Restaurant Business Loans
One of the greatest challenges facing restaurant owners from getting the business loans they need is bad credit. The fact is restaurant owners took a massive hit from the economic downturn from several years back. From the significant drop in customers dining out, increased transportation costs and the rise in food costs; restaurant owners find themselves struggling to thrive in a poor economy.
The downturn caused them to resort to taking funds out of their own pockets and racking up credit card debt just to keep their businesses afloat. As a result many owners ended up damaging their personal credit and hurting their overall financial stability.
Today, restaurant owners can’t get the business loans they need due to those bad credit issues from the past. Other factors that contribute to such high rates of rejection are excessive debt, lack of collateral, and a back-breaking approval process.
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