Restaurant Financing In Short Supply During Recession

The stories are similar from Portsmouth, NH to Miami, FL, to Canton, OH and even Chicago. Restaurants aren’t immune from the economic downturn. Portsmouth, NH diners are reeling from the successive losses of three downtown area restaurants in the last week alone. One new restaurant, which barely made it to its first anniversary in Miami, has also closed. Restaurant financing isn’t far from the minds of business owners these days.

One restaurant owner in Canton, OH is angry because recent parking meter increases that tripled the cost of street parking near her establishment, combined with the doubling of parking ticket fines, has cut into her business. In Chicago, more than 130 restaurants have banded together to participate in Chicago Restaurant Week. These high end establishments are putting on the dog when it comes to attracting new diners to their establishments. Diners will find great deals on luxurious lunch and dinner dining at substantially reduced prices, through February 27. Last year, a similar event increased sales by 20 percent.

While restaurant owners will tell you that the reason for closures is “not enough business,” proper capitalization also plays an important role. Businesses like restaurants need to be properly capitalized to build up repeat business, especially in hard times, when restaurant dining is one luxury that many people eliminate.

Rapid Capital Funding has a special restaurant financing program designed to deliver the cash restaurants need fast. If your US-based restaurant accepts Visa or MasterCard, is current on its lease and generates at least $2,500 in monthly credit card receipts, your restaurant is likely eligible for our special restaurant financing plan. You can get the cash you need now to cover payroll, buy new equipment, expand your business, pay unexpected expenses or just weather the downturn, and you can do it without incurring new monthly payments.

If you are interested in learning more about Rapid Capital Funding’s restaurant financing program, contact us today!

Photo Credit: Charles Thompson

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