IRVINE, Calif., April 28, 2020 /PRNewswire/ -- 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.
"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.
"The global COVID-19 pandemic has taught us that restaurants are resilient. Many Restaurant365 customers have pivoted to a delivery and carryout only model, while some have implemented other innovative ways to generate revenue. As our customers pivot, so must we. R365 Capital is part of a larger initiative to focus on building solutions that help restaurants during these unprecedented times and beyond," said Moody.
By partnering with Lendio, the nation's leading marketplace for small business loans, R365 Capital can connect restaurants to experienced lenders quickly. Restaurant businesses do not need to be existing Restaurant365 customers in order to leverage this free program. For more information about R365 Capital, visit http://www.restaurant365.com/capital.
Restaurant accounting is the cornerstone of Restaurant365® Software cloud-based, all-in-one restaurant management solution. Restaurant365 was founded by an experienced team of software veterans committed to developing an accounting, operations and reporting tool--specifically for restaurants--that scales and positions restaurant concepts for growth. The Restaurant365 connectors and open APIs truly enable the platform to "talk" with other systems including POS providers, payroll processors, vendors and banks. Backed by Bessemer Venture Partners, ICONIQ and Tiger Global Management. Restaurant365 is based in Irvine, California with an office in Austin, Texas. For more information, please visit Restaurant365.com.
Patti-Lynn Walker, Marketing Director