CARTERING BUSINESS LOANS

Catering Business Loans

Catering Business Loans with an online lender is the quickest way to secure funds for your business. Our application process is different from bank loans. We focus on the actual business performance that can be reviewed with a few months of bank statements. This allows us to be flexible on credit history checks and avoid the unlimited documents connected to your approval. We offer funding from $5000 to $500000. The actual rate and term is dependent on the performance of the business. The amount capital that can be borrowed is dependent on the monthly deposits. There is very little paperwork involved this is the main reason why the application process is so quick. Click to learn more about Alternative Financing Advantages.

 

Traditional creditors require excellent credit, a detailed resume, a business plan, plus two years of financial documents.  They also want a detailed plan how the funds are going to be used. The application typically takes 40+ hours to complete. If you are approved it can be a month or longer before you get the capital you need. The SBA reports rejection rates have been roughly above 80% over the past several years. If you have any issues the application is denied.

Catering Business Loans

Click below to see different industries, business strategies, and how to get started.

Catering Industry

The catering industry has more than doubled in the past decade and continues to grow at a rapid pace. According to the National Restaurant Association, for the fifth year in a row catering is projected to be one of the highest growth sectors of food service. Owning a Catering Hall requires hard work, perseverance, and flexibility to succeed. Between the demanding competition, high operational costs, and the constantly fluctuating customer demand. You need to continually invest in the future of your business in order to remain ahead of rival companies. 

Catering Business Loans

Catering is more than cooking, the mission of catering halls is to serve, entertain and cater to the needs of clients. Between the demanding competition, high operational costs, and the constantly fluctuating customer demand. Large companies have advantages in offering expanded services such as food service, room rental, and entertainment. Small companies compete by serving small groups and offering personalized service. Owning a Catering Hall requires hard work, perseverance, and flexibility to succeed.

Catering Cash Flow

There are many factors that can affect the catering cash flow of businesses such as food preparation, developing menus, organizing the dining room and staff. The amount and type of equipment will vary with the type of function.  Including dishes, plates, glasses, utensils and table decorations. Business expansions and renovations can be incredibly expensive, and can often cost more than anticipated. Depending on your location, may need separate kitchen facilities that meet state health and safety regulations. You could also need a fire extinguisher system that meets state standards, also a separate water and sewage systems. You will want to make as much of as possible on catering jobs. Working capital funding can contribute greatly to your bottom line.

Low Credit Score

We offer unsecured business loans for a low credit score, working with scores in the low-500 to mid-600 range. According to a report published by Credit donkey, credit score statics across the country for Millennials age 22 to 35 years is 634.  Generation X adults ages 35 to 51 came in at 655. It also shows roughly 45 million adults don’t have any credit scores.  US Treasury reports denial rates have been roughly above 80% over the past several years with SBA lending.  The truth is most businesses owners can’t qualify for a small business loan through a bank.

Catering Business Loans

If there are major credit issues, please understand credit reports come in all forms, shapes and sizes. We will discuss ways steps to improve your report yourself and help you with organization. Contrary to bank loans, which are amortized for 3 to 10 years. Our loans are structured with fixed micro payments with payback short terms.  Terms typically range from 2 to 18 months.  Our minimum requirements are that your business is at least 3 months old and be able to show gross monthly sales of at least $7,500. Call us today to discuss your options.

Click below to see different industries, business strategies, and how to get started.