You’ve discovered the perfect menu. Whether you’re offering vegan pastries or a gourmet vegetarian restaurant, joining the restaurant industry with an innovative, health-conscious restaurant can be a popular way to start your own business. From first-time restaurant owners to seasoned veterans of the industry, discover how restaurant financing can give you the capital you need to launch a successful restaurant in your location.
Loan Types for Vegan and Vegetarian Restaurants
Depending on the amount of capital you need and your financial history, there are a few loan types to consider. Loans can be used to purchase your restaurant, hire staff, renovate your space and purchase the equipment and inventory you need to open the doors of your new vegan restaurant. Choose between traditional restaurant loans, SBA loans or equipment financing for flexible and affordable restaurant loans.
Traditional Restaurant Loans
A typical bank loan can be used to secure your place in the local restaurant industry. Choose a reliable creditor, either a private institution or a national bank, and look for the lowest rates, flexible terms and high loan amounts.
Most loans will require financial statements, a high credit score and a history of successful operations. For these reasons, securing a conventional loan is typically reserved for restaurants who have already been established for two or more years. Instead of startup costs, these financial offerings are best used to aggressively expand your vegan or vegetarian restaurant that is already successful.
Small Business Loans
SBA loans, on the other hand, are designed to help small business owners overcome some of the initial financial hurdles that are involved with any startup. Although not specialized for the restaurant industry, they are designed to support small business owners who may not have the credit score or operational history required of another source of financing.
Enjoy mid-ranged fees, reasonable funding limits and competitive rates. Of course, these loans may not be available for restaurants that are already successful or have been operating for a number of years.
Leases for Your Equipment
Finally, leasing your equipment is a great way to open the doors immediately. Don’t wait for the capital necessary to purchase major items, like grills, ovens and commercial refrigerators. When you open your doors, you want to have all the top-of-the-line equipment necessary to prepare gourmet vegan and vegetarian food for all your customers. Discover today which financial option is best for your startup and start an application for the financing you need to join the restaurant industry.