SME lender announces 176% increase in funding of food-serving businesses

Small and medium-sized enterprises (SME) lender, 365 Business Finance, has reported a 176% year-on-year increase in restaurants and foodserving outlets taking the company’s revenue-based finance.

Compared to 2020, latest data has revealed a 363% rise in lending to these types of hospitality businesses, with a 35% increase in the amount of funding given to these SMEs over the past 12 months.

Such insights from 365 Business Finance show how UK restaurants and food-serving outlets are opting for fast and flexible finance, amid tough economic conditions.

Mainly used to help with cash flow, expansion plans, premise refurbishment and the purchasing of new equipment and stock, revenuebased finance can assist with the need to plan ahead in terms of cash reserves to battle against the impact of rising inflation rates. In some cases, new vendors and the owners of foodserving hospitality businesses are turning to mobile food trucks. As of 2022, the street food market is worth £1.2 billion and is projected to grow to £1.6 billion by 2027/28. (bgateway, Market Report – A Snapshot of your Market Sector)