Service & Results.

nyc criminal lawyers over 30 years of experienceWe Know How To Win Cases

Spodek Law Group handles tough cases
nationwide, that demand excellence.

Get Free Consultation

Faced 5+ Years in Prison

People Vs Joseph Amico

Covered by NYDaily News. Las Vegas man accused of threatening a prominent attorney and making vile remarks.

Faced 10+ Years in Prison

People Vs. Anna Sorokin

Covered by New York Times, and other outlets. Fake heiress accused of conning the city’s wealthy, and has an HBO special being made about her.

Faced 3+ Years in Prison

People Vs. Genevieve Sabourin

Accused of stalking Alec Baldwin. The case garnered nationwide attention, with USAToday, NYPost, and other media outlets following it closely.

Faced Potential Charges

Ghislaine Maxwell Juror

Juror who prompted calls for new Ghislaine Maxwell trial turns to lawyer who defended Anna Sorokin.

Why Choose Us

Clients can use our portal to track the status of their case, stay in touch with us, upload documents, and more.

Regardless of the type of situation you're facing, our attorneys are here to help you get quality representation.

We can setup consultations in person, over Zoom, or over the phone to help you. Bottom line, we're here to help you win your case.

Law in the Media

View All

Meet Todd Spodek


The Spodek Law Group understands how delicate high-profile cases can be, and has a strong track record of getting positive outcomes. Our lawyers service a clientele that is nationwide. With offices in both LA and NYC, and cases all across the country - Spodek Law Group is a top tier law firm.

Todd Spodek is a second generation attorney with immense experience. He has many years of experience handling 100’s of tough and hard to win trials. He’s been featured on major news outlets, such as New York Post, Newsweek, Fox 5 New York, South China Morning Post, Insider.com, and many others.

In 2022, Netflix released a series about one of Todd’s clients: Anna Delvey/Anna Sorokin.

Why Clients Choose Spodek Law Group

The reason is simple: clients want white glove service, and lawyers who can win. Every single client who works with the Spodek Law Group is aware that the attorney they hire could drastically change the outcome of their case. Hiring the Spodek Law Group means you’re taking your future seriously. Our lawyers handle cases nationwide, ranging from NYC to LA. Our philosophy is fair and simple: our nyc criminal lawyers only take on clients who we know will benefit from our services.

We’re selective about the clients we work with, and only take on cases we know align with our experience – and where we can make a difference. This is different from other law firms who are not invested in your success nor care about your outcome.

If you have a legal issue, call us for a consultation.
We are available 24/7, to help you with any – and all, challenges you face.

Restaurant Business Loans: Funding Options and Qualification Criteria

Restaurant Business Loans: Funding Options and Qualification Criteria

So you wanna open up your own restaurant or food truck, huh? I feel ya. The food biz can be super rewarding, with all the happy customers and creative menu options. But it also takes some serious dough to get it off the ground. Like you gotta rent a space, buy equipment, hire staff – it adds up fast.

Getting funding lined up is key. Banks and lenders wanna see you’ve done your homework before they fork over the cash. In this article, I’ll break down the main loan options for restaurants and what you’ll need to qualify.

Types of Restaurant Loans

There’s a few main types of funding to look at:

SBA 7(a) Loans

These loans from the Small Business Administration guarantee money that banks provide to restaurants. So you borrow from a bank, but the SBA guarantees most of it to the bank in case you default. This makes banks way more willing to lend.

The max amount is $5 million, with typical loans around $350k. The rates and terms vary by lender but are typically pretty reasonable.

To be eligible, your restaurant needs to meet the SBA’s size standards – like under 500 employees for most restaurant categories.

SBA 504 Loans

Another neat SBA loan option is the 504 loan. With these, a bank provides 50% of the loan amount, a nonprofit lender covers up to 40%, and you put down at least 10% as the business owner.So if you needed $500k total, the breakdown would be:

  • $250k from a participating bank
  • $200k from a Certified Development Company (the nonprofit lender)
  • $50k from you

The CDC loan piece has a really low, fixed interest rate and a longer repayment term. This makes the borrowing cheaper overall. Plus you can use it for major costs like land, buildings, equipment, etc.

USDA Business & Industry Loans

If you’re opening up a restaurant in a rural area, check out the U.S. Department of Agriculture’s B&I loan program. They offer up long-term, low-cost funding for businesses that create jobs in rural communities.

Loans range from around $10k – $25 million, with super flexible terms. The rates are also set really low – as of 2024 less than 3% fixed for up to 30 years.

