Buying APW Wyott GGM-18I-CE, particularly when unplanned, can be a prohibitively costly expenditure. Few restaurant owners will have money sitting around for a rainy day. Not unless a restaurant has enormous cash reserves in the bank, chances are they will have to figure out how to finance commercial gas griddle and other machinery purchases they need to make. One of the biggest reasons for this is 60-percent of small businesses, including restaurants, face cash flow problems each year. When a restaurant needs to obtain new equipment, replace old equipment or upgrade existing machinery, it can be quite hard to find the funds required to do so. After all, small restaurant owners have to pay operating expenses each month, and they need cash on hand to be able to venture into new business opportunities, too. With that being the case, many restaurant owners who need equipment and machinery look to outside sources for financing. Read on in this post to learn all about APW Wyott GGM-18I-CE financing for your business.
APW Wyott GGM-18I-CE Overview
GGM-18I-CE is a countertop gas griddle designed by APW-181-CE. It features 18’’W X 19-1 /2″ D, manual controls, 1″ thick, smooth polished steel plate, and shut-off valve. It also has a stainless steel front, grease collection drawer and trough, top skirt, and aluminized steel sides and back panel. APW Wyott GGM-18I-CE sits on 4″ adjustable legs.
Standard Features Of APW Wyott GGM-18I-CE
- (1) “S” Burner at 37,500 BTUs/hr (For natural gas type).
- 1″ (2cm) flat polished “hot rolled” steel griddle plate.
- 3/4″ Polished steel griddle surface.
- 4″ Adjustable legs.
- Adjustable gas regulator.
- Aluminized steel sides and back panel.
- Champion Series.
- Field conversion kit included to change from natural gas to liquid propane.
- Gas type: Natural (Field convertible to LP).
- Grease collector drawer.
- Grease trough width: 4″.
- Grease trough.
- One manual high-low control.
- Overall dimensions: 18″ wide x 26-3/4″ deep x 15-3/4″ high (Note: Regulator and pipe must add 4-1/4″ to the back of the unit).
- Stainless steel top skirt construction.
- Total BTUs: 37,500 (For natural gas type).
- Welded frame construction.
What Is Gas Griddle Financing?
Just as the name suggests, gas griddle financing is a kind of restaurant equipment financing that allows the same restaurant owner to get the gas griddle they need to grow their businesses when they are short on cash. In most cases, based on the lender, small businesses are accountable for a down payment of 10 to 30 percent; the loan provider funds the rest. However, some lenders might be willing to finance the cost of the griddle at a higher price.
Unlike traditional bank loans- which might require you to put up your own property to acquire- you are not obliged to put up any security to obtain restaurant equipment financing. In the event you are not able to repay your debt; however, the lender might repossess the APW Wyott GGM-18I-CE and use it to cover its losses. Because lenders can repossess your appliance in the event, you can not repay your loan; these financial vehicles are comparatively easy for most small business owners to acquire. From a lender’s standpoint, there is less risk. Nonetheless, since acquiring new equipment often translates into increased revenue, many borrowers have no issue setting their loans.
How Do You Get Approved For Gas Griddle Financing?
How do you go about applying for gas griddle financing?
Whereas every equipment lender’s application is slightly different, here is what you can typically expect you will need to do to see if you qualify for financing:
- Collect your business information: Since equipment financing loan providers have the appliance itself as collateral, they typically ask applicants to submit less information than traditional small business lenders would. Mostly they will require you to submit basic information about your restaurant. At Top Financial Resources, we will need you to submit ownership information, federal tax ID numbers, contact information, and if your restaurant is an LLC, partnership, corporation, or sole proprietorship.
- Ensure your credit is in good shape: Equipment financing companies will almost certainly want to check either your business or personal credit score before making a decision about funding you. Your credit rating is a large part of how they determine the probability that you will repay your loan. Note that when it comes to restaurant equipment financing, having a less-than-perfect credit score will not necessarily prevent you from obtaining financing since the appliance itself acts as collateral. Still, lenders will typically prefer to give loans to restaurant owners who have business credit scores of at least 75 or personal credit scores of at least 600. However, some providers are more flexible. To increase your loan approval chances, ensure your credit is in good shape before you apply for APW Wyott GGM-18I-CE financing. If your credit ratings are a bit lower than you would like, you can take proactive steps to boost them before submitting your application.
- Gather financial statements: You will also need to collect your business financial records. Restaurant equipment financing lenders typically like to see financial statements, tax records, and bank balances. They will probably want to see credit rating information, too.
- Develop a detailed plan: How do you intend to invest your gas griddle financing. Lenders will need to know. The more detailed and thorough plan you have, the more likely equipment loan providers will sign off on your application.
- Shop equipment loan lenders: After you have collected the information you will need to secure a loan, it is time to shop for providers. Make sure you find a lender willing to offer you the money you need with comfortable terms that are sensible for your unique situation, if possible.
In most situations, applying for an equipment loan is much simpler and faster than applying for a traditional small business loan from a traditional financial institution or bank.
Does It Make Sense For Restaurant To Apply For Gas Griddle Financing
Restaurant equipment loans are the perfect solution for most small businesses; however, they do not work for all of them. To determine whether gas griddle financing makes sense for your business, you have to compare the drawbacks and benefits of this popular financing method. Typically restaurant equipment loans require slightly less paperwork than some other kinds of bank loans. Presuming your application is successful, you can have access to the funds faster and assume you work with the right lender. With money on hand, you will be able to increase your competitiveness as you carry out your restaurant operations efficiently and more effectively. This, in turn, can help your restaurant unlock new revenue streams.
What is more, the gas grill you buy with the new funds is then valued as an asset on your balance sheet. The same cannot be said of any equipment you lease rather than buy. Restaurant equipment loans offer tax incentives, too. Luckily because of Section 109 of the IRS tax code, the United States businesses can subtract the full purchase price of compliant equipment they procure. However, commercial grill financing is not without its downsides. You can not be absolutely certain that the equipment you get will actually help you meet your objectives for starters. Even if you make a well-informed equipment purchase, there are many things outside your control. Maybe the economy tanks, and your restaurant business slows down. Perhaps a competing restaurant opens next door to yours, and clients stop coming in.
In simple words, when you take out a restaurant equipment loan, you can never be fully certain you will end up using the appliance you obtain for an extended period. If you end up not requiring it, you will probably still be on the hook for your loan’s equipment- interest and probably other fees.
How Do I Get Started: Restaurant Equipment Financing Application Process
We know that getting restaurant equipment for your business can put a strain on the old budget. With Top Financial Resources‘ equipment financing and leasing options, you can hold onto that cash and still get the gas grill needed to keep your restaurant moving forward. Top Financial Resources has helped thousands of small businesses to grow and thrive with a range of lending options, including restaurant equipment financing. We provide financial support to assist businesses to remain competitive in a constantly changing market.
Whether it is a gas grill or any other restaurant equipment you need, keeping your restaurant up to date with the right commercial equipment is vital. The perfect place to begin is with Top Financial Resource Equipment Financing- talk to us today or simply apply for financing. At Top Financial Resources, we keep the application process simple so you can concentrate on meeting your needs, from keeping payroll covered to buying more inventory in busy seasons.
Here is our simple application process:
- Apply for financing online: Just a few quick questions, and away you go
- Get Approved: Get your approval and jump for joy!
- Receive your funds: Accept your terms, and the funds are on the way!