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Every six months, they invite new restaurant groups to run the kitchen and experiment with dishes to complement their cocktails.We've written about restaurant financing before, and it’s always a tricky subject to tackle.
Metzy’s Taqueria in Newburyport, Massachusetts and Bandora in Atlanta, Georgia started as food trucks, and, by using agile methodology and saving aggressively, opened a brick-and-mortar location a few years later.
When you find restaurant real estate, ask your landlord what your options are regarding the restaurant buildout.
There are Small Business Association (SBA) loan programs that allow partnering lenders, community development organizations, and micro-lending institutions to invest in small businesses.
There are peer-to-peer lending services that match lenders with borrowers; however, there is a risk of the borrower defaulting on the loans taken out from peer-lending websites.
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If you do not agree with these terms you may not access or use the site or Content.These loans often take the form of "Merchant Capital Advances" (MCAs), which take a set percent of your gross sales so that the loan payment varies along with your business (and in less-busy months the payment naturally decreases).Be sure to ask your POS provider if that option is available. Whatever the case, remember to lean on your existing network; your family and friends may know someone who is looking to lend their money to support local businesses.As I mentioned before, many investors will not invest in restaurant businesses. You could go through the process of finding an investor that shares your passions, with pitch meetings, site visits, and of course a solid business plan. An angel investor is a wealthy person who helps finance an idea or business plan. Many restaurants have started their second or third location through crowdfunding sites like Kickstarter, Food Start, Indigogo, Go Fund Me, and Angellist.If you already have customers that know and love your brand, why not ask them to spend a few bucks to fund your next location?And there are of course, bank loans, which usually have low interest rates but long approval processes.In some cases, your restaurant technology provider may also provide loans, especially for restaurants hoping to expand into second or third locations.Oisa Ramen in Boston, Massachusetts recently opened a location after three years of pop-ups at professional kitchens, homes, and parties.Chef Moe Kuroki wanted to share her favorite childhood food, tonkotsu ramen, with the world, and now has her own location in downtown Boston.Your local state restaurant association may have resources to help you procure funding.California Restaurant Association, for example, gives members 15 minutes of legal advice every month.