Sometimes your hospitality business needs a bit of a helping hand. Getting a business loan can be the one thing holding you back from the advancement and growth you need to keep going and increasing your offerings.

If you have been told no too many times to count, or maybe you are too scared to apply for a hospitality loan due to bad credit or having a young business, now is your chance!

For those businesses who are now ready to take the next step and upgrade to some new equipment, invest in marketing or digital menu’s your moment has come.

Business loans can seem daunting, but they really are not. With so many great companies offering loans specifically to hospitality businesses, like yours, you will be sure to get the loan you need to spend on helping your business grow.

Things to consider before getting a loan:

1. How much do you want to borrow? Knowing exactly how much you need vs how much you want are two very important things. If you have any savings, try and go for a minimal loan so you can avoid less interest repayments in the long-run.
2. When do you need the loan? What is your current timeline looking like? If you are in a pickle and need the loan sooner rather than later, perhaps look at companies with a quick turn around like Bizcap or Business Fuel.
3. What will you be spending the money on? Most loan providers will require you to tell them what it is that the money will be spent on, whether that be a new POS system or EFTPOS machine or a new kitchen for your restaurant.
4. Do you have any other loans at the moment or outstanding payments due? If you are already sunken in debt, maybe a loan is not the best idea right now, consolidate your loans and create a plan to get everything under control first.
5. Make note of your credit score. Despite this not being the be-all and end-all, it’s something to make note of, just in case the loan provider asks you, you have it handy.
6. Know your annual earnings.