These loans can fund pretty much any business cost associated with getting your restaurant running. The only catch is – yup, you gotta be rural. Your town needs under 50,000 people to qualify.

Conventional Small Business Loans

If government loans aren’t your jam, traditional banks like Chase, Wells Fargo and Bank of America all offer small business loans too.

They typically offer term loans up to $500k for new businesses, with repayment periods around 3-7 years. Interest varies based on your financials, credit score, etc but expect rates from 5% – 10%.The nice thing is you can use these loans pretty flexibly – for equipment, operating expenses, inventory, renovations, and more. The downside is they often require strong personal credit and collateral.

Restaurant Equipment Financing

If you just need money for gear – like stoves, fridges, point of sale systems – equipment financing lets you borrow specifically for large purchases.

Lenders like Credibly and National Funding offer loans up to $500k for new and used equipment. You usually just pay a percentage down. The loans are tied directly to the value of the equipment.

The repayment timeline is shorter too – around 3-5 years. And it leaves you flexibility in your other business banking relationships.

Merchant Cash Advances

Okay this isn’t technically a loan, but merchant cash advances help restaurants access quick capital based on future credit card sales.

Companies like Fundbox and Kapitus offer cash up front in exchange for a cut of your daily card transactions until it’s paid back – usually within 6-12 months. There’s no fixed repayment schedule.

The nice perk is quick access to funds without a strict credit check. But the rates can be steep – some providers charge back 2-3X what they advanced you. So it’s good for short term gaps only.

Qualifying for Restaurant Loans

To get any of these funding options, you’ll need to demonstrate your restaurant is a good bet. Here’s a high level checklist:

Good Personal Credit

For all small biz loans, your personal score plays a role. Usually 680+ is best for optimal rates/terms. If your score is lower, take time to improve it first.

3-5 Year Business Plan

Lenders wanna see detailed financial projections that show how you’ll spend the money and pay it back. Provide realistic costs, operating expenses, staffing plans, and expected revenue.

Proven Restaurant Experience

Your background and credentials will be heavily reviewed. Highlight any past restaurant, food service, or hospitality experience on your resume. Formal training helps too.

20-30% Cash Injection

Banks like seeing you invest savings into the business too. Most want 20-30% or more cash injected based on the total funding needs. This demonstrates commitment on your end.


For larger or longer term loans, collateral like home equity or business equipment is often required. This gives the lender an asset to collect if you default the loan.

Incorporation Documents

Formal registration showing your restaurant’s legal formation like articles of incorporation helps. This proves you’re running a real business.

Licenses & Permits

Health permits, food handler certs, liquor licenses, sales tax IDs – gather as much of this stuff ahead of time as you can. It shows attention to legal details.

With these pieces in place, you’ll put your best foot forward to get approved. Even then, expect lots of negotiating on rates, terms, budget approvals, and requirements. It ain’t easy! But with some hustle and smart planning, you can line up the financing to start serving up quality grub in no time.

Let me know if you have any other questions!



How to Write a Restaurant Business Plan


8 Tips for Writing a Winning Restaurant Business Plan

10 Expert Tips for Putting Together a Tasty Restaurant Business Plan

Free Consultation


I was searching for a law firm with some power to help me deal with a warrant in New York . After 6 days I decided to go with Spodek Law Group. It helped that This law firm is well respected by not only the top law firms in New York , but the DA , Judge as well. I...

~Fonder Brandon

5 Stars
It was my good fortune to retain Spodek Law Group for representation for my legal needs. From the beginning, communication was prompt and thorough. Todd, Kenneth and Alex were the first people I worked with and they all made me feel comfortable and confident that the team was going to work hard for me. Everything was explained and any concerns...

~A G

5 Stars
After meeting with several law firms, I chose the Spodek Law Group not only for their professionalism and experience, but for the personal attention given to me right from the initial consultation. It is important to recognize how crucial having the right legal team is when faced with potentially life altering events that impact families and the lives of loved...

~George Cherubini

Spodek Law Group

White Glove Service

We Provide Superior Service, Excellent Results, At A Level Superior To Other Criminal Defense Law Firms. Regardless Of Where Your Case Is, Nationwide, We Can Help You.
View More

Request Free Consultation

Please fill out the form below to receive a free consultation, we will respond to
your inquiry within 24-hours guaranteed.


85 Broad St 30th Floor, New York, NY 10004


get directions

Los Angeles

611 S Catalina St Suite 222, Los Angeles, CA 90005


get directions


35-37 36th St, 2nd Floor Astoria, NY 11106


get directions


195 Montague St., 14th Floor, Brooklyn, NY 11201


get directions
Call Now!