Maybe you’re wondering how to finance a franchise restaurant. Or perhaps you’re looking to upgrade your restaurant’s kitchen and appliances. Whatever your needs, at Norita Money Consultants Group, we’ve developed this restaurant loan guide to help you. We’ll look at various loan options and ways you can apply for restaurant financing from us.
Financing Your Restaurant for Success
Running a business in the hospitality sector can be challenging. It’s tough to keep up with the competition and still have enough money to invest back into your business. When you’re running a restaurant, you’re not just planning menus. You also have to plan to survive in any season and economy and be prepared to answer when opportunity knocks. That’s where restaurant financing can help.
Prepare for Your Busy Season
As with any business, the restaurant industry has its ups and downs. The lull has finally subsided and you’re anticipating fully booked nights. Prepare for your restaurant’s ups by having the right amount of capital available to hire additional wait staff, inventory and entertainment.
Keep Your Inventory and Supplies Stocked
You never want to run out of key ingredients, particularly for a dish that draws crowds. Make sure you always have a cushion of funds at the ready. Whether you’re known for your Bolognese or your beer, maintain a solid supply of inventory that will guarantee a return on your investment.
Upgrade or Add Equipment
Just like home appliances need updates from time to time, so does your restaurant equipment? Maybe your kitchen is outdated or your chef wants a certain piece of equipment to try a new cooking technique. Whatever your need, there are restaurant financing options out there for you.
Market Your Restaurant
When times are slow, you need clientele. How do you get people in your doors? That’s where advertising comes in. But you may not have the funds to promote your eatery. When funds are low, you can apply for a restaurant loan to implement advertising and drive revenue. Use your funds to broadcast off-season specials. Market your business through the following media channels:
- Internet and social media
- Local TV
Renovate or Expand
You want to offer diners a modern culinary experience but your restaurant is reminiscent of a 1950s diner. What to do? When your interior needs a facelift, you need funds. But sometimes the cost isn’t manageable. A restaurant loan can provide you with the long-term financing and terms you need to update or expand your business.
How to Get Restaurant Loans
After your submission has been processed, our Business Consultants will reach out with the status and timeframe for approval.
Receive Restaurant Loan Funding
Upon approval and your acceptance of the offer, funds are deposited directly into your bank account so you can use the money immediately.