First Bank: Where to Get a Restaurant Loan with Competitive Rates

So you want to open a restaurant and you’re wondering where to get a restaurant loan. Before we answer that, let’s break down all the expense requirements of opening a new restaurant.

Expense Requirements for a New Restaurant

Here’s what you’ll most likely need to consider when opening up a new restaurant:

  • A mortgage or rent (first month plus security deposit)
  • First month of utility bills, typically water, electricity, internet and phone
  • Tables and chairs
  • Tableware, utensils and dishes
  • First month’s supply of food and beverage
  • Insurance
  • Restaurant permit and/or liquor license
  • Payment technology such as credit card machines and cash registers
  • Menus, fliers, coupons, business cards, ads
  • Outdoor signage

Don’t forget to include the kitchen equipment you will need which, depending on what type of menu you plan to serve, could include refrigerators, deep fryers, ovens, stoves, cutting tables and more plus kitchen utensils like spatulas, tongs and knives. In addition to these expenses, remember to consider the cost of labor, marketing and outside advertising costs.

Where to Get a Restaurant Loan

Restaurant loans are often more attainable at local community banks. It helps if that bank can offer a number of other business services in addition to the loan. A bank like First Bank is a great choice and here’s why:

  • First Bank has an array of business loans such as traditional lump-sum loans, credit lines, commercial mortgages and construction loans
  • First Bank has a number of different business checking and savings accounts with business debit and credit cards
  • With First Bank you can conduct merchant services such as credit card processing, payroll and deposits
  • There are over 80 First Bank locations throughout the Carolinas and with online and mobile banking, First Bank is accessible anywhere

First Bank makes the cost of opening a restaurant not as daunting as it may seem and is the best option for finding a restaurant loan.* Call today to discuss your loan options.


*Loans subject to credit approval.

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Sources:

Inc: https://www.inc.com/articles/201111/business-start-up-costs-restaurant.html