Restaurant Loan Corporation opens in Michigan

Restaurants get access to much needed loan programs

Birmingham, Michigan, UNITED STATES

BIRMINGHAM, Mich., Aug. 03, 2016 (GLOBE NEWSWIRE) -- Restaurant Loan Corporation, a division of Ready Capital Corporation, opened its new HQ in downtown Birmingham Michigan. “Restaurant owners struggle finding access to low cost capital,” says Restaurant Loan Corporation’s Vice President Makenzie Backonen. “Many, if not most Restaurants, do not have a reliable source for capital needs. The Restaurant industry needs lenders who understand their industry. The unique business cycles of a restaurant create high and low revenue cycles. There are many financing solutions available to restaurateurs that are not well known, including low interest rate Federal loan programs.  Restaurant Loan Corporation provides a comprehensive ‘one stop shop’ menu of business loan solutions for Restaurant owners including Mortgages, Equipment Leasing, Lines of Credit, Working Capital and Business Advances.”

According to a frequently cited study by Ohio State University, restaurants fail at an alarming high rate in the first few years. Even the best restaurant operators find it difficult to attract, build or maintain a relationship with lenders. Many small businesses are forced into taking high interest rate cash advances for capital improvements or to weather the slower cycles.  “Although sometimes a cash advance may be the only solution for a restaurant, they are not all created alike,” says Backonen. “Picking the lowest cost financing option should always be a goal for a borrower.”  Restaurant Loan Corporation can provide guidance on what are the best options for each borrower’s needs. After all, Restaurant Loans are all we do!”

Restaurant Loan Corporation is a division of Ready Capital Corporation. Ready Capital is a boutique business lender that works with professional trades such as Attorneys, CPA’s, Bankers, Brokers and other trusted advisors to solve businesses financing needs. Ready Capital Corporation is a member of the TMA (Turnaround Management Association) and works closely with many groups and organizations to bring timely business capital to those who need it most.


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