Toast launches Toast Capital to provide fast and flexible funding for restaurants
Nearly 52 percent of restaurant professionals rank high food and operating costs as a top challenge in running a restaurant, according to the Toast Restaurant Success in 2019 Industry Report. Access to capital from brick and mortar financial institutions has historically been a challenge for restaurants due to perceived risks common within the restaurant industry, such as seasonality and thin profit margins. Toast, an all-in-one point-of-sale and restaurant management platform startup, is on a mission to change that.
Today, Toast unveiled Toast Capital, a solution designed from the ground up to provide restaurants of all sizes with access to fast, simple, flexible funding to cover working capital needs and invest in their growth. Toast has been helping businesses in the food service and hospitality space since 2011. Based on its deep experience in serving the restaurant community, Toast Capital simplifies life for restaurateurs and provides them with quick and reliable access to funding to help grow their business. Toast Capital Loans will be available to eligible Toast restaurants across the U.S. by December 2019.
The Toast Capital Loans will provide easy access to the financing restaurants need, when they need it. Members of the Toast Restaurant Community can apply in just a few minutes and, once approved, receive funds as soon as one business day.
Unlike traditional business loans, Toast Capital Loan eligibility guidelines take into consideration specific industry challenges, such as seasonality. Toast Capital Loans also offer funding at a fixed cost that is tailored to each restaurant. Toast Capital Loans have no compounding interest or personal guarantees. Funding is available between $5,000 and $250,000, based on eligibility.
Toast offers advanced functionality including tableside ordering, quick menu modifications, real-time enterprise reporting, online ordering, and labor management on an easy-to-use interface. The company powers successful restaurants by combining point of sale, front of house, back of house, and guest facing technology with an unequaled commitment to customer success. It enables the community of restaurateurs to delight guests and thrive.
Founded on 2011 by Aman Narang, Jonathan Grimm, and Steve Fredette, the Boston, Massachusetts-based Toast offers advanced functionality including tableside ordering, quick menu modifications, real-time enterprise reporting, online ordering, and labor management on an easy-to-use interface
“Since investing in Juvia and Sushi Garage with Toast Capital seven months ago, our revenue increased by over 15 percent,” said Tim Sandoz, director of operations at Juvia Group in Miami, Florida. “Funding through Toast Capital allowed us to expand our dining space and increase the number of covers we can handle each night. Historically, reservations would book up four days in advance, which meant a lot of disappointed potential diners. Since the expansion with Toast Capital, we now have additional seating which allows us to accommodate more guests, grow our revenue, and increase server tips.”*
“Toast Capital is a restaurant-first funding partner committed to the success of the Restaurant Community,” said Tim Barash, chief business officer, Toast. “We understand the unique challenges restaurant owners face when it comes to running a business and securing a loan. That’s why a Toast Capital Loan provides access to transparent financing with one flat fee, empowering restaurant owners to do what they love and thrive.”