is a great way to get things going. A BDRA is a deposit account where a fixed sum of money is given and you can withdraw your retirement annuities. To be more specific, a BDRA gives you the opportunity to invest retirement assets into your Italian restaurant directly without penalties or taxable distributions.
The Three Cs To Qualifying: Best Startup Loans For Your Italian Restaurant
When looking at the best loans for your Italian restaurant, Finance Factory analyzes the Three Cs: Credit, Cash flow, and Collateral. You’ll want to have a credit score between 680 and 800– with an ideal score of 680+. But we’ll also look for a minimum account balance of $1,000 – $5,000 for monthly cash flow (but also look at tax returns, profit, and annual revenue). As for collateral, we prioritize unsecured funding; however, collateral is just one option. As long as you have one of the Three Cs, you can qualify for funding.
Finance Factory Helps You Find The Best Startup Loans For Your Italian Restaurant
Are you interested in funding your Italian Restaurant? Finance Factory would love to help! If you’re looking to fund your business within the next 30 to 90 days, and have a credit score of 680 – 800, let’s chat! Get pre-qualified now with our quick-step pre-qualification form! 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 start!
Recent Comments