Renovation loans are loans that are granted to all those who need money to do building renovations. In addition to renovating a house, these loans are granted to those who have to renovate their business premises, such as a restaurant.
Loans to renovate a restaurant
We all know that restaurants need to comply with certain laws, for which it is possible to do jobs and spend money. Restaurant renovation loans allow you to do your homework without worrying too much about expenses.
The restructuring loans are usually fixed rate or variable rate, according to the customer’s choice, and are to be repaid within a maximum period of 120 months. Furthermore, the loan amount, to be repaid monthly, varies according to the amount of the works and the guarantees that can be offered. Obviously, the greater the guarantees and the higher the sum that can be borrowed.
Depending on the bank or finance company from which these loans are obtained, the sum covered by the loan itself can be granted entirely in advance or depending on the state of progress of the works. In the first case, the applicant immediately has all the money he needs to do the work on his restaurant (both purchased and managed), while in the second case to have a new tranche of money, it is necessary to present the expense invoices issued by the company to which these works are entrusted.
If you want more information on restructuring loans, you can contact your trusted bank or take a look at the financial companies that offer loans for companies .
There may also be opportunities to acquire loans for restaurant renovation which are subsidized or non-refundable. In this case it all depends on the availability or not of subsidized loans granted by the European Community, by the State or by the Region in which you want to open this business.
Documents needed to access the loan
In order to access the financing (both subsidized and non-subsidized) it is important to have all the necessary documents ready to carry out the restaurant business itself. For example, it is necessary to have a SAB certificate, that is to say Food and Beverage Administration. Without it it will not be possible to start the business and, consequently, to access the loan. If you do not have this certificate but you are attending the course, you can report it to the bank and highlight that the timing of achievement of the certificate and the end of the course coincide, therefore as soon as you have the SAB certificate you will he can already start work because the necessary work has already been done.