4 Fastest Restaurant Business Loans to Prepare for Summer

Last Updated on May 4, 2018

Summer is finally here, and food lovers everywhere are coming out of hiding. For the majority of restaurants in the US, this means a boost in sales by as much as 20% as winter comes to an end. To prepare for the busy months to come, most restaurant owners start looking for restaurant business loans to help with financing.

Top 4 Fastest Restaurant Business Loans

The faster you’re funded, the sooner you can start preparing for the summer–or at least what’s left of it. Remember–it’s never too late!
Here are the four of the fastest restaurant loans NBC has to offer.

  1. Restaurant Business Loans:
    Avg. Time to Funding: 24 Hours
    With flexible financing and 1-5 year term lengths, business term loans are excellent for covering virtually any restaurant business need, including hiring staff, purchasing materials, and increasing inventory. With fixed daily, weekly or monthly payments, easy qualifications, and minimal documents required, these restaurant business loans save owners time and money with simple repayment terms, and speedy access funds.
  2. Restaurant Equipment Loans:
    Avg. Time to Funding: 48 Hours
    When commercial kitchen equipment stops working, so do restaurants. Having the capital to lease or upgrade equipment ASAP is vital to keeping a restaurant business up and running. With restaurant business loans from NBC, you receive funds for equipment financing in as little as 24 hours, with the ability to write off all commercial kitchen equipment in a single year. Business owners are also securing NBC’s equipment loans to purchase furniture for extra seating arrangements, and take on larger volumes of customers.
  3. Merchant Cash Advance
    Avg. Time to Funding: 24 Hours
    Borrow against the sales of your customers. This is especially useful for restaurant business owners who would rather not repay capital borrowed out of pocket. Instead, restaurant owners sell a small percentage of the future sales of their customers, giving restaurant businesses the breathing room needed to make any number of improvements, including hiring extra staff, managing payroll, and bridging gaps in cash-flow. And with repayment terms that fluctuate the sales a business makes, with a merchant cash advance, the less sales your restaurant makes, the less you have to pay.
  4. Hybridge SBA LoansFastest Time to Funding: 24 hours for bridge capital; 45 days for full SBA loan National’s Hybridge SBA option cuts wait times for SBA funding from six months or more down to as little as 45 days. In the meantime, you can receive a deposit of bridge funding in just one to three days. This allows you to get started on your summer preparations sooner. The process has been streamlined to make application easier and approval timelier, allowing qualifying businesses to receive between $50,000 and $5 million to fund restaurant improvement and expansion without delays.

Click here to fill out our 1-minute application to get funded in as little as 24 hours, or read on for more information!

Don’t Lose Summer Restaurant Customers to Your Competitors

Fast funding opens up opportunities, but not every business owner is comfortable taking on debt. What happens if you don’t have the cash on hand to prepare for the seasonal boom in business and instead try to push through with the equipment, inventory and manpower you have on hand?
You could get through the season just fine, but you’ll never know what opportunities you missed out on by not taking advantage of a little extra cash to make strategic changes and upgrades. Or you could fall victim to some of the common mistakes business owners make during busy seasons, including failure to:

  • Market properly
  • Hire enough staff
  • Identify and fix potential process bottlenecks
  • Engage customers across channels
  • Research and respond to competitor’s actions

There’s also the problem of how failing to prepare affects the customer experience. If your equipment is slow, your point-of-sale system is outdated or you’re understaffed, service will suffer. Dissatisfied customers don’t leave good reviews, and their feedback could have a negative effect on your brand from which you may never bounce back. You’re better off identifying where improvements can be made and implementing them before the hot weather brings a rush of customers to your door!

What Do You Plan to Use a Restaurant Business Loan For?

If your answer involves using the extra capital for quick fixes and business improvements for your restaurant, including:

  • Hiring Staff to Help More Customers
  • Purchasing Furniture for Extra Seating
  • Increasing Inventory
  • Leasing or Upgrading Kitchen Equipment
  • Managing Payroll
  • Resolving Cash Flow Issues

Then the financing advisors at NBC suggest you secure one of these 3 restaurant business loans to gets you fast access to the capital exactly when you need it, so you can seize your opportunity for growth this season.

The Importance of Proactive Business Growth

Why are fast loans important when preparing your restaurant for the summer? It all comes down to planning. If you get stuck waiting for a lender to review and approve your application or are held up by a slow underwriting process, you’re likely to be overwhelmed by the summer rush before you can make any real plans for seasonal improvement or growth.
Flying by the seat of your pants in any industry doesn’t work, but it can be particularly disastrous for a restaurant. You want to enter the summer season ready to deliver the dining experience and level of service your customers expect. To do this:

  • Inventory must be fully stocked
  • Equipment needs to be in perfect working order
  • Staffing must be adequate to prevent long waits during the busiest times of day

Achieving the perfect balance for your restaurant requires proactive practices, like seeking out fast funding options and investing the money in growth that will benefit your restaurant not only during the summer but also throughout the rest of the year. 

Is Your Restaurant Prepared for Summer?

Contact one of NBC’s expert financing advisors at (877) 482-3008, available 24/7 to listen to your story, and find you the perfect restaurant business loan to help your business make this season your busiest yet. Or, fill out NBC’s 1-minute, 1-page application online to get approved in as little as 24 hours.

National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.

Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.

We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!

About the Author, Megan Capobianco

Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.

Disclaimer: The information and insights in this article are provided for informational purposes only, and do not constitute financial, legal, tax, business or personal advise from National Business Capital & Services and the author. Do no rely on this information as advice and please consult with your financial advisor, accountant and/or attorney before making any decisions. If you rely solely in this information it is at your own risk. The information is true and accurate to the best of our knowledge, but there maybe errors, omissions, or mistakes.