Grow your hospitality business with a specialty business loan

Growing your hospitality business can be difficult without the finances you need to upgrade and progress. Instead of continually being knocked-back by the big banks or other loan providers, take a look and apply with these hospitality loan picks. 

Capify – A cash injection to help you push your business forward. Get a quick eligibility quote online with no impact on your credit file when you apply for a business loan from Capify. The Capify business loan is designed to provide much-needed working capital to hospitality business owners no matter their credit score. They have helped thousands of hospitality businesses across Australia fulfil their business ambitions. Loans are available from between $5,000 and $300,000+ for any business purpose. So, whether you’re looking for finance to purchase stock, renovate your premises, raise cashflow or to purchase new machinery, a Capify business loan could be right for you.

Lumi – Here’s what you need to get started: An ABN or CAN, A minimum of 6 months in business, A gross annual turnover of at least $50,000. Gone are the days of lengthy applications and endlessly jumping through hoops to secure the finance your SME needs. Lumi provides you with an accurate, fair and honest lending solution that’s tailored to your hospitality business. Through providing tailored financial solutions, your business can finally go the distance.

Propsa – Have helped more than 29,400 small businesses with funds to seize opportunities or to support cash flow. They continue to fund eligible small businesses with a range of options. Propsa offers flexible funding to suit your business needs, choose from a loan or line of credit.

Hospitality Cash – They are a fast, flexible and affordable funding solution tailored specifically for Australia’s hospitality industry. Any business owner in the hospitality industry can apply online in just a few minutes, and once approved receive funding into your bank account within 24 hours.

Silver Chef – Have helped more than 50,000 hospitality businesses achieve their dreams. They are growing in Australia, New Zealand and Canada – and not stopping there. They have ambitious plans to bring their flexible finance solutions to more hospitality entrepreneurs around the world, helping them to stop dreaming, and start doing. Get the equipment you need for your business with ease.

Moula – Offers your hospitality business a chance to get a loan without all the paperwork, hassle and hurdles. Their main focus is to back good business with business loans and Moula pay.

Business Fuel – If your business needs a fast, flexible business loan between $10k-$200k, then business fuel could be the perfect provider for you. Stop missing out and start being a game changer in your industry with the boost you require.

Ucapital – Offer a ‘different approach’ when it comes to loans. They say “yes” when the bank says “no”, so you can get the finance your need to keep growing. If you have suffered setbacks or have a new business, Ucapital will back you, fast.

Bizcap – Rejected by other lenders due to bad credit score? You are more than just a credit score. They believe that Australian small businesses should have fast access to the capital they need to grow, even if they don’t have the ‘perfect credit score’. They are proud to provide Australian small businesses with loans from $5,000 – $600,000 within 3 hours.

Allied finance – Has assisted Australian businesses with tailored catering equipment loans, restaurant fit outs and equipment funding solutions for the retail sector for more than 40 years. They have access to, and experience with, all of the different hospitality and catering equipment funding methods available including Chattel Mortgage / Commercial Loan, Hire Purchase, Finance Lease, Rental Agreements, Operating Leases, Novated Leases, Lease Back and more!

We find the best options in the market, so you can make informed decisions on tons of products and services.

Hospitality Business Loans 101

Sometimes your hospitality business needs a bit of a helping hand. Getting a business loan can be the one thing holding you back from the advancement and growth you need to keep going and increasing your offerings.

If you have been told no too many times to count, or maybe you are too scared to apply for a hospitality loan due to bad credit or having a young business, now is your chance!

For those businesses who are now ready to take the next step and upgrade to some new equipment, invest in marketing or digital menu’s your moment has come.

Business loans can seem daunting, but they really are not. With so many great companies offering loans specifically to hospitality businesses, like yours, you will be sure to get the loan you need to spend on helping your business grow.

Things to consider before getting a loan:

  1. How much do you want to borrow? Knowing exactly how much you need vs how much you want are two very important things. If you have any savings, try and go for a minimal loan so you can avoid less interest repayments in the long-run.
  2. When do you need the loan? What is your current timeline looking like? If you are in a pickle and need the loan sooner rather than later, perhaps look at companies with a quick turn around like Bizcap or Business Fuel.
  3. What will you be spending the money on? Most loan providers will require you to tell them what it is that the money will be spent on, whether that be a new POS system or EFTPOS machine or a new kitchen for your restaurant.
  4. Do you have any other loans at the moment or outstanding payments due? If you are already sunken in debt, maybe a loan is not the best idea right now, consolidate your loans and create a plan to get everything under control first.
  5. Make note of your credit score. Despite this not being the be-all and end-all, it’s something to make note of, just in case the loan provider asks you, you have it handy.
  6. Know your annual earnings.

How we created this list

Compiled from “Best of” lists published by the world’s most trusted sources, and with our own recommended brands peppered in – this Top10 list aims to help business owners make smarter decisions.