What kind of loan do I need to buy a restaurant?
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What kind of loan do I need to buy a restaurant?
One of the most popular loans for restaurateurs is the SBA 7(a) loan. The SBA 7(a) is a commercial loan and is meant to help small businesses with expenses like real estate, working capital, or equipment. Like all loan programs, there are requisites that restaurants must meet to be considered eligible.
Who are the SBA Express lenders?
Express loans are available through approved lenders such as Chase and Citizens Bank. You’ll need to apply directly with a participating financial institution to get an SBA Express loan.
What is a business acquisition loan?
The most common means, however, is through a business acquisition loan. A business acquisition loan is a small business loan that’s designed for financing the purchase of an existing business or franchise. The amount that can be borrowed and the qualification requirements vary by lender.
How many SBA loans are there?
The six types of SBA loans are: SBA 7(a) Loans: Working capital up to $5 million. SBA CDC/504 Loans: For purchasing owner-occupied commercial real estate. SBA CAPLines: A line of credit that can be used again.
How would you finance your business?
- Determine how much funding you’ll need.
- Fund your business yourself with self-funding.
- Get venture capital from investors.
- Use crowdfunding to fund your business.
- Get a small business loan.
- Use Lender Match to find lenders who offer SBA-guaranteed loans.
- SBA investment programs.
What kind of companies pursue SBA loans?
Top SBA Lenders By Number of Loans Approved*
| Lender | Loans Approved |
|---|---|
| 1. The Huntington National Bank | 4366 |
| 2. Wells Fargo Bank, N.A. | 1843 |
| 3. U.S. Bank, N.A. | 1692 |
| 4. Live Oak Banking Company | 1552 |
What type of financing is the acquisition of equipment?
Equipment financing is not a type of loan but financing with certain stipulations put in place for the purpose of purchasing equipment for a business. For example, in equipment financing, the asset being purchased is the collateral for the loan.