How To Get A Business Loan For A Restaurant

12 Ways to Get Financing to Start A New Restaurant. 1 #1: Investors. Your first option for funding is finding investors to give you the money to open your business. 2 #2: Loans from Friends and Family. 3 #3: SBA Loans. 4 #4: Bank Loans. 5 #5: Credit Union Loans. More items

The SBA offers several funding programs for small businesses, but their Guaranteed Loan Programs are most pertinent to restaurants. Through these programs, the SBA sets guidelines for loans, which the SBA’s lending partners then give out.

Types of Restaurant Loans. 1 1. Traditional Commercial Loan. If you want to apply for a loan directly through a bank, you must have a high credit score. If you go this route, you ... 2 2. Business Line of Credit. 3 3. Small Business Loan.

Additionally, small business loans have low interest rates, and they allow applicants to cover less than the 20% down payment. However, they usually require collateral. Apply for an SBA loan through a participating lender. Complete the specified forms detailing your personal financial background, which will prove your ability to pay the loan back.