Restaurant equipment financing is a kind of small business funding that enables restaurant owners to access capital that serves as collateral for the loan. Thus, if you need Garland SUME-200, equipment financing will allow you to access secured funding without the need to offer external collateral. As a result of its self-secured nature, restaurant equipment financing will be a great option for new restaurants and restaurant owners with challenged personal credit looking to fund convection ovens and other equipment. In this guide, we will break down the description and specifications of Garland SUME-200 and discuss how to apply for equipment financing for your restaurant.
Description of Garland SUME-200
If you need a versatile convection cooking companion to assist you in meeting large cooking demand, this SUME-200 double-deck electric convection oven with two 29″ x 24″ x24″ oven chambers is all you need. You can easily change the temperature in the range of 150° and 500° F utilizing the electromechanical thermostat. This item is equipped with solid-state controls that help in delivering ideal temperature performance.
With stainless steel construction on the front top and sides and porcelain interior, this convection gas oven is simple to maintain and hard to corrode. There are five chrome-plated racks that you adjust in ten different positions to increase the oven’s interior capacity. The justify-hand door on this convection oven has a double-pane thermal window that offers an instant view of what is happening in the oven. The sixty-minute timer enables users to monitor the cooking progress with minimal manual labor. Running at 20.8 kW, this convection oven is NSF, cUL and UL approved for safe commercial use. It has 25.5″ tall stainless steel legs for stability and excellent weight support. Garland summit series convection oven, double deck, electric, solid-state controls with 150° – 500° F, Five chrome plated (ten) position oven electromechanical thermostat and sixty-minute time, racks per deck, dependent 60/40 with the double-paned thermal window in the justify-hand door, stainless steel front.
Standard features Of Garland SUME-200
- 60/40 dependent that has door design with double pane thermal window in the justify-hand door and interior lighting
- Double-deck models available
- Five chrome-plated ovens racks on ten-position rack guides
- Five-year limited door warranty, excluding window (the USA and Canada only)
- Full length, stainless steel positive door closure
- One year labor and limited parts warranty (the USA and Canada only)
- Porcelain-enameled oven interior with coved corners
- Solid State control with electromechanical timer
- Stainless steel front, legs sides, and top
- Total of 10.4 kW loading per oven cavity
- Two-speed fan control (high and low) with 3/4 HP fan motor
Optional features Of Garland SUME-200
- 460 volt, three-phase
- Back enclosure (stainless steel)
- Extra oven racks
- Low profile casters, (Four) w/ front brakes (double ovens only)
- Maximum security options
- Open base with rack guides and shelf (stainless steel)
- Removable S/S drip pan
- Stainless steel solid doors
- Swivel casters, (Four) w/ front brakes
- Windows in both doors
Convection oven financing options
Equipment loans can come from various sources based on your eligibility, credit rating, and your needs. These sources include:
- Alternative lenders
- Credit unions
- Commercial loans
- Government-secured SBA loans
Unlike larger general-purpose small business loans, based on the size, restaurant equipment loans can sometimes be for smaller amounts, which can make them slightly easier to acquire.
Loans specifically meant for restaurant equipment
Almost any tangible asset needed to run a restaurant will qualify for an equipment loan- machine tools, restaurant equipment, and even software all qualify. If your restaurant requires a new pizza convection oven, considering an equipment loan could expand available money options. Traditional lenders like credit unions and banks provide equipment loans; however, they are also available through non-bank financing companies and other online lenders.
If you are looking for multiple convection ovens, an SBA loan might even be an option. Terms for restaurant equipment loans at credit unions and commercial banks will vary based on the lender. Commercial loan repayment terms can be variable or fixed rate, and the repayment period can vary too; however, it tends to max out at seven years for most commercial loans. Interest rates will vary based on the bank, your credit rating, and the amount borrowed, but most fall in the six to twelve percent range.
Credit unions might have more favorable terms, like lower interest rates and ten year repayment periods, but you should be a member of the credit union to apply.
Financing convection oven Vs. leasing
A convection oven is a purchase over lease decision. You can even purchase a used gas appliance with confidence. These units are built to last, and repairs are far less expensive than electric equipment. If you are buying new, you are looking at anywhere from $1,500 to $10,000, but considering these units’ long life expectancy, it is a good investment. Warranties vary; however, these appliances typically only carry a one-year warranty on labor and parts. Generally, consider leasing a convection oven if you do not have the money. But it is better to buy these appliances since they are long-lasting.
Advantages of restaurant equipment financing
- Improved cash flow: Restaurants often cite cash management as the number one reason to finance. No upfront costs or down payments, combined with lower monthly payments, allow businesses to preserve capital to use in daily operations and other business aspects.
- Boosts cash forecasting: The amount and term of the payments are predetermined, enabling businesses to organize accurate budgets and forecasts.
- 100 percent financing: With restaurant equipment financing, you have the ability to finance the complete solution. Companies can also upgrade equipment or add services throughout the loan term.
- Enjoy tax advantages: Certain finance products might be eligible for tax-deductible payments and other tax-relief possibilities. Note that this information is not tax advice. It is advisable to consult with your tax advisor to determine how to use convection oven financing to make excessive use of expense and depreciation tax savings.
How to apply for convection oven financing?
As with any business loan, you will want to have the paperwork ready in advance. It is useful to have a detailed business plan that explains why you require the equipment and how the purchase will take your restaurant to the next level. You might also need profit and loss statements for your business to show cash flow. It helps to bring a copy of your resume, too, to show your business experience. The loan will need some kind of collateral to guarantee it; however, the appliance itself might serve as part of or all of the collateral in most cases.
Explore funding options for buying restaurant equipment
Top Financial Resources has helped many small restaurants grow and thrive with a range of lending options, including equipment financing. We offer financial support to assist businesses to remain competitive in a constantly changing market. Keep your restaurant up to date with the right commercial equipment. The perfect place to begin is with a Top Financial Resource equipment loan. Talk to us today.
Why Top Financial Resources is today’s way to borrow?
- Choice: Finance or lease your restaurant equipment with a ten-minute application, fast feedback, and funding possible in twenty-four hours.
- Support: Talk to real people. We have business lending specialists who are focused on getting you what you need, sooner.
- Help more potential customers: From new restaurants to decades-old, strong credit backgrounds and multi-location eateries to those restaurants that have more challenging credit ratings, Top Financial Resources can help a wide range of business and ownership backgrounds.
- Reaching beyond kitchen equipment leasing and financing: We offer working capital, line of credit, and other small business loans.
Where to buy a convection oven?
Today there are many places to buy restaurant equipment. Here are a few suggestions on where to buy Garland SUME-200.
- Local retail stores: Chances are there is at least one of these retail stores in your vicinity. They sell restaurant equipment. The best thing is you can fully inspect the appliance’s condition and visualize how it will fit in your kitchen. Besides, you have access to the salespeople’s expertise with respect to the different brands and styles of equipment that interest you.
- Online suppliers: The main benefit of buying your equipment from an online supplier is the wide variety of prices available to you, a factor not to be underestimated. Nonetheless, you will not be able to evaluate the oven until it is in your possession. Moreover, shipping multiple units is costly, something you will have to factor in the total price of anything you choose to buy online.
- Resale stores: Most resale stores either have a used section or sell used appliances exclusively. Whereas these vendors might only have a limited selection, many of them verify, certify, and guarantee their inventory, so you know you will not have to worry quite as much about buying damaged items.