Businesses in the hospitality sector commonly find it difficult to access commercial finance. Why is this? Well, to begin with, traditional banks and alternative lenders will ask for past and future business performance reviews.
This is so the bank or alternative finance provider can gauge how much they can lend to the hospitality business. The business finance options can be a business loan or merchant cash advance facility.
Bars, restaurants, and hotels can operate seasonally. Therefore, this fluctuation in revenue can make it less attractive to lenders and difficult to secure a business loan. Dealing with the general public, a business loan through a card terminal can be a great option.
Pinnacle Business Finance in Bristol will look at all the information for you. Commonly the finance broker will review bank statements, annual accounts, and any cash-flow forecasts you have. From this, we can build a suitable loan amount for you.