Restaurants & Food Services

Cash Advances for Restaurants

You are a restaurant owner. Things are going well, business is growing, and you need to expand. More tables, a bigger kitchen, more room. Or perhaps an expensive piece of equipment needs repairs, such as your Hobart upright mixer or your Wolf convection oven. Maybe you just need some cash to keep things rolling. You need working capital and you need it fast. There are more financing options available to your business than you might think. One great option, possibly the best option for you, is a Merchant Cash Advance from Fastpoint.

Why Not a Loan

A Merchant Cash Advance isn't a loan, it's better. With a small business loan there are numerous hoops to jump through with a low chance of approval in today's credit-tight economy. First off, a potential immediate disqualifier when applying for a small business loan is your personal credit score. If you, the business owner, don't have a score of 700 or higher your application might not make it any further than the first glance from the loan officer. There is the matter of collateral that the bank will require, but they probably won't accept any food or beverages from your stock and you can't use the property if you're leasing. The bank will want a detailed explanation of how you plan to use the credit, they will impose restrictions on it's use, and expect to see a detailed history and nature of your restaurant. Then, if your loan is approved (and approval rates are at all time lows) it can take months to get the actual cash to use. Every month you will pay the same amount, due by a certain date or risk penalty of a late fee, and live with the maturity date (the date by which the loan must be paid off) looming over your head. Obviously a small business loan isn't the ideal way to fund your business' financial needs.

Go for a Merchant Cash Advance

A Merchant Cash Advance is a far better alternative for many restaurant owners. Even if you've been turned down for a loan, you may still qualify for a cash advance. With a Merchant Cash Advance you can receive your money in full within days of submitting an application, there is no maturity date (the day the advance is paid back in full), you don't have to pledge collateral, and there is no set monthly amount to pay. Instead, Fastpoint takes a small percentage of credit and debit card sales. It's all done automatically too. No more checks to mail each month, no keeping track when the bill is due, no more late fees.

Here's How it Will Help Your Restaurant

Let's say you apply for a Merchant Cash Advance from Fastpoint and you are approved. Fastpoint advances you the money and you can use it on your restaurant in whatever way you deem fit. Fastpoint then gleans a small percentage of your daily credit and debit card sales when the transactions are settled. Since Fastpoint collects a percentage, what you pay is directly linked with how your restaurant is doing. Once Fastpoint receives the total of the predetermined amount, you are finished. Many restaurateurs pay back their advance in 12 months or less. And you can apply for another advance if needed.

Contact Us Now

A Merchant Cash Advance from Fastpoint is a great, simple, fast way to receive cash to help you fund your restaurant. Contact Fastpoint now so we can begin your application process and get you your money as soon as possible.