The restaurant business can be a tough one. Competition is fierce, hours can be long, but for those who genuinely love what they do, the end results are truly rewarding. The thing about owning and operating a restaurant is that you do have to keep up with the times, in a manner of speaking. Just as with anything else, trends come and go, customer expectations evolve, and especially in the review-heavy world we live in, you need to keep pace with the changing climate inherent to the restaurant world.
There will come a time when your restaurant needs a redo. Whether remodeling the interior, upgrading kitchen equipment, buying new chairs, tables, bar tops, you will have to come up with the money to ensure your establishment remains competitive. So where should you start as far as finding the right loan program for your business…
At First Union, we are experts when it comes to working with restauranteurs. We understand the business and we understand what needs to get done to keep your establishment thriving! Below are a few of the loan products we offer that could potentially work for your restaurant redo.
Short-term business loan. Generally, you can use this for anything. From new inventory to better equipment, to even hiring on more staff. Rates can range depending on a variety of factors, and usually, repayment terms are 18 months or less.
A line of Credit. With a line of credit, you only pay on the amount you draw out. Think of it almost like a credit card. As soon as you repay the money you took from the line, the line is then refilled. It is an extremely flexible financing product that has worked really well with numerous restaurant owners across the country.
Equipment Loan. Your restaurant requires equipment to operate. From your stoves to your refrigeration units, to the ventilation system, these are all fairly expensive components of your enterprise. If you are looking into upgrading these, then one ideal funding solution may be an equipment loan. The equipment itself becomes the collateral and usually, you can finance up to 100% of the items purchased.
These are just a few of the financing choices out there for restaurant owners in need of cash for a business "facelift." We would love to sit down with you and discuss our portfolio of products. We have the experience, the industry insights, and most importantly the commitment to our customers' ultimate success. Call today!