A quick business funding process that offers same day business loans for business owners.
Shield Funding knows that you need capital to run and grow hotels. That’s why we’ve been working with hotel owners for 10 years to get them the funds they need to make sure their businesses are profitable. We work with hotel owners on business loans of all types with great terms.
Running a hotel is expensive. There are a lot of operating costs, seasonal swings, and unexpected expenses that you’ll need to deal with. But hotels can also be very profitable businesses when they have the resources to maximize revenue.
Few hotel owners have those resources on hand at all times, though. Some of the expenses you run into as a hotel owner can cost tens of thousands of dollars. If you don’t have that kind of cash on hand, you’re not alone. Few business owners do. But we can help.
What Do I Need to Qualify?
Below is a list of the general requirements to get approved for business funding with our basic program.
How Do I Apply?
Applying has never been easier. You can either call our toll free number 24 hours 7 days a week at:
OR
These business loans can be used for anything you need in running your hotel. Need some extra cash to make payroll? Want to fund a huge expansion to your building? Buy another hotel? A loan will help make it happen. With this funding, you can make any investment that will help your business. And interest rates as low as 5% mean you won’t break the bank.
As long as you’ve been in business for at least two months and bring in at least $8,000 in monthly revenue, you can qualify for a small business loan from Shield Funding. Whether you need $1,000,000 or just $5,000, we’ll help you get it. We offer loans from 2–36 months, so you can get the loan that works best for your business.
Traditional lenders will often require you to put up collateral for your business loans, which means you could be risking your hotel or other valuable assets just to secure the funding you need. This approach can be stressful and limiting, especially for business owners who want to protect their property and maintain flexibility as they grow. At our company, we believe you shouldn’t have to put your hotel or any other personal or business asset on the line to access working capital.
That’s why all of our business loans are unsecured—no collateral is ever required. We understand how hard you’ve worked to build your business, and our goal is to provide you with the financial support you need without adding unnecessary risk. You can apply for funding with confidence, knowing that your hotel and other assets are never at stake. We’re committed to helping you grow and succeed, all while keeping your property safe and your mind at ease.
It is common for hotels or motels to accept credit cards as a form of payment. This makes a merchant cash advance an ideal business funding option. You only need to have a credit rating of 500 to qualify and the working capital you receive can be used for any expense. Most banks won’t give you a second glance if you don’t have fantastic credit and have been operating your hotel for 2 years.
The only other requirement we ask of hotel owners is that you have been in business for two months, and have monthly revenue of at least $8,000. And you can qualify for an interest rate as low as 12%. That’s much lower than you’d get for a bad credit small business loan at a traditional lender. We’ll even work with you to borrow up to $1,000,000.
Do you need cash to make payroll? Buy more bedding and amenities? Stock the bar? A working capital loan is great for the day-to-day expenses that keep your hotel running. You might also come across some unexpected expenses, like a broken water pipe or mold in the walls.
These things need to be fixed fast, and working capital helps you make that happen. If you have a credit rating of 650, two months in business, and at least $10,000 in monthly revenue, you can qualify for a working capital business loan. Our working capital loans have interest rates as low as 9% and terms from 12–36 months, so you can get the loan that’s best for your situation.
Apply Directly to One Source!
Work with a direct lender and get a business loan as fast as the same day. Shield Funding offers competitive rates and terms on all it’s funding programs. Apply now with a trusted lender that has been helping business owners secure working capital for almost two decades.
The SBA 7(a) loan program offers long-term financing for restaurants, with repayment terms extending up to 10 years for working capital, and up to 25 years for real estate. The interest rates on the 7(a) program are typically low, ranging from 11.5% to 16.5%, based on the prime rate plus a markup. In order to be eligible the applying business should be operating for profit within the U.S., meet SBA size standards, and have a reasonable amount of invested equity. You will also have to demonstrate the need for the loan, and that need should be a sound business purpose. SBA lenders have stringent requirements and thoroughly scrutinize credit scores, business revenue, and financial history. These loans are only available through SBA-approved lenders.
Bank of America offers business loans for franchise owners and operators in the restaurant industry. These loans provide funds for daily operations, payroll, debt management, and working capital. This is a bank backed financial product so you can expect requirements such as 2 years in business, above 700 credit, and a long and thorough application process. For more detailed information, visit Bank of America’s Restaurant Finance page.
In Tennessee, the Fund Tennessee program under LendTN has nearly $47 million to help small businesses and entrepreneurs get fair access to funding. It offers loans for starting a business, working capital, and buying equipment.
The Robust Retail Grant Program in Washington, D.C., gives up to $10,000 to help retail businesses with their operations. Only existing retail businesses in D.C. can apply for this grant.
These are just some examples of local business loan programs. You can search your state and local community for similar options that may be available.
The U.S. Bank Business Triple Cash Rewards World Elite Mastercard is good for new restaurant owners who need a card with no interest for a while. It offers 3% cash back in certain areas and has no annual fee, with 0% APR for the first 15 billing cycles.
