212-300-5196

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.

Spodek
Law in the Media

View All

Meet Todd Spodek

WE PROVIDE WHITE GLOVE SERVICE TO CLIENTS
WHO WANT MORE FROM THEIR ATTORNEY

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

Opening and operating a restaurant can be an extremely rewarding yet challenging business venture. With high startup costs, tight margins, and a highly competitive landscape, securing funding is crucial for any aspiring restaurateur. This article explores the various funding and financing options available for restaurant owners, as well as eligibility requirements to qualify for small business loans.

Types of Restaurant Loans

There are several loan types suited for food service businesses at different stages of growth:

SBA 7(a) Loans

Part of the Small Business Administration’s loan programs, 7(a) loans provide financing up to $5 million for purchasing real estate, equipment, working capital, and more. As one of the most common small business loans, 7(a) loans offer flexible repayment terms up to 25 years for real estate and 10 years for other assets.

SBA 504 Loans

SBA 504 loans provide fixed-rate, long-term financing up to $5 million for major fixed assets like real estate or heavy equipment. 504 loans require at least 10% down and are issued by Certified Development Companies, not directly from the SBA.

Restaurant Equipment Financing

Restaurants require extensive specialized equipment from stoves, ovens, and refrigerators to point-of-sale systems and dishwashers. Equipment financing allows for 100% financing with predictable monthly payments, flexible terms from 2 to 7 years, and the option to upgrade later.

Business Lines of Credit

A business line of credit provides flexible access to capital up to a set limit, where restaurant owners only pay interest on what they use. This option offers liquidity for inventory, payroll, renovations without taking out large lump-sum loans upfront.

Alternative Online Lenders

Online lenders like Kabbage offer faster loan decisions and funding in as little as 24 hours, making them suitable for time-sensitive needs. However, they charge higher interest rates from about 8-99% APR.

Loan Qualification Criteria

When applying for restaurant funding, lenders analyze various factors to determine eligibility and risk:

Personal and Business Credit Scores

Lenders review personal and business credit reports and scores to assess repayment risk. Minimum scores vary by programs but applicants with scores above 680 have the best approval odds.

Annual Revenue and Time in Business

Most programs require at least 1-2 years in business with $250,000+ in annual revenue. Startups can look to online lenders, investors, and alternative financing options.

Debt-to-Income Ratios

Lenders examine personal and business debt-to-income, with total debt payments ideally below 50% of gross monthly income/revenue. Keeping debt low improves chances for financing.

Collateral

For larger loans, collateral like real estate or equipment may be required. Stronger collateral equals lower rates and better terms.

Equity Investment

The SBA expects owners to contribute at least 20-25% of their own money for 504 and 7(a) loans, indicating commitment. Larger down payments can offset other risks.

Business Plans and Financial Projections

Thorough business plans and projections demonstrate preparation and viability of operating plans to repay loans on schedule.

Tips for Securing Restaurant Financing

Beyond the quantitative criteria, several best practices can set borrowers up for success:

  • Improve your personal credit. Lenders view personal credit scores as an indicator of how you manage finances. Maintaining responsible use of credit cards and other debt not only builds your score but also shows fiscal discipline.
  • Separate personal and business finances. Register your restaurant as an LLC or corporation, and maintain separate business banking accounts. This delineates personal assets from the business for risk purposes.
  • Manage cash flow diligently. With tight margins in the restaurant industry, managing cash flow is imperative. Consistently monitoring income and expenses not only keeps costs low but also informs sound borrowing decisions.
  • Show experience in the industry. Highlight years spent managing or working in food service. Experience reduces perceived risk even for first-time owners. Consider hiring an operations consultant.
  • Have an appealing concept. Lenders want confidence their investment has a high chance of succeeding. Thoroughly test your concept, location, and show a target audience exists.
  • Prepare a solid business plan. An expertly crafted business plan demonstrates thorough planning and knowledge of operating requirements. Include detailed financial projections showing realistic expenses and revenues.

By understanding financing options available and tailoring applications to address lenders’ criteria, restaurant owners can access the essential capital required to fund their visions. With preparation and persistence, securing restaurant loans is very feasible. Reach out to our specialists to discuss how we can help fund your food service establishment.

Resources

SBA Loan Programs Overview

A helpful SBA video explaining different loan programs for small businesses

Restaurant Startup Cost Breakdown

This Restaurant Owner article analyzes costs of opening different types of restaurant concepts

Sample Restaurant Business Plan

For writing your own plan, view this detailed sample plan from Restaurant Owner

Restaurant Accounting and Cash Flow

Tips from QuickBooks on managing restaurant cash flow and finances

Free Consultation

Testimonials

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.

NYC

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

212-300-5196

get directions

Los Angeles

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

212-300-5196

get directions

QUEENS

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

212-300-5196

get directions

BROOKLYN

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

212-300-5196

get directions
Call Now!