Start a Restaurant

If there’s one thing restaurant owners can learn from Wolfgang Puck, it’s never to give up. Their journeys to success may not be as extreme as the famous chef/entrepreneur, who began as a cooking apprentice in Austria at the age of 14, then moved to France four years later and “…wrote letter after letter to all the two- and three-star restaurants,” as he told Inc.com, until he was finally hired. For some, it may be as simple as letting go of age-old ideas and traditions and applying for a merchant cash advance when business loans don’t come through. 

The circumstances and stories will differ as greatly as the types of restaurants these small business owners own, but the decision to work hard and adapt to change in order to succeed is what’s important.

If a lack of business funding is the problem, a business cash advance can be the solution. Many merchants that don’t qualify for bank loans do qualify for restaurant cash advances. Virtually, any restaurant owner who has owned his/her business for at least six months, processes a minimum of $3,500 in monthly credit card sales, has no unresolved bankruptcies and has at least one year remaining on his/her restaurant’s lease will qualify for a restaurant cash advance of up to $500,000.
 
Merchants who choose to take advantage of a merchant cash advance for their restaurants have the freedom to use the funds for equipment upgrades, purchases of inventory, expansion, advertising, or anything else they can think of that can potentially improve their businesses. Then, they can renew their funds every three to four months.
 
Choosing a restaurant advance may be the decision that takes your business from good to great. It may be the decision that keeps you from having to close your doors. Get a free online quote today and find out how much you can receive for your restaurant.

Author: Gaston Castro
Article Source: EzineArticles.com
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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.

I invite you to learn more about how a BUSINESS CASH ADVANCE can help your business. While you are there you can use the advance calculator to see how much your restaurant qualifies for, or sign up for a free quote.

Author: Christopher Ronk
Article Source: EzineArticles.com
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On October 31, haunted houses will occupy every corner, jack-o-lanterns will smile devilishly and monsters, witches, goblins and ghosts will lurk in the darkness of the night. Nevertheless, none of these things will bother you, because you’re dealing with something more frightening than all of the terrors of Halloween. You own a restaurant and you don’t have access to the funds you need to grow and expand your business.

You don’t want your loyal customers to know of the financial difficulties that plague your business, so you wear a mask, like the children who will soon be eagerly walking from house to house, anticipating what types of candies will fall into their bags next. However, unlike these children, you don’t take your mask off at the end of the night. It stays on until you’re finally able to secure the business cash you need, or, your business outgrows itself and begins to fall apart right before your eyes – and at the rate you’ve been going, you’re thinking it might be the latter.

But there is another option, a business financing method that can save your restaurant from the doom you once thought was inevitable – the restaurant loan.

A restaurant loan is a merchant cash advance for restaurant owners. It allows restaurant owners to use their daily credit card sales as a means of securing up to $500,000 in business funds. Providers will review your business’s current monthly credit card sales and based on those numbers, they can advance you cash against your business’s future credit card sales.

You can use these funds to expand your restaurant in order to keep up with a growing clientele and to reach out to additional customers. In fact, there are no restrictions on how restaurant loans can be used, so you can use the cash however you choose.

Restaurant loan applications can be approved in 48 hours and funded in as little as five business days after approval. Get a free online quote today, so by the time Halloween comes around, the only mask you’ll be wearing will be a part of your costume.

Author: Gaston Castro
Article Source: EzineArticles.com
Smiling shark

Starting a restaurant obviously entails lots of work, research and most importantly, dedication. It may be necessary to put a lot of time and effort into a new restaurant, but if done correctly, the results will be well worth it.

You are well aware of these facts, and you are determined to create and run the restaurant that you have dreamed of since you were a child: The one that on the outside, resembles a French cottage, and on the inside boasts of authentic French décor and a menu of tasty French comfort foods, creating an exotic yet homey atmosphere for your patrons.

Still, another vital component of starting a restaurant is of course, money. So where are you going to go to find the money that you need to build this restaurant of your dreams? Why not get a restaurant loan?

What is a Restaurant Loan?

A restaurant loan is an unsecured loan that can be used for startup restaurants as well as restaurants that are already in existence. The restaurant loan is given as an advance against the restaurant’s future credit card sales. This means, new restaurant owners can get the cash they need to finance startup costs now, and pay later, without having to make scheduled payments every month. Instead of the traditional fixed monthly payments, restaurant loans are repaid little by little as customers make credit card purchases.

You don’t need any collateral to secure the loan. Your restaurant’s future credit card sales are collateral enough for restaurant loan providers. Your payments go with the flow of your business and therefore a borrower does not feel such a sting when it’s time for loan repayment.

Finding startup cash can be a difficult process. The availability of restaurant loans can make this process much easier, not to mention faster and often more convenient.

