MRM EXCLUSIVE: Your Restaurant Is a Small Business, Fund it Like One

4 Min Read By Andrew Szala

Do you want to open a new restaurant? Is your dining room or kitchen in need of renovation? Maybe you want to start a food truck on the side?  

How are you going to pay for it?

Seventy percent of American restaurants are single-unit operations, the majority of which have fewer than 50 employees.  Restaurants are associated with fun and hospitality but at their core, each is a business venture and according to the Small Business Administration, full-service restaurants with annual incomes less than $7.5 million and quick-service restaurants that take in less than $11 million are categorized as small businesses.  

Relying on maxed-out credit cards and nest egg savings puts unnecessary strain on personal finances. Consider this instead: Take a cue from other small businesses and fund your next venture through a small business loan. Here are the steps to take when embarking on this process.

Assess Your Credit NeedsFirst and foremost, decide how much money you actually you need. Make…