For some businesses, it’s not always easy to get the capital you need to cover expenses like the purchase of new equipment, opening a second location or making renovations in your current address. Since the Great Recession of 2008, times have gotten tough on small businesses seeking financing from institutions such as banks as new lending regulations have made it harder for small businesses to qualify for funding.
Many applicants also get rejected because of the industry their business works in like the restaurant industry. While the restaurant industry still has one of the highest failure rates among all businesses in the country, a vast majority of it stems from startup restaurants that employ about 20 people or less. While still depressing it should also be noted that as of recently, data collected by the BLS in 2014 has shown that the death rate of restaurants have gone down over time and that businesses that employ over 21 people on average fail in their first year of business by 17% and not 90% as many people have claimed. This means that restaurants today have a much better chance of making it past their first year than ever before.
As great as this news sounds, restaurants owners still have to worry about the costs that come with operating a restaurant which could pile as restaurants use only the highest quality kitchenware to serve their customers. Banks usually avoid lending to restaurants and getting funding from an SBA could take months. At Smart Business Funding, we can take care of your restaurant’s needs by offering funding in the form of a merchant cash advance which has much shorter application forms, does not require paperwork or good credit to apply, can be sent to your business within 48 hours and does not charge fixed rates or interests. If you own one, call or text us at 917-533-2979 for a free consultation or apply on our website which should take you a few minutes to get the money you need quickly. Smart Business Funding is available to help restaurants in need of funding all around the country.