Why Equipment Financing Is Great for Restaurants

Equipment financing comes with many advantages for small businesses—and it’s especially suited for the demanding, fast-paced world of foodservice.

Here are just some of the many benefits of financing your equipment through TimePayment and LeaseQ:

• Get up and running even when you’re short on cash. Equipment financing turns big-ticket prices into manageable monthly payments. So you can acquire the equipment you need to get off the ground for much less cash up front—ideal for first-time restaurant owners and other business start-ups.
• Get the equipment you need right now. Saving for a down payment comes with huge opportunity costs. Equipment you don’t have is equipment that’s not earning you money. With equipment financing, you can get the devices and technology you need immediately, so they can start earning profit—and pay for themselves in the process.
• Your dealer gets paid up front. With equipment financing, your equipment retailer or distributor gets paid 100% at the time of purchase. That makes you a customer they want to work with now and in future.
• Finance all your FF&E needs. TimePayment and LeaseQ have programs that start at $500, and as long as 60% of your purchase is equipment, we can usually help finance furnishings and fixtures as well. (Some exclusions may apply.)
• Skip the paperwork. Equipment lease financing typically comes with substantially less paperwork and documentation requirements than bank loans or other financing options. This lets you get back to doing what you do best: running your business.
• Conserve your capital for other uses. Wages are rising. You need cash for payroll. Supply chains have grown shaky. You need to stock more inventory. Competition is increasing. You need to budget more for advertising. Extreme weather events are taking more of a toll on your business each year. You need a rainy-day fund—literally! All of these are great reasons to not have your capital tied up in expensive equipment when making low monthly payments is the better option.
• Keep your lines of credit free. In many cases, equipment lease financing doesn’t greatly impact your other lines of credit. That leaves you free to still apply for bank loans for facility upgrades, remodeling, expansion, and other big investments in your future.
• Avoid obsolete technology. Kitchen equipment is getting smarter. More integrated. Even supported by AI. With many of our programs, you have the option to return obsolete equipment at the end of your lease term, allowing you to get the latest model with a new lease. It’s a great way to stay ahead of the technology curve—and your competition.
• Stay nimble. There are lots of other reasons you want to keep your equipment stance loose in a changing marketplace. The last five years saw a pandemic, shrinking dining rooms, the rise of contactless payment and third-party delivery, and increased adoption of walk-up windows and drive-thrus. The option to return your equipment in three to five years allows you to rethink and reorganize your back of house as business needs change.
• Keep the equipment you love. Most TimePayment and LeaseQ programs offer you the option to keep your equipment at the end of your lease term for a small buyout amount—sometimes for as little as $1! Keep the equipment you rely on to thrive.