The American Express Business Blueprint provides a guide on restaurant loans, covering options like small business loans, credit lines, SBA loans, online lending, and equipment financing. It highlights choosing the right finance option based on business needs and details how to prepare a loan application.
The Restaurant Store Credit Card offers benefits tailored for restaurant owners, including easy online application, exclusive discounts, and reward points on purchases made at The Restaurant Store. Cardholders can enjoy flexible payment options and streamlined management of their restaurant supplies.
There are a variety of banks and online lenders that offer personal business loans to use for your business. Wells Fargo offers personal loans ranging from $3,000 to $100,000 with terms between 12 to 84 months. The loans feature fixed interest rates starting as low as 7.49% APR. These loans are unsecured, and can be used for various business purposes.
TD Bank offers the TD Fit Loan, which is an unsecured personal loan with fixed interest rates ranging from 8.99% to 23.99%. Loan amounts vary from $2,000 to $50,000 with repayment terms of 36 to 60 months. There are no origination or application fees, and no prepayment penalties. The loan can be used in many ways to help your restaurant business.
Some studies have found that quality of service is the #1 thing that guests look for in hotels.
As a hotel owner, you already know that labor is your biggest expense. It can often account for 40–50% of operating costs. That’s a significant number, and it can really eat into your profits.
That being said, you can’t run a hotel without a great labor force. And many hotels have built their reputations on fantastic customer service. To compete with those hotels, you’ll need to invest in top-quality talent.
Whether you’re ready to take your customer service to the next level or you’re expanding and bringing on new talent, a business loan can help. You may need tens of thousands of dollars to fund a single month of labor costs. And unless you have that cash on hand, you might need some help.
It’s tempting to try to reduce your labor costs as much as possible. But don’t fall victim to this thinking. Instead, use your financial resources to provide the best customer experience possible.
Other research studies have found that a hotel’s rooms are the most important factor in guest satisfaction. If you want to stand out from the competition, you need fantastic rooms.
It means having really comfortable beds. Nice bedding for all seasons. Air conditioning that works. Wifi that connects quickly and performs well. Easy access to TV. Even using Bluetooth to connect to room speakers, according to Oracle.
You might think that guests will overlook some of these amenities. And you might be right. But are you willing to risk it? Even budget hotels offer many of these features, and you can be sure that your competitors will be investing in these things.
Of course, none of that comes cheap. Refitting your hotel with faster wifi could cost thousands of dollars, depending on the size of your building. New climate control equipment could be in the tens of thousands of dollars to outfit.
And if you’re thinking about expanding your current building or opening a new one, you’ll have to consider the cost of building some of these things in from the beginning. Which means you’ll have a lot of costs on top of the already significant expenditure of construction.
These expenses pay off. It’s important to remember that early in the process and plan accordingly. Which might mean getting help from an alternative business lender.
You need a surprisingly large amount of software to run a hotel. You’ll need to start with hotel management software. This is what keeps track of your reservations, lets booking services interface with your schedule, processes payments, and so on.
The cost of this software varies wildly based on the size of your hotel and a few other factors. But CloudBeds, a very affordable system, will cost you at least $200 per month for a 20-room hotel. That’s a pretty small facility, and the cost only goes up from there.
But you might need more than that, too. For example, you’ll need a workstation or two for your front desk staff. Even a simple iPad-based POS system will cost over $1,200. And depending on your hotel management software, you may need an additional POS software subscription, which could be $50 or more per month.
Because a hotel requires many employees, you’ll also want an accounting system that includes payroll. Let’s take a look at one affordable option. Gusto costs $39 per month plus $6 per person on the payroll. With 10 employees, you’ll be paying $99 per month.
That might not seem like much, but it adds up, especially if you expand your business. It’s easy to overlook software costs, but you’ll need more for running a hotel than you might with many other types of business.
One of the amenities that many guests appreciate is an in-hotel restaurant. If you have one, you’ll need to plan for a solid outlay of money—the labor, food, drink, and management costs add up.
If you don’t yet have a restaurant, it’s a great way to grow your hotel business. If you can’t purchase a new building or expand yours, but you still want to earn more money, adding food and drink to your offerings makes it easy to generate more revenue.
A restaurant can generate profits from guests, but it can also bring in more business from non-guests. There aren’t very many investments you can make that do that.
Of course, starting a new restaurant isn’t cheap. You’ll need to outfit a kitchen, hire cooks, servers, and dishwashers, and make sure you keep food and drink stocked. If you plan on serving alcohol, you’ll need a license, too, which could be expensive, depending on you location.
That being said, this is an investment that can pay off big. It’s worth looking into, and if you can get a small business loan to help, it’s a very attractive way to grow your business.
Would you like to chat further about how we can help you run or expand your hotel business? Give us a call!
