Restaurant Financing Company Opens in Downtown Birmingham


Restaurant Loan Corp., a new division of Birmingham’s Ready Capital Corp. that provides loan programs for restaurants, has opened its headquarters in downtown Birmingham.

“Many, if not most restaurants, do not have a reliable source for capital needs,” says Makenzie Backonen, vice president of Restaurant Loan. “The restaurant industry needs lenders who understand their industry.”

The office, located at 199 Pierce St., will offer mortgages, equipment leasing, lines of credit, working capital, and business advances to restaurant owners.

Backonen says restaurant operators can find it difficult to attract, build, or maintain a relationship with lenders, and many small businesses may take on high interest rate cash advances for capital improvements.

“Although sometimes a cash advance may be the only solution for a restaurant, they are not all created alike,” he says. “Picking the lowest cost financing option should always be a goal for a borrower.”

Ready Capital is a boutique business lender that works with professional trades such as attorneys, CPAs, bankers, and brokers.

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