We see it all the time, folks that are passionate about food and service to others through the culinary art. But, once they’ve spoken to so many people, they become a bit discouraged. Not because of the work and the long hours or even dealing with people and employers. Any true-blue restaurateur knows the reality of what it takes to run the business and we congratulate you for your true grit in your endeavor. They typically fear the financial side. And we’re going to tell you why this isn’t so and explain what a merchant cash advance for restaurants is all about.

What is a Merchant Cash Advance for Restaurants?

This kind of small business financing is one that is very simple to apply for with a very high acceptance rate. Before we tell you all the great things you can do with it, we’ll briefly explain what it is and how you can get one. This type of merchant cash advance or MCA is not the same type of cash advance you would get to pay a utility bill. Those loans are typically called payday loans. We like to make this clear from the beginning because we want those that are new to this to have a clear understanding of what they’re signing up for. A merchant cash advance for restaurants is a line of credit that you’ll pay back as you work. That’s right, this is great news! Why? Because if your company meets the simple, minimum requirements, you’ll be able to offer up partial profits at an agreed upon amount for pay back.

We think that’s the most convenient way to go especially for people in the restaurant business. One must simply work the business on it’s regular basis, while pulling in a profit, and it’ll be payed off at a quick rate. Gone are the days that a restaurant has to sit and wait for a fated date to have a large amount of money to start repayment with. That’s what you would have to do with a bank loan. You can even offer up some equity in select equipment

What can you use a merchant cash advance for restaurants for?

This is the fun part of the deal.  Just dream with us for a moment, won’t you? Imagine, not having to wait for all the things that make your restaurant look uniform or quirky, whatever you want it to.  You can also purchase that much-needed piece of equipment to help you prepare the best food in town! This can also be beneficial for seasonal restaurant businesses such as restaurants in seasonal touristic areas or any place that experiences regular ups and downs in this kind of industry. You can easily cover the employee salaries and benefits in the slow periods with this type of financing.

How to get a merchant cash advance for restaurants

This is easy: find a reputable lender and fill the application. Make sure you have everything in order. You need a profit and loss report to show them what your profit has been for the amount of months deemed necessary for approval. The time can vary depending on the lender. You’ll also need an asset report that shows the value of your business assets. During the discovery process, Restaurateurs may have to answer more questions than other kinds of business would normally have to answer. This is normal and to be welcomed since you are developing a relationship with your lender. Open communication is the key throughout the process, both during the application and after. Relationships build trust, and trust builds future funding opportunities for you.