Tips to Finance Your Second Restaurant
Opening a second restaurant is a great way to reinvest in your restaurant’s current income. A second restaurant holds the potential to become just as successful as your first. However, opening a second restaurant can be a challenge as lenders may be hesitant to provide the funds you need. If you’re considering opening a second restaurant, Business Loans Direct has the tips you need to finance your expansion.
Traditional lenders look for any reason possible to deny loans, even if you already have a successful restaurant established. If possible, fund your restaurant using an alternative means—whether that involves saving the money you need, seeking alternative funding, or using a business line of credit.
Establish Your Credit
Should you choose to seek a traditional loan to get the funding you need to open a second restaurant, your credit score must be as high as possible. Work for at least six months to build your credit and pay off as much debt as possible.
Work with a Flexible Lender
Choosing the right lender will make all of the difference when funding a second restaurant. Choose a lender that’s flexible and will look beyond your credit score. You need a lender who is able to see the bigger picture, not just metrics.
Get Your Finances in Order
Prior to applying for a loan for a second restaurant, you need to ensure your finances are in order with your first restaurant. All of your numbers must match, and you must have a good financial standing. By doing so, you’re better able to prove to lenders that your expansion will be successful.
When financing a second restaurant, you want the process to be as quick and painless as possible. You must be prepared to make certain sacrifices. But, with the right lender by your side, you’ll streamline the process with as little headache and hassle as possible.
Business Loans Direct offers financing options to help you expand your business. We are able to work around poor credit without having to use collateral. If you’re interested in opening a second restaurant, contact us today to discuss your options.