Bar and Restaurant Loans 101
Getting Approved for your Bar/Restaurant is NOT as difficult as the Bank tells you.
Borrowing money for your business can feel uncomfortable, but the truth is, very few businesses are able to operate without it. The Bar and Restaurant industry is certainly no exception. However, if your first stop was to your neighborhood bank, they may have prematurely convinced you that the financing you need is unavailable. Don’t listen! Specialty Group can provide your Bar and Restaurant with the loan it needs.
High Risk? You Don’t Know What You’re Talking About!
You know the adage, “60% of new restaurants fail within the first year.” Banks can see lending to Bars and Restaurants as a high-risk investment because they are worried that they won’t see the return of their money. The problem is, that adage is not rooted in fact. New studies have indicated that the first-year closure rate for restaurants is 17%. Which is even lower than the failure rate for the rest of service providing businesses.
The Bank Said No? After All of that Work?
Despite the new research, most banks still view Bars and Restaurants as high-risk ventures. While some banks will consider certain ventures, the approval process can be long and difficult. Many banks require extensive financial documents including personal tax records, business tax records, personal financial statements, copies of your accounts payable & receivable, and that is just the beginning. Often, the process can take weeks, if not months, just to find out if you are approved or denied.
Is There an Easier Way?
Yes! Specialty Group has an entire division devoted to lending money to Bars and Restaurants exclusively. We provide quick, easy, cost-friendly loans up to $75K with flexible terms and fast turn-around times. Our process is streamlined so you won’t have to waste your time locating endless financial documents. Typically, we only need a 7 working day turn-around time for your closing once approved. We see the value in assisting Bars and Restaurants and would love the opportunity to help your business grow and to increase your profitability!
I’m Interested, What Do I Do Now?
You have a few options! If you prefer to talk, please give us a call at (412) 369-1555. If you prefer to submit online, please complete our quick, no-obligation loan application. We provide all of our Bar and Restaurant loan clients with complete confidentiality. If you would just like to learn more about our company, please visit our website.