In order to succeed in the competitive restaurant industry, owners need good food, good staff, and good equipment.
However, restaurant equipment does not come cheap. Financing is key.
Most business owners in the United States finance their restaurant equipment. Restaurant equipment loans allow business owners to get new equipment immediately while preserving their cash and working capital for other purposes.
Proper maintenance and knowing when to replace old and worn equipment is essential to saving your restaurant money in the long run. So what equipment could your restaurant use?
Below are four asset groups that a majority of restaurants need to run their business. These purchases can easily run into tens of thousands of dollars, and can put a strain on the cash flow of restaurant owners. Restaurant equipment financing helps ease that strain by getting you the equipment you need now, while spreading the cost out over a future time-frame.
Keeping your food fresh will save your restaurant money in inventory and keep customers coming back. Commercial refrigerators will be one of your restaurant’s largest expenses. These can cost anywhere from $2,000 – $10,000 depending on your needs. And the cost doesn’t stop after the piece of equipment is bought – they break, get worn down, and constantly need maintenance.
Stove and Oven
Give your chefs the tools they need to produce the best food possible. This begins with the stove and oven. Whether you need to replace a broken heating element or are looking to upgrade to a better quality product, having a good stove set with all working parts is essential in any restaurant. If you haven’t updated your stove and oven in years, you could also be losing money on energy costs of the old model and the worn out insulation.
Point of Sales Systems
The point of sales system is vital for any restaurant. It allows owners to track sales and inventory usage, calculate cash due for every order and record the method of payment. The system also creates hourly and daily sales reports and allows hourly employees to clock in and out. Point of sales systems have evolved with technology and now can be entirely run off of iPads. You will have all these tools in a single system and be able to run your business more efficiently.
Dishwasher and Cleaning Equipment
Having dirty dishes can destroy your restaurant. Not only will ruin your establishment’s reputation and drive customers away, but it will cause a problem with health inspectors. Having the proper dishwasher and cleaning equipment is imperative to your success. If you have old equipment that is failing to do a proper job, replace it immediately. Whether you buy high and low temperature dishwashers, conveyor dishwashers, rack dishwashers, or booster heaters, make sure you buy top quality equipment.
The need for restaurant equipment financing doesn’t stop there. Depending on your restaurant, you could need drink dispensers, ice machines, fryers, steam cabinets and steam tables, self-service tables and sneeze guards, and all different kinds of utensils. Whatever the equipment, Fundation is happy to help you get the financing that’s right for you.
The information contained on this page is for general informational purposes only. It is not legal advice and should not be relied upon in making borrowing decisions. Fundation loans are subject to lender approval.
Fundation combines the benefits of a bank loan with the ease and efficiency of an online lender. We offer conventional loans with competitive rates to businesses with varying credit profiles. Our technology allows us to deliver capital in as few as 3 business days through streamlining the collection and evaluation of customer information and conducting the majority of the lending process electronically. As a direct lender, we use our own capital to originate and hold the loans we make, so that we can focus on building relationships with our customers. Our dedicated customer relationship model enables us to understand each unique borrower’s business. This level of service, coupled with our best-in-class products, is why many of our customers come back to us repeatedly for more capital.