Papua New Guinea Finance

Aug 31 2017

Best Restaurant Loans for Small Businesses 2017 #loan #for #restaurant #business


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Best Restaurant Loans for Small Businesses 2017

Restaurant loans for small purchases

Running a restaurant is expensive, but not everything you need to spend money on requires excessive debt or long-term financing, especially things like replacing a small piece of equipment or making minor repairs or upgrades to the dining room. Here are some short-term loan options for these types of smaller purchases.

If you need short-term financing fast: Kabbage offers lines of credit of up to $150,000 for restaurant working capital needs.

  • Pro: No minimum personal credit score requirement (but Kabbage does check your credit)
  • Con: High interest rates compared with some options

If you want competitive rates: StreetShares offers lines of credit and term loans of up to $100,000 with APRs starting at 9%. However, the company limits your borrowing to 20% of your annual revenue, making it a good fit for smaller, less expensive purchases.

  • Pro: Only need $25,000 in annual revenue to qualify
  • Con: Funding capped at 20% of your revenue

Before you apply for a Kabbage loan, find out whether you meet the minimum qualifications.

  • No minimum personal credit score required
  • At least one year in business
  • $50,000+ in annual revenue
  • A business checking or online payment platform required

Before you apply for a StreetShares loan, find out whether you meet the lender’s minimum qualifications.

  • 600+ personal credit score
  • At least one year in business
  • $25,000+ in annual revenue
  • No bankruptcies in the past three years
  • No current tax liens or collections (unless you have proper documentation)

StreetShares is currently unavailable to borrowers in Alaska, Montana, Nevada, North Dakota, Oregon, Rhode Island, South Dakota, Vermont and Wyoming.

Restaurant loans for big investments

When it’s time to expand, refurbish the entire kitchen or open a second location, look at loans that can provide a large lump sum with a longer repayment period.

If you want the lowest rates and longest repayment term: SmartBiz provides Small Business Administration loans through its online platform, connecting you with the lowest rates among online alternative lenders.

  • Pro: Low rates between 8.24% and 8.95% APR
  • Con: Application process is longer and requires more documentation compared with other online options

Before you apply for a SmartBiz loan, find out whether you meet the lender’s minimum qualifications.

  • 600+ personal credit score for loans $30,000 to $150,000
  • 650+ personal credit score for loans over $150,000
  • At least two years in business
  • $50,000+ in annual revenue
  • Personal guarantee required
  • No outstanding tax liens
  • No bankruptcies or foreclosures in last three years
  • No recent charge-offs or settlements
  • Must be current on government-related loans


If you want faster funding and competitive rates:
Bond Street can provide funding in as fast as three days. The lender offers APRs between 8% and 25%.

  • Pro: High maximum borrowing amount of $1 million
  • Con: Requires a minimum credit score of 640 to qualify, which is higher than other lenders

If you have or want to solicit financial backers. Able Lending offers a loan of up to $1 million that friends and family can contribute to as backers, along with the lender. The lender also offers loans that it solely funds. Restaurants are one of the top business types Able Lending finances, the company says.

  • Pro: Good for borrowers with a strong social network
  • Cons: Takes time and effort to line up backers; funding time is dependent on how quickly backers commit funds

Before you apply for a Bond Street loan, find out whether you meet the minimum qualifications.

  • 640+ personal credit score
  • 2+ years in business
  • $200,000+ in annual revenue
  • No bankruptcies in the past seven years
  • Bond Street is currently unavailable to borrowers in Nevada, North Dakota, South Dakota, Tennessee and Vermont.

  • Loan amount: $25,000 to $1 million
  • APR: 8% to 25%
  • Loan term: One to five years
  • Funding time: Up to seven days for Able-funded loans; up to one to two days after full backer contribution for Able Growth loans
  • Read our Able Lending review

Before you apply for an Able Lending loan, find out whether you meet the lender’s minimum qualifications.

  • 600+ personal credit score
  • At least one year in business
  • $100,000+ in annual revenue
  • Positive year-over-year growth
  • No personal bankruptcy in the past 12 months
  • Personal guarantee required
  • Able is currently unavailable to borrowers in California, Delaware, Nevada, North Dakota, South Dakota and Vermont.

If you’re looking for quick approval: OnDeck uses an online application process that can take as little as 10 minutes for term loans of up to $500,000.

  • Pro: Requires a minimum personal credit score of only 500 to qualify (but most borrowers have 660 or higher)
  • Cons: Paying the loan back early won’t save you any money; interest rates can be high if you have a lower credit score

Before you apply for an OnDeck loan, find out whether you meet the lender’s minimum qualifications.

  • 500+ personal credit score
  • At least one year in business
  • $100,000+ in annual revenue
  • No bankruptcies in the last two years
  • Personal guarantee required

Want to compare more financing options?

NerdWallet has created a comparison tool of small-business loans to meet your needs and goals. We gauged factors including lender trustworthiness, market scope and customer experience, and arranged the lenders by categories that include your revenue and how long you’ve been in business.

Updated May 19, 2017.

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