Specialized Financing For Your Restaurant or Bar
There is no one-size-fits-all solution at Steer Financial. With your small business in mind, we'll find the best financing options to address your needs.
Easy application and approval process.
Funding specialist support from start to finish.
Tailored financing options for your business.
Get funded within 24 hours from loan approval.
RESTAURANT SMALL BUSINESS LOANS OVERVIEW
What Is a Restaurant Business Loan?
Restaurant and bar small business loans are loans that are especially designed to assist owners of bars and restaurants with the management of their cash flow as well as the expansion of their operations. These small business loans can be used in a number of ways, including the purchase of equipment, for restaurant or bar renovations, to hire employees, menu expansion, and marketing or advertising.
When it comes to acquiring business loans, the more traditional channels may often be challenging for some owners which makes restaurant loans for small businesses an often indispensable resource. This tends to be the case with small businesses that typically do not meet the necessary income, credit history, or collateral as the more traditional banks have more complex or challenging requirements to qualify for a loan.
Restaurant & Bar Small Business Loan Topics:
Steer Finance is dedicated to addressing the challenges faced by restaurants and bars and assisting them in achieving success. We connect small business owners like yourself with one of our approved lending partners in order to help you acquire the loan that is most suited for your business. You'll find information on this page regarding alternative loan choices, as well as their requirements, and you'll also be able to determine which alternative has the potential to be the most beneficial for your small business.
In addition to providing access to alternative lending options, Steer Finance also offers valuable resources and guidance for small business owners in the restaurant and bar industry. Our team of experienced specialists can provide expert advice on managing cash flow, reducing expenses, and maximizing profitability.
We understand the unique challenges that restaurant and bar owners face, such as the high cost of ingredients, fluctuating seasonal demand, and intense competition. Our goal is to help you overcome these challenges and achieve long-term success.
THE STEER PROMISE
Helping Small Businesses Grow Across The U.S.
At Steer Financial, we understand that no two businesses are alike. We offer financing solutions as unique as the business owners we help. Together, we can help steer your business to its full potential. Step one is determining which type of financing is ideal for your business. We work hard to deliver honest, reliable, and transparent customer service so you can feel confidence choosing us to help you meet your business capital needs.
Serving All 50 States
By leveraging our network of 45+ partner lenders, we can offer tailored solutions to businesses across the U.S. regardless of their size or industry.
Secure + Safe Data
We strive to keep all of your information secure and private. We assign a funding specialist to guide you along the entire process.
10+ Years of Experience
Our expertise has enabled us to understand small businesses and offer the highest level of service to you and your business.
DIFFERENT TYPES OF LOANS
Types of Restaurant & Bar Small Business Loans
There are several types of restaurant and bar small business loans available. Each type of loan has its own advantages and can be tailored to meet the specific needs of each restaurant or bar business. Some of the most common types of restaurant small business loans include:
This type of loan is used to purchase or lease restaurant equipment such as ovens, refrigerators, delivery vans or cars, and other necessary machinery.
Working Capital Loans
Working capital loans provide restaurant and bar businesses with the funds needed to cover everyday expenses, such as payroll, inventory, and other operating expenses. These loans are often used to bridge the gap between billing and payment cycles and can help keep your business financially stable.
Business Line of Credit
A business line of credit gives restaurant and bar small business owners access to a predetermined amount of funds that can be borrowed and repaid as needed. This type of loan can be used for a variety of purposes, such as purchasing inventory, training employees or cooks, or any other unforeseen expense.
What Can Restaurant & Bar Loans Be Used For?
A restaurant or bar small business loan can be used for a variety of purposes, each of which can have a significant impact on the business's success. From purchasing equipment to expanding the menu offerings, the use of the loan funds must align with the business's goals and objectives.
Purchasing new or used equipment
Restaurant and bar owners can use loans to purchase new equipment or upgrade existing equipment to improve efficiency and customer experience.
Renovations and expansions
Loans can be used to renovate the restaurant or bar space, such as updating the decor, expanding the seating area, or adding outdoor seating. Some business owners also tend to use these loans to open new locations or expand the business's menu offerings.
Hire and train employees
A restaurant or bars success depends on having highly qualified and skilled employees. Restaurant loans can be used to recruit or train new waiters, bartenders, servers, cooks, or simply to cover administrative staff.
How To Qualify for a Restaurant Small Business Loan
At Steer Financial, we will work closely with formulating a plan for your business. We will assess your business with our partnered lenders to evaluate the strengths and assets your business has to decide on the loan's size and conditions. Strong financial statements and a high credit score might also increase your chances of being approved. To make sure a restaurant and bar small business loan is a realistic choice for your business, our funding specialist will walk you through the entire process from start to finish. Below is a quick overview of the minimum requirements in order to get an approval:
Time In Business
At least 6 months in business.
At least $15,000 per month in deposits.
Minimum of 600+ personal credit score.
1 year free from any open bankruptcies
HOW TO APPLY
Three Easy Steps to Secure a Restaurant Small Business Loan
We have partnered with over 45+ lenders to ensure that we match your business with the best lender and the most competitive rates. We work quickly to provide an approval in as soon as a few hours.
By utilizing our streamlined fast funding approach, your business can access the necessary capital in as little as 24 hours from the moment you approve the terms, ensuring a timely and efficient process.