Grubhub is a popular online food delivery and mobile ordering platform that has revolutionized the way people order and receive food. The company offers a range of services to restaurants and customers, including online ordering, delivery, and marketing tools to help businesses reach more customers.
One of the ways that Grubhub helps restaurants grow their business is through its credit agreement program. This program allows restaurants to access funding to cover operational costs, such as marketing campaigns, equipment upgrades, and inventory purchases. Grubhub offers two types of credit agreements: the Term Loan and the Grubhub Capital Advance.
The Term Loan is a traditional loan that offers fixed payments and a fixed interest rate over a set period. This option is suitable for businesses that have a stable revenue stream and want to make a significant investment in their restaurant. The Term Loan is available in amounts ranging from $5,000 to $250,000, and businesses can pay it back over 18 to 60 months.
The Grubhub Capital Advance, on the other hand, provides businesses with a cash advance that is repaid through a percentage of the business`s daily Grubhub sales. This option is suitable for businesses that have fluctuating revenue streams or need funding for short-term expenses. The Capital Advance is available in amounts ranging from $5,000 to $75,000, and businesses can pay it back over six to 12 months.
To qualify for the credit agreement program, restaurants must meet certain criteria, including having an active Grubhub account for at least six months, having a minimum monthly Grubhub sales volume of $5,000, and having a credit score of at least 550.
Grubhub`s credit agreement program offers several benefits to restaurants, including access to funding without requiring collateral, the ability to customize payment plans to fit the restaurant`s needs, and the opportunity to grow their business with the help of Grubhub`s marketing and customer service teams. Additionally, participating in the program can help businesses build credit and improve their chances of securing future financing.
In conclusion, Grubhub`s credit agreement program is a valuable resource for restaurants looking to grow their business. With flexible payment options, competitive interest rates, and the backing of a trusted brand, the program is a great way for restaurants to access the capital they need to thrive in the competitive food industry.