Whether you’re opening a brand-new restaurant or plan on remodeling and renovating an existing one, designing a new kitchen is no inexpensive undertaking. From deep fryers, gas stoves, and refrigerators to grills, ovens, and warming stations, there’s no shortage of appliances you need to acquire in order to build a state-of-the-art kitchen.
You can’t expect to be able to deliver an optimal dining experience to your customers if you’re cooking with 30-year-old equipment. After all, newer appliances boast the latest designs and technologies—making cooking easier and more efficient. Beyond that, the best chefs and kitchen workers probably won’t be too interested in working with outdated equipment. If you want to attract the most talented chefs who can cook the tastiest dishes, you need to lure them in with high-quality, modern restaurant appliances.
But as most restaurant owners will tell you, money can be extremely tight from time to time—even during the busiest times of the year. That being the case, a vast majority of restaurant owners simply lack the resources necessary to cover the costs associated with building a new kitchen out of their own pockets.
According to a recent report, the average restaurant owner spends more than $115,000 to redesign his or her kitchen. Because you almost certainly lack the money necessary to buy new kitchen appliances on your own, once you’ve decided to upgrade your kitchen, you’ll have to search for the outside source of financing that makes sense for your specific situation.
Some restaurant owners might decide to sell shares of their businesses to investors, sacrificing a percentage of ownership for money. You’ve worked long and hard building your restaurant from the ground up. Do you really want to give up any control of your business to someone else?
The good news is that applying for restaurant business financing through a third party allows you to get the money you need to take your kitchen to the next level. Yes, you’ll take on some debt by securing a small business loan. But as a result, you will retain complete control of your operations.
Once you’ve decided to obtain restaurant business financing through a loan provider, you’ll have to choose whether you want to partner with a traditional banking institution or join forces with an alternative non-bank lender. For the most part, restaurant owners strike out when they apply for loans through banks. Many of them end up navigating an exceptionally complicated loan application process only to be denied any financing. That’s because in the aftermath of the recent financial collapse, banks have become much more hesitant to lend money to small businesses. This is not to say you have no shot at getting a loan from a bank. You just need to have great financials and near-perfect credit.
There’s no sense in spending a lot of time applying for a loan you’re unlikely to get in the first place. You’re much better off applying for business equipment financing through a non-bank lender. Instead of spending a ton of time gathering appropriate documents and patiently waiting for an approval, you can complete the non-bank loan application process in 15 minutes—or maybe even less. And rather than having to wait up to 60 days for cash to come through—which is how long many banks take to fund small businesses—money can be deposited in your restaurant’s bank account within 24 hours. You’ll be able to go on a shopping spree for new restaurant appliances in no time.
If your appliances and other cooking equipment look like they were installed in the 1980s, it’s probably time for you to give your kitchen a facelift. By applying for business equipment financing through a non-bank lender, you’ll have the money you need to get the job done right. The end result? You’ll attract more talented chefs who are able to cook even more delicious meals. Your customers will certainly take notice, and your bottom line will grow accordingly.