Author: Gaston Castro
Article Source: EzineArticles.com
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Bad credit is one of the main reasons for bank loan denial. A credit score lower than 580 will most likely ruin your chances for a business loan. Multiple credit checks also lessens your chances for approval. And of course, a recent file for bankruptcy will ensure denial on your request.

Fortunately, there is no reason for despair if you belong to this group of people. There are now available alternatives for getting a small business loan, regardless of your bad credit. It is important, however, that you understand your circumstances before jumping into these alternative means for a business loan.

You can opt for an unsecured personal loan in such cases. But before you do, consider these factors first. One, how much do you need as a business loan? Factor in the numbers and come to a close estimate of how much you really need. Two, how much can pay each month. You have to note that personal business loans often have higher interest rates per month and if you’re not careful, you might become more in debt than you actually were, before the business loan. And three, will you be making minimum payments? Avoid making minimum payments because it actually costs more in the long run.

A business cash advance is also one way of securing the money you need. A small business loan through cash advance is  relatively an easy process to go through as compared to borrowing money from a bank. Most small business, even if they do have good credit, have often little asset and property. This is what makes business cash advances a good alternative for small entrepreneurs in need of immediate money. The only important thing your business should have is access to credit card services (i.e. you accept credit cards for transactions). You just need to have your business’ credit scores established. The best way to do this is to separate your personal credit from your business credit. It is recommended that you control most, if not all, of your business credit needs from only one of two credit card service providers so you have better chances at getting approved quickly. Lastly, your business will need to have gained $2,500 to $4,000 as minimum credit card sales per month.

Most cash advance providers base the amount of business loans by average monthly credit card sales, and of course, your actual need for capital. A business cash advance as a business loan is recommendable because the processing time for approval of your business loan can be as short as 3 days. Since newly opened small  businesses encounter a lot of time constraints with suppliers and clients, easy and immediate access to additional funding is always a plus. Furthermore, cash advance as a small business loan now comes easy with the help of the internet. You can apply for a business cash advance online and have it approved the next day. The business loan will be directly deposited into your account once it is approved.

Use your small business loan to purchase new equipment, marketing, pay debt or taxes, or pay the payroll. Banks and big lending companies are now not the only way of getting a small business loan for your immediate business needs. Fast, online cash advance is now the new means of making your business grow and compete in whatever market you are thriving on.

The global financial crisis has made it quite difficult for companies, especially small businesses, to get business loans. Ironically, it is also in this situation that smaller companies often need additional capital infusion to boost income. You may need to get small business loans to acquire a better business location, construct a new building, renovate your premises, pay for new equipment, fixtures or furniture or increase inventory and working capital.

Most Small Business Loans Require Collateral

To get business loans, even small business loans, is a major challenge.

First you need to identify which among the many types of small business loans you need. Small business loans ranging from $5,000.00 to $35,000.00 are called micro loans. For larger needs, such as for the acquisition of land, buildings and other major fixed assets, development financing is what you should find. There are also import export loans as well as franchise financing. Do your research to find out if you are qualified for small business loans guaranteed by the U.S. Small Business Administration or SBA.

Any of these small business loans will require extensive preparations and paperwork. As a small business owner, you will need to prove your credit worthiness through a personal credit history report. Lenders will also require a business plan which includes your credentials as the business owner, your company financial statements, business assets and an analysis of your market. All of these should be packaged in a professional loan proposal which presents how the loaned amount will be used to strengthen the business and how you intend to repay the loan. Most of all, you need to present your loan collateral – the assets you will put up to secure the loan.  

Quick and Easy Small Business Loans with No Collateral

For smaller acquisitions or day to day business needs, there is a way for entrepreneurs to get small business loans easily and quickly with no collateral. This is through merchant services.

Merchant services provide credit card services to businesses. This enables them to accept and process payments through credit cards or debit cards either through face to face purchases, online transactions, or even by phone or fax. Merchant service providers supply terminal equipment for card swiping, as well as the necessary software and high speed IP solutions.

Most businesses need credit card services since consumers routinely pay for goods and services through credit cards and debit cards these days. If your business has not taken this step yet, you may have been missing out on more than half of your income potential.

These same merchant services also provide the solution for your small business loans. Collateral-free loans can be availed of through their cash advances, with the loan amount computation based on the monthly credit card revenue your business generates. Credit card sales requirements may be as low as $3,000.00 a month. You will not be asked for collateral since your future revenue is your collateral.  

The best types of merchant cash advances do not require fixed monthly payments nor do they impose deadlines on loan payment. A certain percentage is instead deducted automatically from your credit card revenue each month to go towards loan payment. This way, you never have to worry about loan amortization.

Once your cash advance has been fully paid, you may apply for another one. It is like having a revolving credit line. Make sure that you compare the terms of several merchant service providers, though, and read the fine print on contracts. There are so many merchant service providers competing for your business that you’ll surely find one that fits your needs.

