Restaurants are one of the most commonly started businesses. They are also one of the most common business types to fail within the first few years. There can be numerous reasons for this and one of them is lack of money. As with any type of business, having a low cash flow means that there may not be enough money for operations, supplies, and--very importantly--marketing to get the word out about your restaurant.
Bad credit can impede the growth of businesses, and this is no different for restaurants. If you are a restaurateur with bad credit who cannot obtain a traditional bank loan, then there is another finance method that is perfectly suited for the restaurant business. It is the merchant (or business) cash advance. If a loan is not an option, this method of obtaining business financing is advisable for restaurants for the following two reasons:
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1. Restaurants are already equipped to accept debit and credit card sales--which is how merchant cash advances are paid back.
2. The number of customers can grow or decrease at a restaurant without notice and business cash advances have a very flexible payback method directly related to how many customers you have.
Merchant cash advances do not work on a strict, regulated payment system. Instead, a system is set up in which the restaurant gives a percentage of each of its debit/credit card sales to the finance company. This is an incredibly flexible payment system and it takes pressure off of businesses because they do not have to worry about making a large monthly loan payment when business is slow.
Along with this, the paperwork involved with getting a business cash advance is not extensive. The entire application process is much less arduous than it is when applying for a business loan. And you typically find out if you have been approved within 24 hours, meaning that your restaurant can get funds quickly if you are in a pinch. After approval, it generally takes no longer than two weeks to get funds.
Above all, your bad credit will not affect whether you are approved for a business loan. This means you can get approved for a business cash advance in the thousands of dollars even if you have bad credit history or no credit.
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