Restaurants and Foodservice
The restaurant and foodservice industries can be challenging even during the best of times. Steady growth is expected to continue for most sectors of the industry for the next several years, with some consolidation and smaller growth among some types of restaurants and in some regions.
Nevertheless, the state of the industry is quite healthy and largely stable, meaning many of the challenges that face businesses in the restaurant and foodservice industries are predictable – fundamentals, like service and food quality and cost, along with balancing expenses with revenues.
Loans for Restaurant and Foodservice Businesses
Restaurants and foodservice firms can be hungry businesses, in more way than one. They can have a craving for cash and expenses, that often seem to hit unexpectedly and at the worst times economically or financially.
Property, plant, and equipment categories of expenses are numerous and significant for most of these kinds of businesses. And when they are unplanned, such as replacing major kitchen equipment or renovating the physical structure of a restaurant, they can be a major drain on the business’ bank account.
Fortunately, short term unsecured loans, even for businesses with bad credit or limited credit history, can help pay for much-needed capital investments in a foodservice business.
BizFly Funding can provide custom solutions across several different categories of lending products that fit your particular restaurant and foodservice business’ needs.
Typical Uses for Restaurant and Foodservice Sector Loans
Some of the largest expenses that restaurant and foodservice businesses incur can significantly impact the financial operations of the businesses. Cash flow, raising sufficient funds for major expenses, and still being able to handle regular operations, is an ongoing challenge for owners.
Some of these expense categories (all of which can be aided with funding from BizFly Funding) include:
- Advertising
Getting customers through the door can be one of the most basic challenges for restaurant and foodservice businesses. Yet, it’s an essential task if you’re going to generate revenue and profits.
Marketing and advertising can be serious expenses, even through limited channels such as local papers, direct mailing, and other media.
Funding from BizFly Funding can allow you to undertake targeted or wide-spectrum advertising campaigns to generate more awareness and interest in your restaurant or foodservice business, and grow your top line and bottom line.
- Staff
Paying for and retaining qualified cooks, servers, and other staff members can be a source of headaches for many restaurant and foodservice business owners.
It also represents one of the largest operational expense categories for most businesses in this sector. Variable staffing needs can be tough to predict and budget for as well.
A flexible line of credit or a short term small business loan can provide the kind of cushion you need to effectively recruit, compensate, and retain talented staff.
- Cooking Equipment
Professional cooking equipment can cost tens of thousands of dollars for a single item. Yet, it’s an essential for running any kind of restaurant or foodservice business.
Between up-front costs, maintenance and repairs, and eventual replacement, these kinds of expenses can present serious spikes and dips in bank balances and accounts payable.
Smoothing out those spikes and dips is possible, and made much easier with credit or capital from BizFly Funding.
- Repairs
Keeping your kitchen equipment, dining room or customer-facing areas, as well as your property as a whole in good aesthetic and functional condition is essential when you’re in a service-based business like a restaurant or foodservice company.
Budgeting and managing funds for these kinds of tasks, especially major repairs or renovations, is not easy, especially if business is a bit lean at the time repairs are needed.
A short term loan from BizFly Funding can allow you to make the repairs you need, and then pay the loan back as you earn a return on that investment, in the form of increased business and receipts.
Merchant cash advances in particular are a widely-used lending tool for these kinds of expenses in restaurant and foodservice businesses.
Benefits of Choosing BizFly Funding for Your Loan
BizFly Funding exclusively deals in funding for small businesses. We work with businesses to select and deploy the best products to meet their needs – even if they have poor credit or a limited credit history.
We know that access to capital can make all the difference in whether or not your business succeeds, grows, and ultimately reaches its full potential.
We’re proud to partner with small businesses in the restaurant and foodservice sectors, and hope you’ll consider BizFly Funding for all of your business financing needs. Order up!
