Rushcrest Commercial Capital in Kankakee, Illinois explains restaurant loans: equipment financing for ice machines, refrigeration and hoods, working capital and credit lines for food orders and payroll, term loans for a second location, with Kankakee County Census figures.
At a glance
- Restaurants and other eating places, Kankakee County, IL
Restaurants and other eating places, Kankakee County, IL: 176 employer establishments, 3,324 paid employees (CBP 2023)
- Full-service restaurants, Kankakee County, IL
Full-service restaurants, Kankakee County, IL: 75 employer establishments, $31.2 million in payroll (CBP 2023)
- Limited-service restaurants, Kankakee County, IL
Limited-service restaurants, Kankakee County, IL: 81 employer establishments, 1,609 paid employees (CBP 2023)
Kankakee County, IL restaurants in the Census figures
Kankakee County, IL had 176 restaurants and other eating places with paid staff in 2023, employing 3,324 people with $66.6 million in payroll (County Business Patterns, 2023). They split into 75 full-service restaurants, 81 limited-service restaurants and 20 snack and nonalcoholic beverage bars (75 + 81 + 20 = 176, our arithmetic). Just 48 of those 176 employed fewer than five people. The county also had 38 bars and other drinking places.
In ZIP 60901 there were 22 full-service and 19 limited-service restaurants (ZIP Business Patterns, 2023). Another 50 restaurants and eating places had no paid employees (Nonemployer Statistics, 2024).
Loans for Restaurants: How a Kankakee County, IL Restaurant Puts It to Work on Food Orders
Food orders are a cost that repeats every week and grows ahead of busy periods. A line of credit fits it: draw for the large order, pay it down from the sales it produces. Using a fixed-payment loan for food means paying interest on money after the food is gone. The kitchen's equipment belongs on its own financing.
Restaurant Funding: How a Kankakee County, IL Restaurant Puts It to Work on Slow-Week Payroll
Payroll at a full-service restaurant does not shrink at the pace sales do in a slow week. Working capital can carry payroll through a known slow stretch, such as the weeks after a road closure or a kitchen repair. A partner will read card processing statements and bank deposits to see the pattern.
Full-service restaurants in Kankakee County, IL paid $31.2 million in wages in 2023 (County Business Patterns, 2023).
How to Get Restaurant Loan? How It Applies to Ranges at a Kankakee, IL Restaurant
Getting a restaurant loan for ranges or a combi oven starts with the quote and the restaurant's recent deposits. An operating restaurant with a year or more of card sales has a record a lender can read; a new restaurant leans on the owner's credit, experience and cash in the project. Equipment financing suits the range itself; installation, gas work and the hood connection go on the quote.
Illustration only, invented figures: $38,000 for a range, oven and refrigeration package at an annual rate of 11% over 48 months comes to about $982 a month, $47,136 over the term.
Restaurant Business Loan and a Second Location: Notes for Kankakee, IL Restaurant Owners
A second location is a build-out, equipment, opening inventory and staff hired before the doors open. A lender reads the first location's results as evidence for the second. A term loan for the build-out, equipment financing for the kitchen and working capital for the opening weeks is one way to split the request.
See business term loans.
Business Loan for New Restaurant: Ice Machines and Hood Repairs
A new restaurant needs ice machines, refrigeration, a hood with fire suppression, and often repairs to an older hood in a space that housed a kitchen before. Lenders are more cautious with a new restaurant, so expect questions about the owner's experience, the lease and the cash the owner is putting in. Used equipment from a closed kitchen can lower the amount needed.
Kankakee County, IL had 81 limited-service restaurants with paid staff in 2023 (County Business Patterns, 2023).
Bars, snack bars and counter-service kitchens in Kankakee County, IL
Kankakee County, IL had 38 bars and other drinking places and 20 snack and nonalcoholic beverage bars with paid staff in 2023 (County Business Patterns, 2023). A bar's repeating cost is liquor, beer and wine stock, which suits a credit line drawn ahead of busy weekends; a new draft system, ice bin or glass washer is equipment. A coffee or smoothie counter's largest purchases are espresso machines, blenders and refrigerated cases, financed against the units themselves.
For any of them, a liquor license or health permit can be part of what a lender asks to see, so keep current copies with the lease and the equipment quotes. A bar or counter changing owners should also ask how the license moves with the sale, since that affects the closing date a lender plans around.
Records for a Kankakee, IL restaurant funding request
- Card processing statements and business bank statements.
- The equipment quote or the hood contractor's bid.
- The lease.
- The latest business tax return and this year's profit and loss to date.
- For a new restaurant, the opening budget.
Read whether a card-sales advance is a loan before signing one.
By Rushcrest Commercial Capital · Updated
