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Want to turn your passion for cooking into a reality? According to the National Restaurant Association’s State of the Restaurant Industry report, the restaurant industry grew to $863 billion in 2019. That’s a lot of money in your pockets. But you’ll first have to figure out how to fund the project of your dreams. Well, we have some suggestions! Here they are:

Get a Loan

Getting a loan is the most straightforward way of obtaining funding. There three options worth looking at:

Small Business Loans

A small business loan is often used to start a business, but can be harder to obtain. It’s possible though, and you should to give it a try. The key is to carefully research which lender best suits your funding needs, as offers can vary from state to state. For example, a loan offer in Pennsylvania can be drastically different than one in New York. One thing you’ll need to check is the annual percentage rate (APR), as it makes up a portion of what you’ll pay up. Ideally, you’d want an APR comparable to the APRs set by Live Oak Bank in Wilmington, North Carolina, as it is set somewhere around 5.50% to 8.25% compared to one in San Francisco, California at an APR of 9.7% to 11.04%. This is important, as a low APR means repayments can be more manageable.


A microloan is like a small business loan, but smaller in amount ($500 to $35,000). Another key difference is that you won’t be dealing with banks or traditional financial institutions, but with micro-lenders, which are non-profit organizations that offer various kinds of loans. In return for convenience, though, you may have to pay slightly higher interest rate.

Title Loans

Sometimes, you’ll need collateral to get approved for a loan. One collateral you might have is your car. With your car’s title and your driver’s license, you can easily secure what’s known as a title loan. This ease of processing is primarily what makes title loans appealing for anyone in need of funds fast. Aside from that, this kind of loan is easily repayable as well. Case in point, repayment for title loans in Cincinnati, Ohio, can be extended for up to 3 years — enough time for you to recoup your initial investment in your restaurant. Having said that, you’ll still have to check up on potential lenders as their loan terms generally vary from state to state.

Angel Investors

An angel investor is someone who can give financial assistance, often in exchange for ownership equity. Now, finding that angel can be a challenge, but not impossible. It takes a good business plan and convincing to believe in your idea. That being said, The Balance Small Business details what angel investors are looking for. Put simply, they’re looking for ventures that are likely to yield a good return on their investment. If you know anyone with capital to invest, pitch to them your passion. Outline your business plan in great detail and how your restaurant will make a profit.


One suggestion from Inc. is to try crowdfunding, typically through a crowdfunding platform like Kickstarter. It’s straightforward online fundraising where you set an amount of money to raise over a given timeframe (for example, $5,000 in 60 days). Your friends, family, and even strangers can then pledge money to that end. Since 2009, over 133,000 projects have become successfully funded, raising more than $3.3 billion. If you play your cards right, your restaurant might just be the next. Just make sure you have a way to thank those who helped get your restaurant off the ground.