Small Business Loans for Restaurants
Today’s restaurants are as diverse and creative as the entrepreneurs who launch and grow them, so Pursuit offers more than 15 restaurant business loans – from restaurant funding that we make directly to SBA loans for restaurants to meet every need. Whatever it is, our goal is to help you bring your gastronomic dream to fruition:
- You’ve honed a specialty niche that’s been missing in your neighborhood – a gluten-free bakery, a vegan-pizza paradise or halal or kosher offerings that cater to your community’s favorites – and are ready to launch and grow.
- Your fast-casual, health-conscious coffee shop and café is ready to expand, whether that means adding on to your current space or opening a second location.
- You’re ready to leverage your fine-dining experience to build and open your dream restaurant, a soon-to-be legendary establishment that looks and feels as sumptuous and luxurious as the food and wine you offer.
Restaurant funding that meets your needs
At Pursuit, we believe that restaurant owners know your businesses best, so we offer small business loans for restaurants that let you decide how to apply your funds to grow your business. Our loans include flexible funding, uses and terms that cover just about every need for restaurants located throughout Connecticut, New York, New Jersey and Pennsylvania.
Some of our most popular restaurant funding options are:
Pursuit SmartLoans, from $10,000 to $100,000. These are ideal for short-term and more immediate funding needs, such as working capital as you launch and build your business, to purchase hardware and software, for marketing and more. Our SmartLoan offers a quick, online application and money in your bank within five days of approval.
- SBA 7(a) and Community Advantage loans are popular small business loans for restaurants because of their flexibility, advantageous terms and higher funding limits – up to $5 million. Qualified uses for this restaurant funding option include commercial real estate purchases for your business; construction and leasehold improvements; purchases of major equipment; working capital; the expansion of your existing restaurant or the acquisition of another; and refinancing existing business debt.
- SBA 504 loans offer low owner-equity requirements (10%, compared to 20-30% for conventional loans) and longer repayment terms with funding up to $5.5 million. They’re an excellent SBA loan for restaurants when you need more funding, along with extended repayment terms. Consider this option when your restaurant dream includes construction of a new space or major renovation to an existing location; purchases of equipment; sufficient working capital to help with cyclical and seasonal changes; and to refinance your existing, restaurant-related business debt. Pursuit offers these loans in partnership with you and a commercial lender, such as your bank (or we can help find a partner for your deal).
We also specialize in helping entrepreneurs who may not qualify for conventional business loans. Take a look at some of our recent restaurant success stories to learn how we helped these restaurant entrepreneurs:
- Pretty Girls Cook: SBA Microloan, Philadelphia, PA
- SHADEES Jamaican Restaurant: SBA 504, Riverhead, NY
- Bucket Brigade: SBA 504, Cape May, NJ
- Brooklyn Tea: SBA Community Advantage (part of SBA 7a), Brooklyn, NY
Pursuit has the funding you need
Pursuit’s experienced and knowledgeable lending team will work with you to get to know your vision and goals for your restaurant and we’ll help you find the best loan for your business. In addition to our own loan products, we work with banks and other lenders to find funding solutions that meet your needs, with flexible lending criteria, lower owner-equity requirements (compared to conventional commercial loans) and affordable payments.