According to a study conducted by Ohio State University, 60% of restaurants fail within their first 3 years of operation. Within their first 5 years, 80% faltered and closed their doors.  There is no doubt that opening up and sustaining a new restaurant is not without a struggle.  With the latest adversary being COVID-19, many restaurants throughout the US were forced to shut down operations and close their doors, for some, permanently. Yelp reported that 15,770 restaurants closed in July of 2020.  Why Do Restaurants Falter? Restaurants typically subsist on meager profit margins. Based on an IBIS World Study, the […]

Despite the immense challenges imposed by the global pandemic, the restaurant industry has experienced robust growth over the past few decades. According to Statista, the U.S. quick-service restaurant (QSR) industry’s output has experienced an increase of well over 50 percent since 2007. This contributed to an “all-time high” of nearly $283 billion in 2020.  The U.S. full-service restaurant industry, also experienced growth, reaching $80 billion in 2020. As one of the most critical industries for the U.S. labor market, it is estimated that over 14 million Americans are employed by restaurants.  Restaurants Need Cash If there is anything certain in […]

If you’re in the restaurant business or food and accommodation services, now might be the best time to take out a loan. According to an August 2019 study, lenders are approving loans 51% of the time for restaurateurs. These are some of the highest approval rates for small businesses in any industry, making it a fantastic time to jump on the opportunity of restaurant growth. This is especially exciting news, given the high costs and various pitfalls that are part and parcel of owning a restaurant, including replacing broken equipment, resolving customer issues, and high employee turnover rates. Why Has […]

In February, 2019, KrebsOnSecurity contacted Buca di Beppo, an Italian restaurant chain, after revealing that the company’s customers’ 2 million card numbers could be found on the black market. Do you need additional business funding such as a restaurant loan to make your business better protected? This article is here to help you with all this. Breach at Restaurant Operator Earl Enterprises    Buca’s parent company also had a 10-month breach of payments at a number of restaurants. Several of its brand locations, such as Earl of Sandwich, Planet Hollywood, Chicken Guy, Mixology, as well as Tequila Taqueria were among […]

Mobile apps have become incredibly popular all over the world. Did you know that during 2013-2017, digital orders at restaurants increased at an average annual rate of 23%. This number is projected to triple by the end of 2020. About 60% of these orders currently come from mobile devices, as the market-research firm NPD Group reports. So, why not use your own restaurant app? Where to find the best restaurant funding? Find answers below! Restaurants’ Own Apps & Restaurant Funding In the modern digital world, you can find an app for almost everything. So, why not use an app for […]

Some business owners use their own resources to finance their startups. Others need additional capital from an outside source. Modern lending landscape is constantly developing, and there are more financing options available to small-business owners nowadays than ever before. Today, non-bank online lenders offer more choices to business owners. It is important to evaluate the pricing, terms and rates offered by each lender and make the right decision. Below you can find the top things to take into account when evaluating lenders: Comprehensive Small Business Offerings Research and assess all the available options. Look for resources that will help you […]

Timing is everything for your business. You, as a business, should figure out when it’s time to get business financing and what should be done for this. Here are several important points to focus on when applying for business funding: Good Personal Financial Track Record Make sure all your bank statements reflect fiscal responsibility. Your financial history is important for most lenders. Have a track record to show a consistent payment record. A Realistic Business Plan with Projections for Expansion When it comes to your business plan, prepare a solid business plan that demonstrates how you’re planning to navigate your […]

Without money, you can never take your business off the ground and make your dreams come true. First of all, you should find the necessary business capital to fund your startup so to be able to focus on product development and marketing. If you’re interested in how you could get business financing for your startup, consider one of the options mentioned below. Before you’ll go through all these options, consider turning to a reputable business loan provider like firstamericanmerchant.com. First American Merchant (FAM) offers the best business funding opportunities in the field. As a reliable payment processor, FAM specializes in […]

Nearly all businesses of the same scale have the same key goals across different industries. According to a 2016 Q4 survey, small businesses want to see improvement in business efficiencies, increase profitability, spend less time on the actual business and generally see business growth. A small percentage of these businesses are already actively employing measures to attain the desired growth. A larger percentage of them are however aware of what they need but are yet to make any notable steps toward achieving the same. They need to make changes that will enable them to either expand their customer base or […]

Business funding varies from situation to situation. No matter you need to expand your staff, purchase new equipment, or handle other expenses, you need finances. Below you can find the most popular funding options for small businesses: Bank Loan A bank loan is typically granted as an installment loan. This type of loan offers predictable repayment schedules that are easy to budget around. Qualifying for a bank loan can be challenging. Business Line of Credit This is an unsecured line of credit. It isn’t secured by your personal assets. Online lenders will use data to help you immediately get access […]