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*Qualification criteria, rates, and other funding terms will vary depending on the type and location of your business, and upon other factors. This is not a guarantee of funding, and it should not be relied upon as an accurate assessment of the availability or terms of the represented funding products.
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Whether new or established, restaurants are powered by their equipment. Because of this, restaurant equipment financing is an excellent way to fund your restaurant dreams without burning through a bunch of capital all at once.
These are the most popular types of funding that other restaurant equipment-based businesses qualify for through Lendio.
Access available funds whenever you need them, and only pay interest on what you draw.
Access funding based on your future revenue and repay with regular payments.
Borrow a lump-sum with a set repayment schedule, and get funding quickly with online options.
An SBA loan is backed by the Small Business Association and offers some of the best interest rates.
Get a lump sum to grow your business with a set interest rate and monthly payment.
Give your restaurant a financial safety net with a business line of credit. Like a credit card, you can borrow funds as you need them.
Find answers to some commonly asked questions in the restaurant equipment industry.
All restaurants need equipment, and today many food operations demand intense, specialized items like commercial mixers, walk-in fridges, flat-top stove ranges, and pizza ovens. The high sticker price on these items can be prohibitively expensive for small business owners, especially if you’re a new restaurateur or looking to expand an existing business.
Restaurant equipment financing is a lending tool aimed at fixing this conundrum. Equipment financing empowers small business owners to buy a piece—or several pieces—of equipment and pay back the financing over time. Restaurant equipment financing, therefore, is a way restaurateurs can obtain restaurant equipment without paying for it all upfront.
To apply for restaurant equipment financing, you must identify first what sort of equipment your restaurant needs—ovens, blenders, ventilation, freezers, refrigerators, and safety equipment, for example. Almost any equipment can be financed, even non-electrical items like food-prep counters.
Some manufacturers, like Hobart, offer direct financing for their equipment. In other cases, you can decide on the equipment you need and then apply to financiers for the total cost.
If your credit score is relatively high and you have documentation showing that your business generates strong revenue, you can probably qualify for equipment financing. The application process for restaurant equipment financing is not as stringent as other forms of financing, like a term loan from a bank, in part because the restaurant equipment serves as collateral.
After approval, funds often arrive as soon as 24 hours. You can then buy the needed restaurant equipment with this money. Every month, you’ll pay the same agreed-upon repayment amount—and once the financing is repaid, which usually takes 1–10 years, you own the equipment.
Restaurant equipment financing allows your business to obtain expensive, but necessary, pieces of equipment without paying for it upfront—one of its major benefits. By doing this, you can start earning money using the equipment without costing a huge chunk of capital at once.
You can finance restaurant equipment of all types and sizes, from walk-in refrigerators to blenders and coffee makers.
If your credit score is below 650, you can still qualify for restaurant equipment financing. Financiers will review how long you’ve been in business and your restaurant’s revenues and cash flow. While a lower credit score may mean you’re offered financing with higher interest rates, the best way to proceed is by filling out a free application to see what financing is available.
See what you can qualify for on the Lendio Marketplace.