From mood lighting to mid-century Indian décor, it seems like the latest design trends for restaurants are changing more than ever. So, what design trends are catching on this year like wildfire? Indian hotel and restaurant industry in 2019 is designed not only to encourage repeat clients but also draw new diners to retain for a while.
With cosy interiors to new-age cutlery combined with modern kitchen architecture, you are all set to give your restaurant business a fresh boost. But, you often have to halt in such moments.
Need for financing
Restaurant owners often face trouble availing finances to revamp their business. A lack of equipment financing or working capital funding is the 2 top reasons why most restaurants fail to prosper in business. Hence, the need for sufficient restaurant financing is much bigger than ever before.
But borrowing a restaurant loan from a financial institution is often tricky as it involves high collateral risks and steep interest rates. However, with alternate lending facilities sprouting up in our country, availing such loans is getting easier for restaurant owners. Leading NBFCs in India like Bajaj Finserv provide customised collateral-free Loans for Restaurants or Hotels for such upgrades. These collateral-free loans can be availed with 2 documents within 24 hours.
Such loans are not just more comfortable to avail but also unsecured as well. This way you don’t need to pledge any business or personal asset to receive the funding.
Government-endorsed financing options
Here’s a list of the best financing option to run your restaurant business smoothly and make the necessary changes –
Working Capital Loan
These 3 are a few types of business loans available for restaurant owners in India. Now when it comes down to what kind of funding is suitable for your business, you must choose it as per your requirements.
Here are your options –
Mudra was set-up with one goal in mind – to fund the micro and small enterprises in India to start up or maintain existing business. Now, if your restaurant qualifies for financing, you can apply for a MUDRA loan. As a MUDRA loan eligibility, your firm need to have growth potential. Credit of up to Rs 10 Lakh can be availed via this scheme. You can refer to any banking institution or NBFCs for availing this loan which falls under PMMY.
Working capital loan
Of all the financing options, working capital loan offers the best financing to meet the expenses of running a restaurant. These are short-term loans that’ll help you cover the immediate expenses and keep the restaurant’s finances running smoothly.
Unlike funds you receive if you apply for a Mudra loan, availing a working capital loan is relatively easier. Prominent NBFCs in India such as Bajaj Finserv offers working capital loans to those who need quick business loans of smaller amounts. The interest rates charged here is also less as compared to other financial institutions.
Implementation of new equipment for your restaurant or to upgrade existing ones is expensive. You can always avail a machinery loan from reputed NBFCs at favourable interest rates to do the same. What you need is to put in a few necessary details and have your loan approved shortly.
Bajaj Finserv also brings you pre-approved offers on unsecured credits like business loans and personal loans as well as on secured advances like home loans and other financial products. It makes the availing process quick and simple. All you need to do is share a few mandatory details to check your pre-approved offer.
So if you’re looking to renovate your restaurant, these financing options can help you initiate such a project and maintain your business operations throughout the period as well.
Refer to the best designers to reinvigorate your restaurant the way you always wanted to. Boast one-of-a-kind features to lend it a fresh look and boost your business as well.