- The SBA announced that there are not enough funds to help all the restaurants expected to apply for the Restaurant Revitalization Fund.
- SpotOn is offering an alternative for restaurant operators: SpotOn Capital, a small business loan service for restaurants and small businesses partnered with SpotOn.
The Small Business Administration (SBA) released details about the much anticipated $28.6 billion Restaurant Revitalization Fund and will soon begin accepting applications from restaurants that meet priority group qualifications, followed by a general application period three weeks later. Restaurant industry insiders are optimistic that the program is poised to roll out smoothly, with an easier application process than with previous Federal relief programs, but Patrick Kelley, SBA associate administrator, encouraged restaurants to apply on opening day if they hoped to procure funds, noting that there are simply not enough funds to help all the restaurants expected to apply.
While Kelly suggested that Congress may mandate a second funding round for the program if there’s high demand, many restaurant operators can’t afford to wait and are looking for immediate alternatives to fill cash flow gaps and regain their footing following more than a year of pandemic restrictions.
One new alternative is SpotOn Capital, a small business loan service for eligible restaurants and small businesses partnered with SpotOn. The simple lending program makes it easy to get funds with simple and affordable repayment terms.
To apply, SpotOn clients can simply log in to their SpotOn Dashboard, review their funding offer, choose their funding amount, and then complete a quick application—no personal guarantee required. The approval process is typically fast, and funds are directly deposited as soon as the next business day after approval.
It’s a program that’s designed to work to the benefit of restaurants and small businesses, and one that’s already proven effective.
“Getting a loan now is near impossible,” says Tinisha Mitchell, owner of Quality Stitching in BrokenArrow, Oklahoma, who recently had to replace damaged equipment after an electrical power surge. “SpotOn Capital was quick and easy to obtain. It took me 5 minutes to apply, and my loan is repaid from daily sales. I wish all of my bills were like that.”
Repayment with SpotOn Capital small business loans is easy. There are no periodic interest charges, monthly bills, or late fees to worry about. Instead, the loan is paid back by applying a fixed percentage of daily sales to your balance. This means you pay more when sales are good and pay less on slow days. You can also make additional payments through your Dashboard at any time with no prepayment penalties.
To learn more about SpotOn Capital, visit the SpotOn website. If you’re already a SpotOn client, you can log in to your SpotOn Dashboard, and choose “Capital” from the main menu to see if you qualify for an offer. All loans are issued by Blue Ridge Bank, National Association, located in Luray, Virginia and are serviced by jaris Funding, LLC. All loans are subject to credit approval.