Running a successful restaurant business is no easy feat. Doing so requires a combination of factors working together. For businesses in the food and beverage and hospitality industries, success naturally starts with the quality of food, ambiance, and general service that is offered to those who dine with them. Be it hiring new talent to expand menu options, investing in training for staff, refurbishing or upgrading the facilities, it is in maintaining this standard of quality that the business’ operations come into play. Leasing space, inventory, marketing, appliances, and equipment, are among the other operational activities and necessities that must come together to build a successful business. Access to money will help in each area.
Cash Flow and Business Growth
Cash flow and business growth tend to go hand in hand. Not having enough cash can cause the business can go under. On the contrary, having the capital needed can cause the business to thrive. Still, getting access to said capital is not always an easy or very straight-forward process.
The truth is, business is risky and many tradition restaurant loans with bad credit entities are averse to lending money to businesses – particularly small businesses – because of seemingly little to no surety of a return or ability to repay. Add to that, the fact that providing collateral can prove challenging. Thankfully, Merchant Cash Advance is becoming an increasingly popular and viable option where alternative lending solutions are concerned. Even more importantly, food and beverage and hospitality management businesses too can benefit from it.
Access to Funding Through Merchant Advance Cash
No longer just a last-minute cash option, Merchant Advance Cash is an alternative lending solution that is fast becoming a mainstream lending option for business owners. Merchant Advance Cash loans – as the name suggests – are cash loans loaned in advance against future sales or monies being earned by the business. Unlike with many traditional lending options, the lending option allows merchants (or business owners) to access the money they need for their restaurants without providing collateral in the traditional sense. Instead, restaurateurs are able to access cash for their businesses within 24 to 48 hours and have their payments come from their business’ credit card receivables.
How Merchant Cash Advance Can Benefit Your Restaurant Business
Thanks to the nature of Merchant Cash Advance loans – including how they are secured and repaid for restaurateurs – the lending solution offers up many benefits otherwise unavailable for restaurateurs. These benefits include:
Quick access to cash when needed
As intimated above, Merchant cash advances are often secured within 24 to 48 hours. As such, they are a quick financing option that business owners can use when they are strapped for cash or are facing business emergencies of all sorts, like unforeseen repairs of suddenly broken equipment. This quick access to working capital can be a true godsend.
Merchant cash advances for restaurateurs are non-collateral loans – at least, in the traditional sense. As such, they are virtually hassle-free when applying for them. Owners and Managers can simply borrow some cash against money they will be earning from their future credit card sales which will serve as all the collateral they need.
Getting a loan is one thing. Having reasonable and affordable repayment terms and conditions is quite another. In many instances, even when small business owners do happen to access some much-needed funding, the repayment conditions are largely unfavorable as the interest rates are high and the terms for repaying rigid and inflexible.
This is yet another area where a Merchant Cash Advance has its benefits. As a result of a Merchant Cash Advance for restaurateurs being taken out against credit card sales, the repayment terms are far more tolerable than other loan options.
To Change the Aesthetic
Every now and then, restaurateurs need to upgrade the look and feel of their restaurants. This may mean changing out furniture, replacing fixtures and finishing, upgrading the menu boards and things of that nature. A Merchant Cash Advance Loan allows them to do that, whenever it is needed.
To Fix or Replace Broken Appliances
As mentioned prior, it is inevitable that there will be times when appliances critical to the business’ operations will break down and be in need of immediate repair or replacement in order to keep operations running smoothly. A Merchant Cash Advance loan is perfect for this sort of scenario giving you the cash you need almost immediately so your business never misses a beat!
To Expand Your Operations
Upgrading or otherwise improving facilities, equipment, and the like in an effort to enhance the delivery of current services to clients is one way for restaurants and their owners to use a Merchant Cash Advance. In a similar manner, the scope of service delivery can be fully expanded to reach even more clients as the business grows. Such expansion is another avenue within which restauranteurs can find use in a Merchant Cash Advance loan. Of course, expansion of service delivery can mean moving to a new location or opening an additional location, as well as improving facilities and infrastructure at an existing one.
Here’s How You Can Get Your Own Merchant Cash Advance Loan
Here at Iruka Capital, we specialize in providing restauranteurs with alternative loan opportunities that work for them. Our process is straight-forward, easy, and effective. Our team of qualified and friendly loan officers will be happy to sit with you and guide you through the application process so that you can have your cash advance right in time to meet your needs. Of course, if you have any questions or uncertainties, we will be happy to clear those up for you as well.
To get started improving and growing your business today, simply contact a member of our team through the official contact form or email address options found right here on our contact page. Of course, you may also stop by our offices for an appointment at a convenient time. We look forward to hearing from you soon!