To achieve financial independence, experts encourage even currently employed individuals to consider entrepreneurship. Setting up your own business, no matter how small, is touted as one of the best ways toward building the foundation for wealth. Those who are concerned about having a safety net need not take the plunge recklessly. One can start setting up a small business even while employed.  

Of crucial use to small businesses are credit card services and small business loans. The entrepreneur needs to know how to avail of these tools and how to effectively wield them for maximum business growth.

Credit Card Services

A small business would do well to get reputable credit card services in order to prosper in the current business climate. Availing of credit card services will enable it to accept both credit card and debit card payments. This is true either for brick-and-mortar businesses or internet based online businesses. After all, most consumers nowadays routinely use credit cards or debit cards for payment purposes. It only makes good business sense to be well-equipped for the needs of credit card users and debit card users as well as for the needs of customers who pay in cash.

Merchant services provide credit card services covering a wide range of solutions for the processing of credit cards and debit cards as payment options. These credit card services include traditional terminal equipment at point of sale, where credit cards or debit cards are swiped. It also includes software and high speed IP solutions for both traditional commerce and e-commerce. Credit card and debit card payments can, therefore, be accepted in person or through the internet, by phone or by fax.     

Small Business Loans

Any business â?? whether a small start-up business, a medium-scaled one or a big business company â?? will be needing an infusion of additional capital sooner or later. Additional capital is always needed for expansion, additional inventory, additional manpower, new systems, new equipment or a new physical layout.

Capital is not always easy to come by, though. The original investorsâ?? personal coffers may have been emptied by the earlier outlays. Prospective investors may not be keen on shelling out funds in times of crisis. Businesses, therefore, have no choice but to seek business loans.

Getting business loans is a difficult process. Even small business loans are not readily approved. Be prepared to present a lot of documentation and paperwork. For small business loans, the proprietorâ??s personal credit history is taken into account and related references need to be submitted. Of course, the companyâ??s financial statements are just as important in proving the feasibility of the business and its capacity to repay its business loans. Having a detailed business plan will show your business strategies and projections, demonstrating your business acumen.

Unfortunately, even with all the requirements completed, applications for business loans â?? including small business loans â?? are, more often than not, disapproved.

Solutions

Some merchant services provide a comprehensive solution for the needs of small businesses in relation to credit card services and small business loans. The set up is elegantly simple. A small business need only avail of the companyâ??s credit card services to be eligible for merchant cash advances. These cash advances are actually small business loans, except that there is no need to go through the complicated application process for business loans. Repayment is made very easy and worry-free, too. A certain small percentage is built into the credit card processing rates to take care of the advances. This way, repayment is actually done automatically in a very affordable manner and according to income flow.

Small business owners would, indeed, be wise to look into these timely business solutions.

The restaurant industry is booming. With 945,000 U.S. locations and 13.1 million employees, 2008 restaurant sales totaled $558 billion dollars. That means, on a typical day, restaurant industry sales are about $1.5 billion.

In order to produce these numbers, restaurant owners need cash, cash that many attempt to acquire through bank loans. But when the bank is not an option, many would-be borrowers feel discouraged and often like they’ve hit a road block. However, restaurant loans provide an alternate route.

A restaurant loan is a form of a merchant cash advance. Like merchant cash advances, the loan is repaid via the credit card purchases of customers. Also, like merchant cash advances, they can be renewed, offering restaurant owners a type of “revolving loan.” Unlike most cash advances, that require a merchant to have owned his/her business for at least four months to be eligible for a loan, a borrower can receive a restaurant loan within the first week of the restaurant’s opening. Now in addition to being able to use the loan to expand your restaurant, for a boost in working capital, or for a special project, new restaurant owners can use these loans for startups as well.

Restaurant owners understand that creating a venue that appeals to consumers is vital, as obviously, these types of sales would not be possible if it weren’t for the consumer. People go out to eat when they don’t have the time to cook, or simply don’t want to cook. They go to restaurants to celebrate milestones, birthdays, holidays and accomplishments and to spend time with friends and/or family.

According to statistics provided by the National Restaurant Association, 70 percent of adults said their favorite restaurant foods provide flavor and taste sensations which cannot be easily duplicated in their home kitchens.

Restaurant owners have the challenge of keeping up with the times, providing healthier options and sometimes environmentally friendly sites, as “62 percent of adults said they are likely to make a restaurant choice based on how environmentally friendly a restaurant is,” states the National Restaurant Association.

Restaurant loans can make it possible for restaurant owners to provide these meals that customers can not duplicate, to create environmentally friendly spaces, and to finance all of the endeavors that it takes to make and keep customers. The loans can be attained with no collateral and offer a repayment process that is ideal for restaurant owners. Choose a restaurant loan to help bring out the best in your restaurant.

