What Is a Pub Business Loan?
A pub business loan can provide pub owners/landlords with the finance they need for a variety of business-related purposes.
The traditional route for businesses, such as a pub, to access finance would be through high-street banks in the form of a loan, however since lending criteria has been tightened following the 2008 recession, pubs and bars now fall into a high-risk category. A traditional business loan would now only be available to pubs with exemplary credit records and strong income levels.
Quote Goat works with business finance brokers and a panel of alternative lenders that can provide financing solutions to pubs that do not fit traditional lending criteria. This financing can come in many forms including asset finance, unsecured and secured business loans and merchant cash advances, to name but a few.
What Can A Pub Business Loan Be Used For?
Pub business loans can in many ways, the majority of lenders will not deem what the financing can and cannot be used for, as after all you are the expert.
The pub industry has faced tough times in recent years and to thrive pubs have had to adapt to changing customer demands which can often require some form of investment. In light of this a few reasons you may require funding are to expand your food operation, refurbish your establishment, purchase new stock, assist with cashflow issues and many more.
How Can Pubs Apply For Finance?
Application for a pub business loan is free & easy. The first part of the process is to apply online, submitting your details to a finance broker who will then match your business with suitable lenders.
You will then be able to discuss your requirements in further detail with an financing expert who can offer you advice on how to proceed and talk you through the various financing options including merchant cash advances, asset finance & invoice finance.
What is the lending criteria for pub loans?
Criteria varies depending on the type of product you require however you will normally have had to be trading for at least 6 months and you will need to provide evidence of your business’s finances.
How Much Funding Is Available?
Again, the amount of funding available varies between products but you can borrow from as little as £1,000 up to £20,000,000 according to your situation.