Introduction
You’ve got a great concept, a killer menu, and a location in mind. But when it comes time to secure funding, many restaurant owners hit a wall. Here are the five most common mistakes we see—and how to avoid them.
1. Not Having a Lease Secured
Most banks won’t consider your application unless you’ve signed a lease or submitted a conditional offer. Waiting to secure a space delays the loan process and can push your opening date months down the road.
2. Submitting a Weak Business Plan
A vague or copy-paste business plan won’t cut it. Lenders want to see that you’ve done your homework—understand your target market, pricing strategy, competitive landscape, and operational model.
We build custom, bank-ready plans designed to pass lender review.
3. Using Unrealistic Financial Projections
Overstated revenue or underestimated expenses are red flags. Banks can tell when numbers don’t add up. You need realistic, data-backed forecasts based on your concept and market.
4. Choosing the Wrong Bank
Not all lenders are equally familiar with the CSBFP. Some branches have little experience with restaurant loans and may move slowly or say no unnecessarily. We help match you with CSBFP-friendly lenders to boost your approval chances.
5. Going It Alone
Trying to figure out the CSBFP process solo can lead to missed details, delays, and frustration. We’ve helped dozens of restaurants get funded—saving them time, money, and stress.
Final Thoughts
Avoid these mistakes and increase your odds of success. If you’re serious about getting your restaurant funded in Toronto, Ontario, or anywhere in Canada, we can help you do it right the first time.
