Who doesn’t like pizza? Every generation likes to dwell on it. You can eat it as breakfast, lunch, and dinner and no one would raise a finger. According to PMQ’s annual Pizza Power Report, the US accounts for about one-third of global pizza consumption. There are almost 75,243 pizza parlors in the US with almost $45.1 billion estimated sales in 2018. An average person in the US takes in almost 46 slices of pizza annually.
Tony Gemignani, owner of Pizza Rock, 12-time World Pizza Champion and current president of the World Pizza Champions shed light on the future growth of the pizza industry. According to Tony: “the pizza industry has huge potential. More chefs will come into the industry with more approachable and affordable ways”.
No doubt, opening a pizza parlor is a great investment and requires lots of cash. If you don’t have cash in hand, you will probably lose the race. Since the banks have a lengthy and complicated lending process, most of the businesses are now turning to alternative lenders. Alternative lenders offer a couple of business loans that will definitely help you grow your pizza heaven.
It is time to spend money on your Pizzeria when:
- Opening a new pizza hub,
- Purchasing updated equipment,
- Introducing a new franchise,
- Need cash flow.
Business Loans for Pizza Parlors
There are many lenders out there offering business loans to pizza parlors, but alternative lenders are the best because with them you get the best loans at competitive rates and affordable terms. Plus, business loans from alternative lenders provide flexibility to businesses. Some are even blindsided to bad credit score.
Alternative Business Loans for Pizza Parlors
Here are five of the most common alternative business funding programs:
- SBA Loans
When looking for funding, the small business owners turn to Small Business Administration (SBA). SBA is not a funder, it only guarantees the loan amount to the lenders. SBA loans are the best funding program for pizza parlors. Instead of being the most secured funding option, there are also some disadvantages to them. These loans carry a lengthy lending process, which probably takes weeks to months. For businesses requiring immediate funding, this isn’t a perfect choice!
- Small Business Loans
These loans can better serve for business expansion purposes. If you are looking to expand your pizza parlor or want to open at another location, small business loans can help you. Applying for a small business loan at alternative lenders comes with flexible rates and terms.
- Business Lines of Credit
Business lines of credit works in a similar manner as the credit cards, but with different terms and repayment methods. It can be used for short-term requirements- maintaining cash flow, buying, and purchasing of inventory. Running pizza parlors involves a lot of short-term expenses and these expenses can be met effectively by getting a business line of credit.
- Equipment Financing
The success of a pizza parlor lies on its commercial oven, screens, salad and sandwich prep tables, dough rounder, mixers, and dividers. This equipment can be purchased by getting an equipment loan. This alternative funding program is designed to help in the purchase the needed equipment for your pizza parlor.
Can’t run a Pizza Parlor without:
o Commercial pizza oven
o Pizza pans and screen racks
o Salad and sandwich prep tables
o Dough mixers, rounder, and dividers
o Warming Shelf
o Pizza Display Case
- Merchant Cash Advance
Merchant cash advance is the fastest business funding program wherein you can get funded in just a couple of days. Cash advances can be used for meeting the instant-financial need of any business. Its easy-credit-check and collateral free nature makes it the most preferred option for business owners experiencing bad credit problems. If you are rejected for a loan from traditional funding sources, a merchant cash advance can be your savior.
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