Toast, a restaurant management company, has released its new loan service which will help eateries access working capital and invest in their growth.
Research from the company found that nearly 52% of restaurant professionals state higher food and operating costs as a top challenge of a restaurant.
The Toast Capital service enables restaurants to access loans within one business day. To be accepted for a loan, Toast assesses data points such as sales history, time in business and time as a Toast customer.
Loans are available between $5,000 and $250,000 and are repaid as a fixed percentage of daily credit card sales. Repaying the loan this way means that if a restaurant has a slow day, they repay less.
Toast chief business officer Tim Barash said, “Toast Capital is a restaurant-first funding partner committed to the success of the Restaurant Community.
“We understand the unique challenges restaurant owners face when it comes to running a business and securing a loan. That’s why a Toast Capital Loan provides access to transparent financing with one flat fee, empowering restaurant owners to do what they love and thrive.”
Toast Capital is available across the US.
Earlier in the year, Toast bagged $250m in a funding round which valued the business at $2.7bn.
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