Restaurant Equipment Financing
Restaurant equipment is crucial for the successful operation of any dining establishment. From cooking appliances to furniture, having the right equipment ensures that you can maintain high standards of food quality and service. However, many new establishments close due to financial challenges.
At 1West, we provide restaurant equipment financing to help you keep your doors open and steer clear of depleting cash reserves.
What is Restaurant Equipment Financing?
Restaurant equipment financing lets you purchase the necessary equipment to run your business. This can include anything from ovens and refrigerators to tables and chairs. The financing is typically secured by the equipment itself, meaning that the equipment serves as collateral for the loan.
With flexible terms and rates, 1West offers the right financing so you can acquire almost any type of equipment, whether new or used, without the need for a large upfront payment. Find out how it works here.
Types of Equipment That Can Be Financed
Restaurant equipment financing covers a wide range of items, including vehicles, construction machinery, furniture, fixtures, and technology such as computers, phone systems, servers, and even software. Specifically, it covers:
- Refrigeration units (walk-in coolers, freezers)
- Food preparation equipment (mixers, slicers)
- Furniture (tables, chairs, booths)
- Point of sale (POS) systems
- Dishwashing equipment
- Specialty items (gyro machines, espresso machines)
What You Get with Restaurant Equipment Financing at 1West
1. Preserve Cash Flow
Through restaurant equipment financing, you can preserve your cash flow by spreading the cost of expensive equipment over time. Instead of making a large upfront payment, you can make manageable monthly payments.
2. Tax Benefits
Under IRS Section 179, you can deduct the full purchase price of qualifying equipment purchased or financed during the tax year. This means that you can write off the entire cost of the equipment in the year it was placed in service.
3. Ownership and Equity
Financing your restaurant equipment allows you to build equity in the equipment as you make payments. Once the loan is paid off, you own the equipment outright, which can be a valuable asset for your business.
4. Access to Better Equipment
Restaurant equipment financing allows you to acquire better equipment for your restaurant that you might not be able to afford if you were paying upfront.
5. Enhanced Business Credit
Regular, on-time payments on your equipment financing can help build and improve your business credit score. A strong credit score can make it easier to secure additional financing in the future, whether for expansion, renovations, or other business needs.
How to Get Restaurant Equipment Financing with Bad Credit
Qualifying for restaurant equipment financing can be easy for those with low or bad credit since the equipment already serves as collateral. The good news is, 1West makes it even more possible to secure the funds! Just contact us to learn more.
Get the Funds You Need to Grow Your Restaurant Today
1West has been trusted by restaurant owners for our flexible financing solutions. Regardless of your credit standing, you are eligible to secure the funds you need to buy new equipment, whether it’s for emergency replacements or essential upgrades.
When you get restaurant equipment financing with us, you can ensure that financial challenges do not stand in the way of your success.
| Enjoy Low Rates 1West experts and our ABLE Automation Engine collaborate to find you more competitive rates for restaurant equipment financing. | Use for Any Equipment Our loans finance almost every type of restaurant equipment, from furniture to heavy machinery to software, whether new or used. | Loan or Lease Options Land the best prices from vendors with the option to buy or lease restaurant equipment with flexible funds. | More Flexible Terms Financing ranges from $10,000 to $20,000,000 to fit short-term needs or major expansions for your restaurant business. |
Minimum Qualifications
- 550 minimum FICO score
- 1+ years in business
- 10k minimum monthly gross sales
What You Need to Apply for Restaurant Equipment Financing
- Business Application
- Last 6 Months of Business Bank Statements
- Invoice for Equipment
- Most recent business tax return
Not sure if this is the right financing solution for you? Explore our business loans here.
FAQS (Frequently Asked Questions)
How Do I Apply for Restaurant Equipment Financing?
Visit apply.1west.com to apply and explore your financing options with just a few clicks.
How Do I Check My Application Status?
Log in to your portal at apply.1west.com to check the status of your application. Please allow up to 2 business days for updates.
What Are the Minimum Requirements to Apply for Financing at 1West?
- Completed application form
- 3 months of business bank statements
- $10,000 in monthly revenue
- 3 months in business
Will a Low Credit Score Affect My Chances of Being Approved?
While having a low or bad credit score may limit your financing options, 1West can still provide restaurant equipment financing through our ABLE platform.
How Soon Will I Have Access to My Money After I’m Approved?
The time frame depends on the financing product and partner you are paired with. Generally, you can expect to receive the capital within 24-72 hours after submitting the required documentation.