American small businesses run on many things. They run on community, they run on heart, they run on coffee, and many of them run on small business funding. This funding can take many forms, including cash advances, term loans and small business lines of credit. It’s used to cover equipment and inventory costs, as well as payroll and working capital. But no matter what type of financing you need for your restaurant, you’ll want to be prepared.
Preparing to Apply for Restaurant Financing
- Get Your Financial Documents Ready
Documents that may be requested include business bank statements, a driver's license and last year's tax return.
- Be Thorough
It’s important that you read everything on the application and fill it out thoroughly — now is not the time for the mindless checking of boxes or fudging of the numbers. Applying for financing is all about being prepared. Know what’s expected and do your best to surpass those expectations.
- Have a Business Plan
Restaurant lenders want to see that you’re ready to use their money wisely. Invest some time in putting together a strong, comprehensive plan to submit with your application.
- Check Your Credit History
Your credit history is usually checked before you can take out a restaurant loan, so having a good credit score is important. Credit scores differ depending on the credit reference agency. To avoid surprises, check your credit score yourself before you start an application.
Business Funding From The Business Backer
There are three products available through The Business Backer that can be used to cover many of a restaurant business’s financial needs.
From Application to Funding in 3 Easy Steps
- Apply online.
One of our experienced Funding Advisors will call you shortly.
- Receive a decision.
Your Funding Advisor will help determine the best financing option after you submit 3 months of business bank statements.
- Receive your funds.
Sign your contract and receive funds as soon as next business day, if approved.‡