Restaurant owners have always had trouble getting financing… But the times, they are a-changing. Whether you’re a seasoned seasoning veteran or just getting ready to fire up the grill, we’ve got some good news: there are more restaurant loans available for you today than ever before.
A restaurant owner’s financial bread-and-butter options are generally equipment loans, working capital loans, and commercial mortgage loans (for purchasing buildings). Here’s a not-so-short list of some of the best places to get quick restaurant loans.
1. Apple Pie Capital
If your restaurant is a franchise, check out this lender specializing in franchise loans. Apple Pie provides funding in 30 days or less with minimal paperwork and no collateral required. Terms range from 3 to 7 years, and proceeds can be used for everything—from purchasing your first franchise to expanding into multi-units, remodeling, or buying existing franchise locations.
2. ARF Financial
ARF Financial offers working capital loans, lines of credit, bridge loans, and restaurant equipment financing. Get up to $1 million for a term of up to 18 months with little paperwork and rapid loan approval. This company works with a wide variety of restaurant franchises, although you don’t need to be a franchisor to borrow.
3. Balboa Capital
Do you need financing to expand an existing restaurant franchise?
Balboa Capital specializes in franchise financing, offering loans of up to $1 million and credit lines up to $500,000 for acquisitions, remodeling, furniture fixtures, and equipment. There’s minimal paperwork, and Balboa Capital makes a decision on your loan application in as little as one hour, generally financing loans in just a few days.
BizFi doesn’t exactly specialize in restaurant financing, but it offers a simple application process for all the types of financing a restaurant owner might need, including short-and long-term loans, SBA loans, equipment financing, invoice financing, lines of credit and even franchise financing. Just answer a few questions to see how much financing you can qualify for, and then fill out a short application to get started.
5. Business Loans Direct
Restaurants are a specialty for Business Loans Direct, which also finances bars and nightclubs. The company provides restaurant loans of up to $250,000, as well as merchant cash advances. The online application process is simple, no personal collateral is required, and you’ll get your financing in 72 hours or less.
6. CAN Capital
Although it doesn’t specialize in the restaurant industry, CAN Capital is an alternative small business financing company that makes it easy to apply for a merchant cash advance or small business loan for expansion, remodeling, equipment financing, or working capital. Their application takes just 10 minutes and you can receive funds in as little as 48 hours, but you must’ve been in business for at least 4 months and meet certain minimum revenue levels.
7. eBusiness Funding
Restaurants are a focus for eBusiness Funding, which provides merchant cash advances to restaurants that have been in business for at least 6 months and have monthly revenues of $10,000 or more. You can receive a merchant cash advance of up to $500,000 within 72 hours after your application is approved.
eCapital offers a range of restaurant loans—including revenue-based loans for working capital, asset-based loans, and equipment leasing loans—all without requiring personal guarantees or collateral. Terms range from 30 days to 4 years, depending on your business needs. Approval takes just a few hours, and loans are funded within days.
9. Finance Store
Expanding or buying a restaurant franchise? Finance Store deals in franchise financing, and offers a huge array of financing options like revenue-based loans, equipment financing, SBA loans, startup financing, and even money from private investors. Loans range up to $5 million, and you get approval in just 24 hours.
10. FORA Financial
Restaurants are the number-one industry financed by FORA Financial. You can receive merchant cash advances, as well as small business loans, as long as you have been in business up to 3 months and have the minimum required sales. The application is simple, and loans of up to $250,000 can be approved in as little as 72 hours.
11. Merchant Commerce Solutions
Restaurant loans are a key specialty for Merchant Commerce Solutions, which offers low interest rates, quick closing, and terms of up to 5 years with no collateral requirements. Loans are based on revenue, and you can also obtain merchant cash advances.
12. National Business Capital
In addition to franchise financing, National Business Capital provides a wide range of financing options that are useful for restaurant owners, like merchant cash advances, equipment financing, and commercial mortgage financing. The application takes only a few minutes, approvals takes less than 24 hours, and you’ll get funding in just a few days.
13. Rapid Cash Advance
Despite its name, Rapid Cash Advance actually offers several types of restaurant loans—including small business loans, lines of credit, and SBA bridge loans—in addition to merchant cash advances. SBA bridge loans can be especially useful for restaurant owners, because they bridge the gap between the time your SBA loan actually funds and the time you need the money.
Many restaurants use SBA loans to start or grow. SmartBiz makes getting SBA loans easier—and faster—with its online loan application process. Answer a few basic questions to see if you prequalify for a loan of up to $350,000. If you do, you’ll have to provide more financial information, but if you qualify and your loan is approved, you can get your funding in just seven days.
15. World Global Financing
World Global Financing provides merchant cash advances for companies in a wide variety of industries, including restaurants. You can obtain up to $1 million in merchant cash advances with no collateral, and money is repaid automatically via a percentage of your daily credit card and debit card transactions.