Running a Pub or Bar
Running your own pub or bar can be difficult. It’s possible that you have a long list of improvements and changes you would like to make to your business in order for it to be more profitable. However, lack of funding opportunities and strict terms from the banks make it feel impossible. There are alternative business finance options available though, such as Capify.
Traditional Business Finance
Many pub and bar owners turn straight to the banks when they need to raise funds to grow their business. This is because it’s the most traditional form of raising finance and the only way most people know. Although the banks used to lend large amounts of money to owners, since the financial crisis in 2008 they have really tightened up their criteria. They will now only provide money to businesses which they deem to be extremely stable, with a long trading history and very strong credit score. Unfortunately, because of this, many business owners are left struggling to raise the business finance which they so desperately want and need.
Alternative Business Finance
Alternative Business Finance was created so that people have somewhere else to turn where they can access funds quickly and easily. More and more pub and bar owners are realising the benefits of raising money in this way because not only is it more accessible, the products offered are much more innovative compared to a traditional loan. There’s options available to raise money based on your credit and debit card takings (Merchant Cash Advance) or even a small business loan which you’re able to repay in very small amounts every day, meaning you don’t have to struggle to save. If you choose to raise money via Alternative Finance, you’ll also notice that the application process is simple and easy to complete. At Capify, we know how busy pub and bar owners are, that’s why we don’t want to bog them down with piles of paperwork.
Why do Pub or Bar Owners Need to Raise Business Finance?
There’s many reasons why a pub or bar owner might want to raise business finance. One of the most popular is because a refurbishment is needed. People will judge a premises as soon as they walk in so it’s important that it looks clean and attractive to impress current customers and entice new ones. Pub and bar owners also spend a lot of money on stock, especially those who serve food or offer unique alcoholic drinks, such as local beers. If you want to make any adventurous or simply necessary changes to your business, Capify could help you achieve your plans.
Raise £3,500 – £500,000 with Capify
Capify offers two innovative business finance products, The Merchant Cash Advance and the Business Loan.
The Merchant Cash Advance
If you accept credit and debit card payments from your customers then the Merchant Cash Advance could be the perfect way to raise business finance. The product is extremely flexible and works in line with your card sales. This means that you never have to struggle to pay back more than you can afford.
Capify will take a very small pre-agreed percentage of your card payments every working day until the advance is paid back. Therefore, if you have a slow day you repay less and on a busy day you repay slightly more.
The Business Loan
The Business Loan is different to others on the market because rather than paying back the money monthly, owners pay back a very small amount every day. Many people love this method because they don’t have to worry about saving for a fixed date. If you own a Limited Company, this could be the perfect business finance solution for you.
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