When is it going to get easier to get cash—and what do we do meanwhile? This is a question that a lot of restaurant owners are asking themselves right now.
Those are the questions small-business owners have struggled with since the economy took a nose dive. Many banks reacted to the financial crisis by tightening their standards, many owners toward other sources of financing, such as alternative lenders.
Now, despite the slow but steady recovery, it’s still tough for many small businesses to get a traditional loan. Businesses that were once able to borrow whenever they needed the capital to grow or to survive are now struggling to keep their doors open.
I’m afraid I may lose my business and everything I’ve worked so hard to achieve.
Cash flow has been tighter than usual and sometimes I need a loan to make payroll or fulfill my obligations to my vendors. I’ve been in business for over 3 years, but now that the economy is picking up I’m unable to fully take advantage of the upswing in the market because of the lack of business lending from banks.” Khiem H. a restaurant owner in Long Beach, California told us.
Many business owners are looking for loans outside of traditional lenders. Increasingly more and more business owners are leveraging short term unsecured business loans to achieve their financing goals..
Leverage Funding is a great option for businesses that need a short term loan with flexible re-payment options and funding in as little as 24 hours.
Instead of looking at just your FICO score we take a more 360 approach at your restaurant to determine what your best lending options are. We work with work with our partners to access the funding you need and fill in the gaps where traditional banks are failing to serve restaurant owners.” Ronnie Sandlin COO of Leverage Funding stated.
Having options and flexibility is very important to me Fernando Lule owner of MVP’s in Long Beach California said. “I rest a lot easier every night knowing that if my oven breaks, or the air conditioning unit goes out I’m able to access the cash I need when I need it so that I’m not in a situation where a small problem snowballs into something bigger because of the lack of capital.
I also like the fact that they only take out a percentage of my daily credit card sales so if I have a slow day, week or month I’m not worried about having a large loan payment to pay. If my sales are slow the payment is low.”