Restaurant365, an all-in-one restaurant management platform, created R365 Capital, a program designed to help restaurants quickly access the capital they need to thrive. With this free service, restaurateurs complete a single application to access loan options for up to 75 of the nation’s leading lenders. Loan advisers advocate for restaurants and help them find the loan that’s best for their business, according to a press release from the company.
This program comes at a time when access to capital has never been more important, and for many restaurants, may be the only way to keep their doors open, said John Moody, co-founder of Restaurant365, in the communicated.
“The first round of PPP funding ran out as many restaurateurs were still trying to figure out the documentation requirements,” he said. “Other operators were reluctant to apply for the loan because of complicated loan cancellation guidelines. Many feared that if they didn’t follow the rules, they would be forced to repay the loan.”
With the recent announcement to replenish the PPP with an additional $ 310 billion and the economic disaster loan program with an additional $ 60 billion, R365 Capital aims to help restaurateurs navigate the process of acquiring the necessary funds. to stay in business, either through government assistance programs such as PPP and EIDL, or other sources.
“The global COVID-19 pandemic has taught us that restaurants are resilient. Many Restaurant365 customers have switched to a delivery and delivery 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 creating solutions that help restaurants in these unprecedented times and beyond. “
By partnering with Lendio, a marketplace for small business lending, R365 Capital can quickly connect restaurants to experienced lenders. Restaurant businesses do not need to be existing Restaurant365 customers to use the free program, the statement said.