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SBA Express Loans for Bars and Clubs

According to the American Nightlife Association, a major industry group, bars and clubs across the U.S. generate approximately $26 billion in revenue each year. With 70,000 bars and nightclubs in the U.S. employing nearly 400,000 people, it’s safe to say that the bar and nightclub industry is a major part of the American economy. And, if you’re a bar or nightclub owner in need of a faster form of SBA financing, an SBA Express loan could be the solution you’re looking for.

Bars and Clubs Can Use SBA Express Loans for a Variety of Purposes

Whether you run a brand new nightclub or a neighborhood bar that’s been around for decades, SBA Express financing might be able to help you achieve your goals. Since SBA Express loans and can be used to fund equipment, working capital, and commercial real estate— all which you might need to maintain or grow your business.

Bar and nightclub owners commonly use SBA Express loans to:

  • Expand or renovate a bar or club: Bars and clubs need to stay modern and trendy to keep up with the competition, and one of the best ways to do that can be to give them a makeover. Fortunately, SBA Express loans can fund all aspects of the renovation and expansion process.

  • Working capital financing: Much like the restaurant industry, the bar and club industry can be seasonal, so many business owners might need funds to get them through a slow season, or to make sure they have the employees and supplies to prepare for the high season.

  • Starting a new location: While most bars and clubs (other than restaurant sports bars) don’t have multiple locations, that doesn’t mean that yours shouldn’t— and an SBA Express loan could be a great way to buck the trend.

  • Building a new bar or club: Building a new bar or club can get expensive, and while SBA Express loans only offer a maximum of $350,000, they can still contribute to the funds you need to take your bar from idea to reality.

  • Refinancing business debt: High monthly debt payments can be a huge drag on your bar or club’s monthly cash flow, but fortunately, you can often refinance this debt with an SBA Express loan. However, to qualify for SBA refinancing, the debt must have been used or an eligible business purpose, and must currently be offered to you on unreasonable terms.

Is an SBA Express Loan The Best Option for My Bar or Club?

That depends. SBA Express loans are a fantastic choice for bar and club owners who want SBA funding fast, as these loans can be approved and funded in as little as 30 days. However, if you need a larger amount of money for your business, the standard SBA 7(a) loan may be better, as it permits loan amounts of up to $5 million. In contrast, if your credit isn’t the best (and you don’t need more than $50,000) an SBA microloan could be the best option for your business.