We are thrilled to announce that FitSmallBusiness has named us a “Best Restaurant Loan” in the category of equipment financing. This is a significant honor for us, because of our dedication to helping small businesses succeed.
Starting a restaurant is a daunting process and securing financing for a restaurant venture is becomingly increasingly difficult. Big banks view restaurant ventures as risky because of stiff competition, ever-changing trends and high capital expense, and tend to turn down many applicants on the spot.
FitSmallBusiness set out to identify the best restaurant financing options because of this tough financing climate:
Restaurants generally have higher startup costs than many other types of businesses, averaging $500,000 according to an industry survey by RestaurantOwner.com. Operating costs are typically higher as well. At the same time that restaurant owners need more capital, however, it can be difficult to get funding because lenders perceive restaurants as high risk businesses.
We are thrilled to have received this recognition, and hope we can assist more and more business owners with opening the restaurant of their dreams.
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To read the entirety of FitSmallBusiness’ feature, please visit: http://fitsmallbusiness.com/restaurant-loans/.