Author: Gaston Castro
Article Source: EzineArticles.com
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Finding a restaurant loan to cover expenses after you have opened your restaurant or when you are opening a new restaurant can be difficult.

You may find that with economic situations and the uncertainty of the restaurant industry, that you may have a hard time finding the funding you need to open a restaurant. That is why it is important to consider alternative financing methods when you are looking for funding for a food service business.

These methods can help bypass things like excessive wait times when looking for a loan. These alternatives are not difficult to find when looking for a restaurant loan, in fact they can be quite easy to locate, apply for, and be approved for making them perfect for franchise holders and people who are opening their first restaurant or just a single location.

This type of restaurant loan alternative takes a cut or percentage of future sales done with credit or debit cards and uses these to pay back the cash advance. It is called a merchant cash advance and obtaining approval is not difficult at all. There are unsecured small business loans, unsecured business lines of credit, but still not as easy to get as a restaurant business cash advance!

If you are looking into getting a unsecured business loan, or unsecured business line of credit and have been denied for either one, the business cash product does not ask for collateral so it is a unsecured working capital advance to you.

This cash advance product is a perfect business loan alternative for owners of pizza, diners, fine dining or casual dining restaurants, that are having difficulty getting financing or just don’t have the time for the long approval and funding process from your bank and need the money quickly.

To qualify you will need to accept credit cards, have at least $2,500 a month in sales with Master card and Visa. Your credit either business or personal does not have to be perfect but you will need a few other things.

You will need to have been open at least 5-6 months and turn in a lease on your location, if you do not own it. You also have to produce 4 months of statements for both credit card processing and bank statements. You also must be free of open judgments, bankruptcies, and open tax liens for this type of advance.

Getting a restaurant loan can be difficult at any stage of the process, before you open a restaurant, for start up unexpected costs, building costs, as well as after you open for equipment or even to expand. The restaurant industry can be a difficult one to break into. There is an extensive amount of competition and small or family owned can often find it difficult to make ends meet. It is because of this that banks and other traditional and formal lending institutions provide strict guidelines for these types of loans.

For those that have less than perfect credit it can be nearly impossible, but with this business cash advance product your credit score is not a big issue with certain cash advance financing companies.

This is why finding alternatives for a restaurant loan is essential when you need financing quickly. You can receive a business cash advance within 10-14 days and have the money you need to upgrade your business, get new equipment or just maintain operation during a down time in the economy.

When opening a restaurant there is always the chance that you are going to need extra financing and always the chance that the bank is going to turn you down. This is when you need to look into alternative financing sources and other ways of obtaining the restaurant loan you need to get your business started, maintain your business or upgrade and expand.

Copyright@2008

Author: Edwin De Leon
Article Source: EzineArticles.com
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Owners looking for a restaurant loan have limited options and the credit crisis is giving a “beating” on all special purpose properties; such as restaurants. Although borrowers still have three main sources for financing, including conventional bank loans, CMBS lenders and SBA programs, borrowers are encourage to take a hard look at the SBA programs first due to their reliability of closing and strong benefits.

SBA 7a loan has many benefits on both purchase AND refinances, despite the notorious reputation it has with some borrowers. Most of these earlier issues have been ironed out in the last 5 years though borrowers should be careful who they work with, as bank that are inexperienced with the SBA can quickly complicate the process.

Examples of the benefits include 85% financing and low rates at prime + 1-2% for most borrowers. Right now Prime is at 5%. An effective rate of 6% from a historical stand point on a special use property such as a restaurant is exceptional. In addition, most 7a loans are amortized over 25 years helping the borrower spread out their loan and thereby increasing cash flow as compared to most traditional bank loans of 15 or 20 year amortizations. Working lines of credit, equipment, and construction/renovation loans can easily be tied into the loan.

One of the other huge benefits is the flexibility this program has for cash flow analysis aka debt coverage ratios. Most sources want to see a 1.3 on this type of building while the SBA 7a loan only needs a 1.1. In other words, the business needs to show that for every $1. of proposed mortgage payments that the restaurant has $1.30 of net income to cover the proposed loan. So after all expenses have been paid including the mortgage the restaurant should have $.30 left over. With the 7a it would only have to be $.10 left over which can be a big difference for most business that have tight cash flow.

Further, the borrower is allowed to use future business projections as well, to supplement any existing short falls in cash flow. This is not possible with 99% of the other options out there as they will only look at historical statements like your tax returns, balance sheet or profit and loss statements.

The negative with the 7a loan is that the rate typically floats and the SBA has a guarantee fee of 2.75% of 75% of the loan balance. However this is not always the case. For example, we have a source that offers this as a 5 year fixed, 25 year amortization loan. And there are banks out there that will absorb or pay for the guarantee fee themselves.

The short of it is if you’re looking for a restaurant loan keep you eye on the 7a loan.

Author: Jeff Rauth
Article Source: EzineArticles.com
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