Merchant Loans For Restaurant Owners
"Money makes the world - and the restaurant industry - go 'round.
Whether you're starting your first restaurant, remodeling a dining room, moving into a larger location or adding a new unit, you'll need money.
And unless you happen to have the cash on hand, you'll need to ask others to help finance your project.
" The above excerpt was taken from Beth Panitz's article, "Restaurant Financing: How Easy Is It to Get Money Today?" for the January/February 2001 issue of Restaurants USA's magazine.
Though the article was written almost a decade ago and the magazine has since been discontinued, the preceding paragraph still rings true today.
Restaurant owners still need outside sources of business financing and unfortunately, it is often very difficult to acquire such funds.
Merchant loans, business loans that are intended for merchants (owners of retail and service-oriented businesses) can be hard to qualify for when restaurant owners choose to go through banks.
But merchant cash advances are a great alternative to bank merchant loans, because they are especially designed for merchants and they are easy to qualify for.
Design The merchant cash advance is designed in a way that allows merchants, including restaurant owners, to benefit.
Restaurant owners are advanced a sum based on their monthly credit card sales and payments are automatically made whenever customers purchase items using their credit cards.
This method allows repayments to go with the flow of business.
Eligibility Below are the basic requirements for merchant cash advance eligibility: oApplicant has owned business for at least six months oBusiness processes a minimum of $5,000 in monthly credit card sales oApplicant has no unresolved bankruptcies oAt least one year remains on business lease Restaurant owners who meet these requirements and who are interested in a business funding method that was designed with their businesses in mind, should look into the merchant cash advance.
Whether you're starting your first restaurant, remodeling a dining room, moving into a larger location or adding a new unit, you'll need money.
And unless you happen to have the cash on hand, you'll need to ask others to help finance your project.
" The above excerpt was taken from Beth Panitz's article, "Restaurant Financing: How Easy Is It to Get Money Today?" for the January/February 2001 issue of Restaurants USA's magazine.
Though the article was written almost a decade ago and the magazine has since been discontinued, the preceding paragraph still rings true today.
Restaurant owners still need outside sources of business financing and unfortunately, it is often very difficult to acquire such funds.
Merchant loans, business loans that are intended for merchants (owners of retail and service-oriented businesses) can be hard to qualify for when restaurant owners choose to go through banks.
But merchant cash advances are a great alternative to bank merchant loans, because they are especially designed for merchants and they are easy to qualify for.
Design The merchant cash advance is designed in a way that allows merchants, including restaurant owners, to benefit.
Restaurant owners are advanced a sum based on their monthly credit card sales and payments are automatically made whenever customers purchase items using their credit cards.
This method allows repayments to go with the flow of business.
Eligibility Below are the basic requirements for merchant cash advance eligibility: oApplicant has owned business for at least six months oBusiness processes a minimum of $5,000 in monthly credit card sales oApplicant has no unresolved bankruptcies oAt least one year remains on business lease Restaurant owners who meet these requirements and who are interested in a business funding method that was designed with their businesses in mind, should look into the merchant cash advance.
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