A Restaurant Loan Strategy For People With Bad Credit

November 3rd, 2020 by admin Leave a reply »

This article is primarily directed toward people who own, or are considering getting into the restaurant business. I myself used to own a restaurant several years ago. It is tough work I know, but it can be very lucrative if you work hard, make wise decisions and with a little luck.

So often, we get so caught up in the day to day struggle that we forget to step back and take a look at the big picture. Think for a moment of what you could do if you had an extra 10, 20 or 50 thousand dollars to invest into your business. What would you do with the money? I don’t know about you, but I can think of many things that I would use the money for;

Remodel the dining room
Remodel the kitchen
Expand the seating area
Purchase new equipment
Spend money on advertising
Buy out a business partner
Open a new location

These are just a few ideas. I am sure that you can come up with a few of your own ideas.

I tried to get a loan but I got turned down because of bad credit

You are not alone. Believe me; this economy has wreaked havoc on many business owners credit. To make matters worse; the banks are barely loaning money to anyone, regardless of their credit history. If you credit has taken a few hit over the past few months; you can pretty much kiss the idea of getting a business loan goodbye.

Thankfully there is something called a business cash advance

A business cash advance (also called a merchant cash advance or credit card advance) is a business loan alternative that has been proven to be extremely beneficial to restaurant owners. The cash advance is based upon your sales history instead of your credit history. If your restaurant is sustainable and you do a consistent business; then chances are you will qualify for a business cash advance.

Thousands of restaurant owners all over the country have used this type of funding, and 70% of them come back for another. If you invest your money wisely, you will have it paid off with a minimal amount of strain on your business. Once it is paid off, you will reap the benefits of your investment for years to come.

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