If you are a restaurant owner planning to apply for a loan, you may be convinced that bad credit will prevent you from getting the funds you need. Fortunately, with lenders like Iruka Capital, you can still boost your cash flow with specially designed loan options. Lenders offer innovative solutions and unique products, such as the merchant cash advance, private term loan and business line of credit.
As a restaurant and small business owner, it can be difficult to maintain high growth throughout the year. Seasonal variations are unpredictable and you need to secure the funds to cover all the unexpected expenses. Iruka Capital’s merchant cash advance and business loan solutions allow you to make the most of your venture. You can use the capital to organize training for your staff, invest in quality equipment or expand your services to meet customer demands. Whatever your goals, Iruka understands that it is not always easy to secure a loan from the bank.
Why is it difficult to get a loan with a bad credit history?
Imagine that you have owned a business for three years and that it achieved optimal growth every year since its launch. Now you want to open a new restaurant in another location to boost your income and compete with prominent players in the industry. Naturally, you will approach financial institutions and discuss your specific needs with a representative.
You may be given an opportunity to apply for a term loan to raise the funds needed to open the new branch. However, if your credit score is below a certain threshold, the loan officer will most likely decline the application. Oftentimes, major financial institutions and smaller lenders focus on your credit record to determine eligibility for a business loan. The overall success of your business in the restaurant industry and sales figures will not matter if your credit rating is too low.
Easy access to business loan products
At Iruka Capital, our priority is to help your restaurant reach its full potential. You can get a pre-authorization quickly, thus allowing you to focus on running your business. Our online application form simplifies the process; you are required to answer a few questions regarding the nature of your business and sales figures. Once we have determined the amount your business is eligible for, you can receive the funds in two to five business days. This approach eliminates the typical complications associated with loan applications at the big financial institutions.
When it comes to innovative business lending, establishments in the restaurant industry will find it is easier to meet the eligibility criteria. You can use the loan products to restore your credit rating over time. By improving your record, you will eventually gain access to an expanded selection of financing options and take advantage of lower interest rates.