Best Financing Options for Restaurant Equipment

Managing a successful restaurant means monitoring a lot of moving parts, including chefs, wait staff, daily specials — and your equipment.

And there’s good news: Restaurant consultant David Kincheloe notes that it’s often easier to qualify for restaurant equipment financing than other types of financing because the transaction produces collateral. When you finance an oven, you can use that oven to secure your loan.

Brand-new big-ticket items such as stoves, refrigerators or dishwashers typically last seven to 10 years, a prime length for mid- or long-term financing. Because equipment financing often comes with a high annual percentage rate, Kincheloe doesn’t recommend using it to buy smaller items (like microwaves) unless you can bundle them with a larger purchase.

Here are recommendations for restaurant equipment financing.

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Here are 3 options for you

Max Loan Amount

Min. Credit Score

Est. APR

5.50-8.00%

Depending on your creditworthiness and your business’s financials

7(a) program participants include specialized lenders like Live Oak Bank and big-name traditional banks like Wells Fargo.

Lowest interest rate

OnDeck – Online term loan

Max Loan Amount

Min. Credit Score

Est. APR

9.00-99.00%

Depending on your creditworthiness and your business’s financials

OnDeck offers a fast term loan for small-business owners with less-than-stellar credit who want to expand.

May fund quickly

Funding Circle – Online term loan

Max Loan Amount

Min. Credit Score

Est. APR

10.13-36.00%

Depending on your creditworthiness and your business’s financials

Funding Circle is an option for established businesses that are financing an expansion or refinancing debt.

May fund quickly

Last updated on September 20, 2021

To recap our selections…