Finding a Commercial Business Loan for the Restaurant and entertainment Business Quickly.
Whether you’re planning to invest in new Kitchen equipment or software that can power your business’s future growth; you’d like a business loan to help cover the cost of your business expenses through slower times.You may simply need a small business loan to bolster your business’s cash flow in the short term over the Christmas period when your busy. Quick Business Loans can advise on and compare Catering, Entertainment & Restaurant loans from a range of different business loan specialist lenders.
What can I use the funding for?
In most cases you can use your business loan for almost anything your business needs to new kitchen equipment, hire seasonal or temporary staff or just grow. Our specially tailored Small Business Loans for Restaurants and Catering Industry can be used for almost anything.
How much can my catering business borrow?
The size of the business loan you can take out will depend on a wide range of different factors, not least of which is the particular lender you decide to go with because each lender has its own criteria based upon the industry..
Rule of thumb for Small Business Loans for Restaurants and Catering Industry is a minimum of 12 months trading backed by at least 6 Months of bank statements and minimal current borrowing.
Beyond the business loan company’s own minimum and maximum loan amounts, a range of factors will have influence how much your catering business can borrow.
Business trading history, annual revenue and business expenses, previous credit history will affect how much you can borrow, and how you plan to use the entertainment business loan..
All lenders will run credit checks on your business, and most will also run individual credit checks on business owners or directors, both of which can affect the lender’s decision when it comes to how much you can borrow.
With a clean history and all company legal requirements to date, its unlikely security would be required to obtain funding in the short term.
There’s no predetermined credit score to qualify for a restaurant business loan, In fact when lenders run their checks it isn’t actually the credit score they’re interested in at all – it’s the history of repayments, details or any missed payments or CCJs, and amount of debt currently outstanding those checks will show lenders what they need to know for their decision making.
Personal credit issues may have an impact on lenders decisions, if your catering business has several directors it’s often still possible to find suitable Small Business Loans for Restaurants and Catering Industry. Some negative factors in your credit history such as CCJ’s have a bigger impact than missed or late repayments on previous loans or exceeding the credit limit on credit cards.
Bad credit history will reduce the number of lenders willing to lend to you, Before applying, take the time to address any negatives in your history. DO NOT make the mistake of making multiple applications if you’ve been declined for business Funding, instead correct any negatives on your credit history first.
When you’re taking out an entertainment or business loan for your restaurant you can either use an asset that is owned by the business or a personal guarantee as security against the debt. It’s not always required but if you’re serious about obtaining seasonal catering funding you may wish to offer security. You can choose not to offer any assets as security or guarantee against the small business loan, in which case you’d be taking out an unsecured business loan. Lenders offering unsecured small business loans for Restaurants and Catering Industry require a turnover of at least £100,000 and a reasonable balance in your bank account to cover outgoings.
Since secured business loans are lower risk for the lender they sometimes have slightly lower interest rates, and in some cases may also be a little easier to qualify for.
The sooner you apply, the sooner you’ll get your seasonal Funding to expand your business
At Quick Business Loans we work with many lenders who offer same-day loan decisions and the funds deposited into your business account within 24 to 48 hours.
Timing will also be influenced by how quickly you’re able to supply the lender with the documents it might require to make its lending decision, such as financial statements, tax returns, business bank account statements and proof of ID for business owners or directors. Any delay with sending these documents will delay the loan decision.