Restaurant365, an all-in-one restaurant management platform, has created R365 Capital, a program designed to help restaurants quickly access the capital they need to thrive. Through this free service, restaurant operators complete one application to access loan options for up to 75 of the nation's top lenders. Loan advisors advocate on behalf of restaurants and help them find the loan that’s best for their business, according to a company press release.
This program comes at a time when access to capital has never been more important, and for many restaurants, might be the only way they can keep their doors open, John Moody, co-founder of Restaurant365, said in the release.
"The first round of PPP funding ran out while many restaurant operators were still trying to understand the documentation requirements," he said. "Other operators were hesitant to apply for the loan because of the complicated loan forgiveness guidelines. Many were concerned that if they didn’t comply with the rules, they would be compelled to repay the loan."
With the recent announcement to replenish the PPP with an additional $310 billion and the Economic Injury Disaster Loan program with another $60 billion, R365 Capital aims to help restaurateurs navigate the process of acquiring the funds needed to stay in business, either through government relief programs such as the PPP and EIDL, or from other sources.
"The global COVID-19 pandemic has taught us that restaurants are resilient. Many Restaurant365 customers have pivoted to a delivery and carryout only model, while some have implemented other innovative ways to generate revenue," Moody said. "As our customers pivot, so must we. R365 Capital is part of a larger initiative to focus on building solutions that help restaurants during these unprecedented times and beyond."
By partnering with Lendio, a marketplace for small business loans, R365 Capital can connect restaurants to experienced lenders quickly. Restaurant businesses do not need to be existing Restaurant365 customers in order to use this free program, according to the release.
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