With the Restaurant Revitalization Fund officially becoming closed, many owners have been left with little recourse for maintaining and growing their business. Bank loans can be very difficult to qualify for, come along with lengthy payment terms, require collateral, and approval can take months. Each of these factors makes finding an alternative a necessity. For many, the answer comes in the form of a restaurant cash advance.
Advantages Of A Restaurant Cash Advance
You Don’t Need To Leverage Collateral - For those that lack collateral or are simply too nervous to leverage their current assets, a business cash advance is the way to go.
There Are No Application Fees - This allows small business owners to apply for funding without having to come up with out-of-pocket money simply for the chance to be approved.
Credit Scores Are Less Important - It can be extremely difficult for those with average to poor credit to be approved for a bank loan, making a business cash advance an excellent alternative.
You Can Be Approved Within 48 Hours - When it comes to unexpected expenses and emergency situations, a business cash advance can give you the capital you need in a timely fashion.
The Payment Terms Can Range From 3-12 Months - A business cash advance often comes with terms that last for less than a year. This means you can get the funding you need without sacrificing your long-term profits.
Payment Amounts Rise And Fall With Daily Credit Card Sales - If you have a slow day, week, or month, you don't have to worry about having everything you made go directly toward paying off a loan.
How Your Restaurant Can Use A Cash Advance
Renovate Your Interior Dining Area - New tables, chairs, flooring, windows, and even an entirely new décor may be necessary to keep customers coming through the doors. As food prices continue to rise, restaurants need to not only serve great food but provide an experience.
Upgrade Your Exterior Façade - First impressions can mean everything. Having a clean and inviting exterior will help you draw in more foot traffic and catch the eye of potential future customers. Small improvements like painting, cleaning, and power washing can go a long way toward improving the image of your restaurant.
Repair Or Replace Aging Equipment - Upgrading to more energy-efficient kitchen equipment can help cut energy costs and even help establish you as a green business. Many consumers seek out environmentally-friendly businesses. New equipment can also improve productivity, avoid work stoppages and reduce safety risks, all of which affect your bottom line.
Invest In Marketing Campaigns - Dedicating resources to the marketing of your business should be a priority if you're looking to grow. Social media pay per click, and direct mail advertising have shown to be successful for restaurants willing to invest in them properly.
Improve Your Exterior Signage - Signs are relatively inexpensive, given their importance and effectiveness. The main sign for your restaurant should be easy to see and convey the attitude of your business. You can also invest in secondary signs that line the street and offer specials.
Seize Inventory Opportunities - Taking advantage of inventory opportunities can significantly reduce food costs and improve your bottom line. Buying in bulk will help you to control costs and improve your profit margins. Additionally, having the freedom to try new ingredients and dishes without hurting your business will help you expand and refine your menu.
Where To Get A Restaurant Cash Advance
The pandemic hit the restaurant industry hard, with many either going under or continuing to struggle to make ends meet. We've worked with thousands of restaurant businesses just like yours. Over the years, we've funded investments that have saved restaurants from closing their doors and funded investments that have helped successful restaurants exceed their goals.
A restaurant cash advance from Quikstone Capital Solutions can help your business respond to market shifts, grow and profit. Click below to apply now!