Let’s be real, your tip jar isn’t going to get your restaurant to its next milestone, no matter how many times you provide service with a smile. That’s why so many small, medium and large food service industry businesses are seeking additional financing to meet their working capital needs and take their eatery to the next level. Food services companies are using the influx in finances to increase cash flow, boost marketing & advertising efforts, update equipment, and aid in expansion.
Why would a restaurant need extra funding for these growth goals? Opening a restaurant isn’t cheap; the cost of commercial ovens, mass quantity furniture purchases, construction and design, as well as licensing and certification can drain a new business owner before first payroll even comes around. That’s just to get by, growth is a whole other division of funding uses, and then there’s unforeseen expenses like a refrigerator breaking down or food truck having motor problems.
Restaurants are known for how quickly they can open and close. In order to stay afloat in this competitive industry, funding is a must to stay ahead. The funding uses below are some of the most common reasons FundKite funds restaurants…
Increase your budget to increase your profit! A larger seating area and more kitchen equipment means you can finally shorten the line growing out the door. Even better, some clients use additional funds to open another location.
Seasonal rushes require both inventory and staff spikes, which subsequently requires onboarding, training and uniforms. Don’t default on payroll because you’re waiting for the revenue to catch up. Extra working capital can cover that gap.
Social media campaigns, blogger shoutouts, commercials, billboards and signage don’t come cheap. But the rewards are often worth the investment. Investing in new customers today can pay off for months, even years, to follow.
It’s not uncommon for companies with previous debt and loans to do a standard consolidation or reverse consolidation with us to help lower their rates and extend their payment term. Read more about our consolidation plans here.
Turn up the heat on your competitors by taking advantage of FundKite’s alternative funding. We’ll put some dough in your pockets and watch your business rise together. Click here to apply for funding!