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| Finding and Obtaining Additional Funding For Privately Owned Restaurants |
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Funding for a privately owned restaurant can be difficult to obtain and is dependent on a number of factors. Depending on the type of funding you are looking into, you may be looking at a long wait in order to have the loan in your hand. Many times in the food service industry, waiting is not something you can afford to do if you need additional funding.
Obtaining a business loan or even a small business loan can take months. There is a long list of conditions and many times, even if you apply and go through the entire application, you could still be denied the amount that needed partially or completely. Loans also come with interest rates, which may vary and may be excessively high if you have had any issues with credit in the past, personally or business wise.
No matter when you attempt to find funding for a privately owned restaurant, at start up, for equipment upgrades, renovations, expansion, or to be able to keep your restaurant, it can be difficult to get the loans you need in the amounts desired. Additional funding sources are necessary for any restaurant.
One such additional resource that can make funding for a privately owned restaurant a little easier is something called a cash advance. It is a relatively simple process and can provide the cash needed for funding for a privately owned restaurant. There are a few qualifications however, that need to be met in order to receive this type of funding. It cannot be used for an initial start up. This is because the funding requirements require that the business be in operation for a minimum of 12 months. In order to qualify for funding of this nature the business must also process a minimum of $5,000 in credit card transactions through Visa and MasterCard.
These requirements are in place because of the cash advance process. The process is simple. In order to obtain funding instead of a loan, a business sells a percentage of daily credit card sales. This is why the business must do a minimum of $5,000 in credit cards sales a month.
Funding for a privately owned restaurant can be as little as $5,000 and a much as $150,000 as a cash advance. Repayment can occur at any time but the collection is typically done as soon as the Visa and MasterCard transactions are settled. Once 90% has been repaid, it is possible to obtain additional funding.
A cash advance can provide a way to obtain quick cash for a business that is in need of assistance. Funds usually become available anywhere from 10-14 days after approval has been obtained. For those in emergencies, this is an ideal way to obtain additional funding.
MerchantCreditAdvance is a company who provides small businesses with cash advance options. In order to qualify for a cash advance from MerchantCreditAdvance, the financial processor used for credit card transactions from Visa and MasterCard must be one that works with MerchantCreditAdvance. This is because a portion of sales is transferred directly to MerchantCreditAdvance for the repayment of the funding for a privately owned restaurant.
A huge advantage of receiving a cash advance from MerchantCreditAdvance instead of a conventional loan is that depending on the loan, the money may be restricted to only equipment or only the purposes listed. If salaries are not listed, the money is not to be used for paying employees. The same policies apply for grants, should the funding for a privately owned restaurant include any obtained business grants. With MerchantCreditAdvance, the money can be spent on any business expenses. There are no limits to how you use your advance. It can be used to pay for anything needed for your business from supplies to salaries, equipment to wallpaper and paint.
There are a variety of different funding options that are available that can assist in everything from start up to renovations. Additional funding sources can be excellent resources when bank options are no longer available or if you need only a small amount of additional funding. They also work well in those cases where bank funding does not cover all the expense of what is needed. Cash advances are one of the fastest ways to obtain additional funding. The requirements are minimal and funding can be obtained quickly usually within two weeks rather than months. When looking into how to fund a privately owned restaurant, consider all the available funding options. There are options other than loans, including cash advances. This method can provide you with a variety of options when cash is needed quickly or when more than a loan amount is needed.
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