BOSTON–(BUSINESS WIRE)–Toast, the fastest growing restaurant management platform in the United States, today unveiled Toast Capital: a solution designed from the ground up to provide restaurants of all sizes with access to fast, simple and flexible financing to cover their working capital needs and invest in their growth.
According to Toast Restaurant Success in 2019 Industry Report. Accessing capital from physical financial institutions has always been a challenge for restaurants due to perceived risks common in the restaurant industry, such as seasonality and low profit margins.
Leveraging Toast’s deep experience serving the restaurant community, Toast Capital makes life easier for restaurateurs and provides fast, reliable access to financing to help them grow their business. Benefits include:
- Fast and flexible financing: Toast Capital Loans providing easy access to the financing restaurants need, when they need it. Members of the Toast Restaurant community can apply in minutes and, once approved, receive funding within one business day.
- An eligibility engine built for restaurants: Eligibility for a Toast Capital loan is determined by a number of attributes, such as sales history, time in business, and time as a Toast customer. Unlike traditional commercial loans, Toast Capital loan eligibility guidelines take into account industry-specific challenges, such as seasonality.
- A fixed and transparent cost: Toast Capital Loans provides fixed cost financing tailored to each restaurant. Toast Capital loans have no compound interest or personal guarantees. Funding is available between $5,000 and $250,000, depending on eligibility.
- Simple and automated refunds: Toast Capital loans are repaid based on a fixed percentage of daily credit card sales. This means that reimbursement flexes with restaurant sales volume, so when sales are slower, restaurants reimburse less than on peak days.
“Since we invested in Juvia and Sushi Garage with Toast Capital seven months ago, our revenue has grown more than 15%,” said Tim Sandoz, chief operating officer at Juvia Group in Miami, Florida. “Funding from Toast Capital has allowed us to expand our dining space and increase the number of covers we can manage each night. Historically, reservations were made four days in advance, which meant a lot of disappointed potential customers. Since expanding with Toast Capital, we now have additional seating which allows us to accommodate more guests, increase revenue and increase server tips.
“Toast Capital is a restaurant-focused financing partner committed to the success of the restaurant community,” said Tim Barash, chief commercial officer of Toast. “We understand the unique challenges restaurant owners face when it comes to running a business and getting a loan. That’s why a Toast Capital loan provides access to transparent financing with fixed fees, allowing restaurateurs to do what they love and thrive.
Toast Capital Loans will be available to eligible Toast restaurants across the United States by December 2019. To learn more, visit here.
Toast Capital loans are made by WebBank, Member FDIC.
*Prior to providing access to the Toast Capital loan, Toast Capital offered merchant cash advances to certain customers.
Launched in 2013, Toast powers successful restaurants of all sizes with a technology platform that combines point-of-sale, front-end, back-end and customer-facing technology with a diverse market of third-party apps. By combining technology with an unparalleled commitment to customer success, Toast helps restaurants streamline operations, increase revenue and deliver exceptional customer experiences. Toast was named to the Forbes Cloud 100 2019, Forbes Fintech 50 2019, SXSW Interactive Innovation Finals 2019 and recognized as the third fastest growing technology company in North America in the Deloitte Fast 500 2017. To learn more, visit you on www.toasttab.com.