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By: Amanda Tom
All small business entrepreneurs know that getting money to start a restaurant business is very difficult, especially if you go to banks. Thus, you have to look for restaurant equipment financing somewhere else. In the US, private institutions have been offering money for all sorts of small businesses, so your best chance is looking for one such financer online.

Opening your own restaurant may be an exciting time but it also implies lots of responsibilities and, more than anything, a lot of careful planning. If you are like most small business owners, you will need a small business loan to get you started. Expenses are always high at the beginning, because you have to rent a space for your restaurant, decorate it, buy the necessary equipment, find money to pay the staff in the first months of activity and so on.

Few people can afford restaurant equipment financing on their own. Instead, most business owners apply for a small business loan to deal with all of the initial expenses. But even after the activity has started, you may still find yourself in need of money, for example when you’re remarketing and renovating, or even moving or expanding your business, so it’s good to know from the very beginning what your borrowing opportunities are.

The good part of getting a small business loan from a private institution rather than a bank, besides the time and effort saved, is the opportunity of choosing the financial option suited for your business. There are different types of business loans, some being rather different from the typical loan that banks offer. For example, a cash advance service could be exactly what you need if you want to get restaurant equipment financing quickly but you aren’t sure of your financial stability in the future months. This type of loan allows you to achieve financial balance because it doesn’t imply paying fixed monthly sums or respecting deadlines, but it works by taking a percentage of your daily earnings until the debt and the associated fees are paid. This service has lots of advantages, and there are more types of services you can benefit from, according to your financial situation and needs.

Many business owners also choose equity finance to get their business running, and the advantages of this solution are attractive. This alternative to a small business loan implies that your investor, the one that offers you restaurant equipment financing, will take a share of your profits. The advantages obviously are the ability to make the necessary purchases to set up the business, the lack of deadline and monthly payments and the fact that you can get important counseling tips on how to improve the business and make it successful.

Of course, the fact that you won’t have full share of your business is a downside, but it may be worth it. It all depends on you. And if you are not satisfied with this option, you can simply choose to get a small business loan that you’ll pay in time, after you will have started your business activity.
Where would you prefer to get restaurant equipment financing from? Equity finance or a small business loan ? Both solutions have advantages for your business.

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