Restaurant loans for bad credit borrowers can seem nothing short of impossible to get your hands on. Banks and most lenders think that credit score is the sole defining factor for qualification.
There are many restaurant financing options that do NOT have minimum FICO requirements! Here’s the 4 most popular restaurant loans for bad credit:
NO Min Time in Business!
NO Min Annual Revenue Required!
NO Min FICO Required!
(Apply for Restaurant Equipment Financing)
NO FICO Required!
6+ Months in Business
$100k+ in Annual Gross Sales
(Apply for Restaurant Small Business Loans)
NO Min. FICO Required!
6+ Months in Business
$10k in Monthly Gross Sales
(Apply for Restaurant Business LOC)
NO Minimum FICO!
6+ Months in Business
$100K in Annual Gross Sales
(Apply for Restaurant Business Cash Advance)
Because we’re the best at what we do. And what we do is very, very nice.
And aggressive. And smart!
It’s possible because NBC is the only business lender with a passion for serving the small business community.
And it’s possible because we’re the only lender that knows that small businesses aren’t defined by their credit score, or extensive financial history.
Remember, when banks say no, we say YES!
Banks can be hesitant (to put it mildly) to invest in a field that they don’t understand –– or fear won’t offer them significant returns. This is especially true if you’ve got bad credit. But don’t fret.
To understand why you may need to pursue other options than the bank, it’s beneficial to understand why they often decline restaurateurs in the first place.
For one, most banks consider the restaurant industry too risky to give loans to in the first place, even though this is a substantial misconception on their part.
Furthermore, banks are hamstrung by the fact that they place inordinate value on a loanee’s credit. While banks are fixated on the past, we’re focused on what you and your restaurant can achieve.
What might work best for you and your business depends on many factors. When applying for a loan you need to take everything about your restaurant into account.
Your credit score is only one of a number of considerations an alternative lender will inquire about when you contact them, so it’s important that you understand the pros and cons of your situation.
Knowing where you’re at as a business owner, and what you need to achieve your goals is an imperative step in landing a restaurant loan for bad credit that works for you.
The restaurant business can be a stressful enterprise; but struggling on without the capital you need to improve your restaurant won’t lead to long-term success.
Fortunately, there are alternative lenders who will help you finance your dream. Remember: you took a risk to follow your dream –– and your ideal lender should be willing to put their faith in you because of it.
Ready to secure the capital you need to get your restaurant off the ground? Contact the National Business Capital team today at (877) 482-3008 to get started, or fill out our simple 1-minute application online to get your restaurant loan for bad credit in as little as 24 hours!
We have experience working with entrepreneurs in the restaurant industry, and can help you identify the financial solution you need –– even with bad credit. And for more information on alternative lending sources, check out our free ebook on how to get funding when the banks say no:
National Business Capital is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!
Lauren is the Marketing Manager at National Business Capital & Services. She loves cooking, interior decorating and holidays. She enjoys the outdoors, running and the beach. She values spending quality time with family and friends.