Pizza is an extremely popular food among Americans of all ages. 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 US with almost $45.1 billion estimated sales in 2018. An average person in US takes in almost 46 slices of pizza annually, which means round about 23 pounds of pizza annually.
Tony Gemignani, owner of Pizza Rock, 12-time World Pizza Champion and currently president of the World Pizza Champions described in an interview about the future growth of pizza industry. According to Tony, “the pizza industry has huge potential. More chefs will come into the industry with more approachable and affordable ways”.
Pizza is becoming a passion in US. No doubt opening a pizza parlor is a great investment and requires lots of cash and if you don’t have cash in hand, you will probably lose the race. Since the banks have lengthy and complicated lending process, most of the businesses are now turning to alternative lenders, except those who have years of relationship with banks. Alternative lenders have offered a couple of alternative business lending programs that can help them to get the much needed funding for their business growth.
When a Pizza Parlor Need Funding?
- Opening a pizza shop
- Choosing a service style
- Purchasing equipment
- Adding more sitting space
- Opening a franchise
- Cash flow
- For large order
Business Loans for Pizza Parlors
There are many lenders out there offering business loans for pizza parlors, but alternative lenders are the best with whom they can get best loans at competitive rates and affordable terms. Plus, business loans from alternative lenders also provide flexibility to businesses with less than perfect credit score or have no collateral to place.
Alternative Business Loans for Pizza Parlors
Here are five of the most common alternative business funding programs;
- SBA Loans
When looking for funding, the first place most small business owners turn to is, Small Business Administration (SBA). SBA is not a funder, in fact it guarantees the loan amount to the lenders. SBA loans are the best funding program for pizza parlors. Where these loans are the most secured funding option, there is also some disadvantages. These loans carries long-drawn-out lending process, which probably will take weeks to months. Businesses who need immediate funding, this is not a suitable funding program for them.
- Small Business Loans
One of the best business funding programs for small businesses. These loans can better sever for business expansion purposes. Additionally, these loans can be obtained at the speed of opportunity. If you are looking to expand your pizza parlor into a larger space or want to open another location, small business loans can help you. Applying for small business loan at alternative lenders provides you flexible rates and terms.
- Business Lines of Credit
Business lines of credit works similarly to credit cards, but with different terms and repayment methods. These lines can be used for short-term requirements, such as maintaining cash flow and buying and purchasing of inventory. Running a pizza parlors involves lots of short-term expenses and these expenses can be meet 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 rounders, mixers and dividers. These equipment can be purchased by getting an equipment loan for pizza parlor. This alternative funding program is made to help purchase the much needed equipment for your pizza parlor.
Most Common Equipment for Pizza Parlors
- Commercial pizza oven
- Pizza pans and screen racks
- Salad and sandwich prep tables
- Dough mixers, rounders, and dividers
- Warming Shelf
- 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. It’s no credit check and collateral free nature making it the most preferred option for business owners experiencing bad credit problems. If you are rejected for a loan from traditional funding sources, merchant cash advance can help your pizza parlor business.
If you have any question or concern, please call us on our toll free number (833) 827-4412. Alternatively, get your free online quote by filling our online application form, if you’re ready to apply for pizza parlor loan.