Restaurant365, the leading all-in-one restaurant management platform, announces the launch of R365 Capital, a program designed to help restaurants quickly access the capital they need to thrive. Through this free service, restaurant operators complete one application to access loan options for up to 75 of the nation’s top lenders. Loan advisors advocate on behalf of restaurants and help them find the loan that’s best for their business.
This program comes at a time when access to capital has never been more important and, for many restaurants, might be the only way they can keep their doors open. The overwhelming demand for funding through the Paycheck Protection Program (PPP) has depleted the initial $349 billion earmarked to help small businesses during the COVID-19 pandemic.
Read More:Â Executives Explore Disruptions in Fraud Trends, Securing Online Channels and Mobility Payments in Transit
“The first round of PPP funding ran out while many restaurant operators were still trying to understand the documentation requirements,” said John Moody, co-founder of Restaurant365. “Other operators were hesitant to apply for the loan because of the complicated loan forgiveness guidelines. Many were concerned that if they didn’t comply with the rules, they would be compelled to repay the loan.”
With the recent announcement to replenish the PPP with an additional $310 billion and the Economic Injury Disaster Loan (EIDL) program with another $60 billion, R365 Capital aims to help restaurateurs navigate the process of acquiring the funds needed to stay in business, either through government relief programs such as the PPP and EIDL or from other sources.
Read More:Â WorldRemit Partners with Wizall Money to Launch its First Mobile Money Transfer Service to Senegal
