Binghamton, New York restaurant owners can send funding requests through Harborpark Funding Group to funding partners. This page covers Broome County restaurant counts, equipment, lender records, bank loans and equipment lenders.
At a glance
- Restaurants and other eating places, Broome County, NY
370 restaurants and other eating places with paid staff, Broome County, NY (CBP 2023)
- Full-service restaurants, Broome County, NY
161 full-service restaurants with paid staff, Broome County, NY (CBP 2023)
- Limited-service restaurants, Broome County, NY
145 limited-service restaurants with paid staff, Broome County, NY (CBP 2023)
Loans for Restaurants Replacing Deck Ovens or a Walk-In Cooler
A deck oven or a walk-in cooler is the purchase that cannot wait: when one fails, the kitchen loses sales every day it is out. Loans for restaurants replacing either one are usually equipment loans or leases, with the new unit as collateral, and the quote, the installation date and any electrical or gas work are the first records a lender asks for.
Illustration only, invented figures: a $26,000 double-deck oven with installation, financed over 60 months at an invented annual rate of 10%, costs about $552 a month (our arithmetic). Ask whether removal of the old unit is in the quote.
Restaurant Lenders and the Sales History They Read in Broome County, NY
Restaurant lenders read sales history more closely than most. They look at card deposits week by week, the gap between strong and weak months, food and labor costs as a share of sales and the remaining years on the lease. A restaurant that has been open several years with steady deposits is reviewed differently from one in its first year.
Broome County, NY had 370 restaurants and other eating places with paid staff in 2023, with 6,250 paid employees and about $135 million in annual payroll (CBP). About a third of them, 119 of the 370 or 32.2%, had under five people on payroll.
Restaurant Loan Requirements: Returns, Card Statements and a Lease
- The restaurant's last two or three tax returns and a profit and loss statement for this year.
- Several months of bank and card processing statements.
- The kitchen's lease, showing how many years remain and whether it can be renewed.
- A list of current loans, leases and advances, with payments.
- For equipment, the vendor quote; for a remodel, the contractor's bid.
Restaurant loan requirements vary by lender and product. A card-sales advance asks mostly for processing statements; a bank term loan asks for the full set.
Equipment Financing for Restaurants Adding a Pizza Line
Adding a pizza line means a deck or conveyor oven, a dough mixer and sheeter, a prep table with refrigerated rails and sometimes a larger hood. Equipment financing for restaurants adding that line can bundle the pieces into one package, and some lessors include installation and the hood work in the financed amount.
Full-service restaurants numbered 161 employers in the county in 2023 and limited-service restaurants 145; 23 and 21 of them, respectively, had a ZIP 13901 address (CBP and ZIP Business Patterns). The equipment page covers hoods and walk-ins.
Bank Loans for Restaurants Compared With Equipment Lenders
A bank loan for a restaurant usually asks for more records, takes longer to arrange and carries a lower price for a strong borrower. An equipment lender asks mainly about the equipment and the restaurant's deposits, and the equipment secures the loan, which can make it a fit for a younger restaurant.
A card-sales advance is a third route, and it is not a loan. The cash advance page shows how to set its total against a loan's total for the same amount.
Dining-Room Remodels and the Weeks a Binghamton, NY Kitchen Is Closed
A dining-room remodel can close a restaurant for days or weeks, and the lease, insurance and some staff costs continue while it is closed. A remodel budget should include those weeks. A term loan can carry the construction, with a short working capital loan or a line covering the closure.
The food truck article covers another expansion route for an established kitchen.
Card Statements, Delivery App Payouts and the Restaurant File
Many restaurants now take part of their sales through delivery apps, which pay out on their own schedule and after their own fees. A lender reading the bank statements sees app payouts as separate deposits, so a restaurant should be ready to show the app statements that match them, along with the card processing statements for counter and table sales.
Cash sales matter too. A restaurant that deposits its cash regularly shows its full sales in the bank statements; one that does not will see that part of its business left out of the lender's count. Regular deposits give the reviewer a complete record and a firmer basis for sizing the request.
By Harborpark Funding Group · Updated