Covered by NYDaily News. Las Vegas man accused of threatening a prominent attorney and making vile remarks.
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.
Accused of stalking Alec Baldwin. The case garnered nationwide attention, with USAToday, NYPost, and other media outlets following it closely.
Juror who prompted calls for new Ghislaine Maxwell trial turns to lawyer who defended Anna Sorokin.
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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.
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In 2022, Netflix released a series about one of Todd’s clients: Anna Delvey/Anna Sorokin.
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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.
There are several loan types suited for food service businesses at different stages of growth:
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 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.
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.
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.
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.
When applying for restaurant funding, lenders analyze various factors to determine eligibility and risk:
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.
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.
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.
For larger loans, collateral like real estate or equipment may be required. Stronger collateral equals lower rates and better terms.
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.
Thorough business plans and projections demonstrate preparation and viability of operating plans to repay loans on schedule.
Beyond the quantitative criteria, several best practices can set borrowers up for success:
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.
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