Catering companies are always under pressure in their competitive industry to impress customers and keep up with the latest food trends. This pressure combined with fluctuating trading patterns at different times of the year can put a significant strain on all aspects of catering business finance.
To ease this pressure there are a variety of competitive catering business loans available. To help you access the catering business funding your business requires, we have compiled this useful guide.
There are many reasons why catering businesses take out loans, but the most common reasons are to improve customer satisfaction and to take advantage of an unexpected opportunity. For example, as technology develops there are new systems which can be implemented into a catering business such as loyalty card systems, fast point of sale systems and online ordering options.
When these investments are combined with effective marketing strategies the costs do start to add up, but the increase in trade will usually cover the initial investment. Not every catering business has the capital available to invest in these latest business opportunities, which is why short-term catering business loans are so popular.
Other popular catering business loans are more long-term commitments, which are ideal for business expansions or significant renovations to premises.
Investing in an expansion or new premises will involve more than just the initial property costs, there are also costs to be considered for the fixtures and fittings alongside the hiring or new employees. During this period the costs can quickly begin to spiral, but a quick catering business loan could provide the cash required to finish the project.
We specialise in helping businesses find the ideal loans for their specific requirements. By working with a wide variety of lenders we can provide access to the most flexible catering business loans, with terms to suit your specific business.
Our panel includes everything from high street banks to alternative peer to peer lenders, who can provide a variety of suitable business loans. Whether you are looking for an unsecured short-term loan of less than 12 months, or a secured loan to be repaid over a number of years, our lenders will take the time to get to know the individual circumstances of your business.
If a standard catering business loan is not the right option for your business, we can also put you in touch with lenders which specialise in everything from equipment asset financing to providing a business line of credit. Your business could have access to a loan from just £1,000 up to £20,000,000 with flexible repayment terms to suit your income.
Our quick and easy business loan comparison tool will help you easily access the most competitive catering business loans. By entering your loan requirements and financial details you will be provided with a list of lenders from our panel, so that you can easily compare the available loans. The loan amount offered, interest rate and charges are likely to depend on your annual turnover, credit rating and business plan, with a variety of flexible loans always available.
If you would like to discuss your requirements for a catering business loan, please contact our team who will be able to advise you on the best loans to suit your specific circumstances.