Want to invest in your experimental cocktail menu, decor, or front of house team? You’ll need extra cash to make it happen.
Your bar’s atmosphere, TripAdvisor reviews, and locally famous events make it what it is. If you want to raise finance, it’s important to choose a loan company that understands your industry.
Capify’s bar business finance is simple, with really easy payments. Repayments will go up or down as cash comes into your restaurant, helping you to afford repayments whether you’re busy or a bit on the quiet side.
- The latest bar industry stats
- Who are bar loans for? You!
- Impress even more customers
- Different types of bar finance
- Calculate how much cash your bar could raise
- How your bar can use finance
- Getting your bar ready for funding
- Fixed and flexible payment options
- Loans for bars with poor credit
- In a hurry? Get fast finance
- Short term and long term finance for bars
The latest bar industry stats
Bars and nightlife are always changing. Over the last couple of years we saw more jobs, a bigger interest in ‘experiential’ venues, and an increase in spending at the bar.
- The average Brit spent £59.40 on a night out in 2018 (that’s 6.9% higher than 2017).
- 70% of 18-30 year olds go out for drinks at least once a week.
- Young people are now more interested in bars with games and events than conventional clubs with a dancefloor.
- There are 6% more jobs in bars compared to 2008.
Who are bar loans for? You!
Any bar could do amazing things with a small business loan, whether they’re a popular budget spot for students, a niche music venue, or an uber fancy wine cellar.
Most importantly, a bar loan would suit a business that has big plans for its future. That includes everything from shiny new glassware, tables, and chairs, to smarter point of sale tech and training for your staff.
Impress even more customers
Your bar needs to stand out for all the right reasons. TripAdvisor has a massive 490 million monthly users all over the world, and they’re all keen to read and share what they think about bars just like yours.
Whatever you’re picturing – sold out events, a super fast drinks ordering system, or the most unusual cocktail ingredients money can buy – a bar loan can help make it happen, and give customers loads of reasons to recommend you. Learn how to keep your business profitable in quiet periods
Different types of bar finance
Capify provides business loans and finance options to help jazz up your bar business. Discover our loan products below:
The Merchant Cash Advance is perfect for service businesses like your bar. You’ll get a lump sum of cash, then repay it through a small percentage of your card payments. This is taken before the cash lands in your account, so you won’t even notice the payments coming out.
There are other options available too. Some bars can get government grants, use their overdraft, or apply for credit cards and asset finance. This can be pricey though, so always look around for a good deal before you decide.
Calculate how much cash your bar could raise
Find out how much you could raise and how long it would take to pay it back.
How your bar can use finance
What are your big priorities for the next few years? Maybe you want to become a destination for wine lovers, host big events, or just make the day-to-day stuff faster and simpler.
Style and decor can be just as important as the drinks menu. Make it cosy, Instagram-ready, luxurious, themed – whatever you want!
Every business has admin to do. Invest in the right tools and software and you could make stock management, orders, and digital marketing much easier.
Your choice of beers, spirits and wines are everything. Keep it diverse and source from the industry’s best.
Getting your bar ready for funding
Before you apply for a bar business loan, there are a few things to get sorted.
Decide what you’re going to spend it on. This helps you borrow the right amount.
Check your credit rating. The higher it is, the easier it should be to get approval.
Get all your paperwork in order. This helps to prove turnover, ownership, your address, and other important stuff.
Choose a company you want to work with. Make sure you can chat to them easily and will have support throughout. A personal touch is important.
Fixed and flexible payment options
Want predictable, regular payments? Or does the idea of a fixed monthly bill seem unaffordable?
Flexible repayments can be easier for bar owners to manage because they’re often running a seasonal business. Your payments will change as your business earns more or less.
If Christmas means jam-packed parties and bookings, but Dry January is really slow, flexible finance means you repay less during those quiet periods and more while you’re busy.
Loans for bars with poor credit
Capify’s small business loan can work for bars with all kinds of credit histories. It’s easy to find out if you’ll be eligible for a loan from Capify, even if you’ve missed a few payments in the past.
Find out how much cash you could raise.
In a hurry? Get fast finance
Already chosen the new paint colours? Capify can often get you your cash within days of applying, so there’s no need to hang around.
The process is simple and straightforward. It’s done mainly over the phone with the same adviser throughout. They’ll take you through the process from that first chat to getting your cash in the bank!
Short term and long term finance for bars
How long you spend paying off your loan depends on how seasonal your business is. With a short term Capify loan or Merchant Cash Advance, you could get repayments out of the way during the busiest times of the year, leaving the quiet periods nice and debt-free.
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