Are you looking to refurbish your restaurant? If so you maybe in the early stages of planning the improved new designs. It’s also a good time to think about how you are going to fund the new refurbishment especially when there is a mixture of products that can leave you confused to the right product to use.
You may already be talking to your bank or other commercial finance broker. The types of commercial borrowing available for restaurant refurbishment can alter significantly but all tend to have constraining factors.
Many will require that at the end of each month your business pays back a set agreed amount to pay off the loan regardless of how well your business is performing. You may also find that the loan type requires a form of security either a personal security asset such as your home or business asset such as commercial property.
A Merchant Cash Advance is a great product for Restaurant Refurbishment
A merchant cash advance works differently to all of these loan types. The first thing of note is that it is unsecured business funding and doesn’t require you to secure any asset against the loan. It also flows with your cashflow. Let me explain. Because a merchant cash advance repays on each future credit and debit card sale that your business makes. So if your business has a poor month on sales then you will be paying back less for that month. If your business has a good month you’ll be paying off the loan quicker.
It only works however if you operate a card terminal and process credit and debit card sales. It doesn’t take into account your cash sales which are kept away from the underwriting process. The application process is very quick and a decision is made within hours with the funds being available in just a few days. There are no hidden fees, no APR, no charges for early or late payments.
Apply today to see if your business qualifies and maybe we can help fund your restaurant refurbishment.