Restaurant Programs Overview

We have several unique cash advance financing vehicles available for restaurants. These programs include existing restaurants, restaurants changing owners as well as for new restaurants. Here is a summary of the 3 Restaurant Merchant Cash Advance programs.

1) Existing restaurant

This is a standard merchant cash advance. Monthly Visa/MasterCard volume must be greater than $7,500 per month. Approval time is typically 24 hours.
  • Copy of Voided Check

  • Copy of Driver's License for each signature on the application (enlarged copy will help clarity and expedite the process)

  • Proof of ownership (a document that shows the business owner name(s) and percentage(s) of the business owned (some examples are Articles of Incorporation, LLC Member Agreement, Tax Return Schedule)

  • Most recent month's business bank statements - all pages

  • Complete Merchant Processing Statements for the last 4 months (we need the summary section section as well daily transactions)

  • If engaged in a merchant cash advance currently, name of cash advance provider and current outstanding balance

  • Cash wired after demonstrating 3-5 successful batches to new processor

2) Restaurant changing owners

This is pretty similar to a standard cash advance deal, with a few extra requirements. Approval is typically 24-48 hours. If a restaurant is purchased by a new owner, but keeps same DBA and maintains continuous operations, we need:
  • Biography of the new owner

  • Switch credit card processing to our provider, except in rare circumstances

  • Demonstrate 3 batches on new system

  • Produce 2-4 of the old owners' monthly CC statements - if Monthly Visa/MasterCard volume is $10,000 or more (alternatively, we require 60 days of processing for new owner if Visa/MasterCard volume is $7,500 to $10,000)

  • Some additional documentation may be helpful, so prepare the new owner for this, but it varies deal to deal

  • Plus, paperwork required for Existing Restaurant program, above

3) New Restaurant program

There are three kinds of these deals, but paperwork requirement is similar. Importantly, the business plan must support an expected $25,000 per month in Credit Card Volume. Approval is typically 3-5 business days. Here are the three primary 'new restaurant program' candidates:
  • Existing restaurant shuts down, renovates, then restarts as same name

  • Existing restaurant maintains continuous operations, but changes its name under new ownership

  • Brand new restaurant opens up (or plans to) with no prior history

Please bear in mind that restaurants in operation for more than one month do not qualify for this program. Also, there is some paperwork and underwriting involved, so from a practical standpoint, you need to submit a completed package before you start. We look for a seasoned team and an ambitious and well-thought out plan. Attached is our Cash Federal application, which you will have to fill out. Also below is a checklist of documents that are required for pre-approval.

Please fax or scan/email over your company's documents well in advance of your planned start. We estimate the time from when you send your completed document package till the time when you receive a cash advance, if approved, may range from 1 to 4 weeks. Also, there is some paperwork and underwriting involved, so from a practical standpoint, you need to submit a completed package before you start. Also, since this financing requires that we become your credit card processor, we have to set that up before you start.

In each of the three cases, these would be considered as a 'new restaurant program', with documentation as follows:

  • Menus for breakfast, lunch, brunch and dinner where applicable

  • Full copy of executed property lease/ current mortgage statement

  • Full copy of executed liquor license

  • Full copy of executed franchise agreement (if applicable)

  • Photographs, inside and outside

  • Prior restaurant experience in the form of a simple resume

  • Business plan including financial projections preferred but an informal document with business projects may be considered

  • Purchase and Sale Agreements if the business or assets were purchased from a seller (if applicable)

  • Name and contact info of the attorney or accountant, if any, handling the merchant’s purchase of business (if applicable)

  • The completed Cash Federal application

As a note, if you use a Point of Sale (POS) system, you will be responsible for contacting your service company and arranging the reprogramming of the system based on a 'VAR sheet' that we and/or our partners will provide to you from 1 to 5 business days after the contract is signed.



 
 
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New Merchant Cash Advance Program

A restaurant that is planning to open or that has been open for less than a month may qualify for this cash advance program. Please contact us at 1-877-221-3003 for more information.