Ivybank Finance, a small-business funding service in Quincy, Illinois, covers restaurant business financing: commercial kitchen equipment, working capital for repairs and payroll, and new restaurant requests. Adams County, IL had 53 full-service and 38 limited-service restaurants with paid employees in 2023 (CBP), and funding partners review each request.
At a glance
- Full-service restaurants, Adams County, IL
53 (CBP 2023)
- Limited-service restaurants
38 (CBP 2023)
- Full-service restaurant employees
1,201 (CBP 2023)
Adams County, IL restaurant counts from the Census Bureau
County Business Patterns counted 53 full-service restaurants in Adams County, IL in 2023, with 1,201 employees, and 38 limited-service restaurants with 936 employees: 91 restaurants in all (our sum of NAICS 722511 and 722513; CBP 2023). Only 11.3% of full-service restaurants had fewer than five employees.
In ZIP Code 62301, the two groups counted 36 and 28 establishments (ZBP 2023). Accommodation and food services as a whole counted 158 employer establishments in the county (CBP 2023).
Commercial kitchen equipment financing for Adams County, IL businesses
A commercial kitchen is a list of expensive machines: ranges, ovens, fryers, a hood and fire-suppression system, walk-in and reach-in refrigeration, a dish machine. Each can be financed against its own value, or the whole line can be financed as one package.
Get quotes with model numbers and installation costs. Installation and the hood work can be a large part of the bill, and partners may treat it differently from the equipment itself, because it cannot be removed and resold. See equipment financing.
Commercial restaurant equipment financing for Adams County, IL businesses
Front-of-house equipment, such as a point-of-sale system, bar coolers, furniture and patio fixtures, is financed the same way. Used restaurant equipment is widely available and can be financed, but partners weigh its age and condition.
A lease can suit equipment you may outgrow, like a smaller dish machine; a loan suits equipment you plan to keep for its working life, like a hood.
Working capital for restaurant equipment: what Quincy, IL owners should know
When a cooler fails or a fryer needs replacing, the cost lands all at once. Working capital can cover a repair or replacement that cannot wait for an equipment financing review, and some owners keep a line of credit open for exactly that.
Compare the dollar cost. A working capital loan has a short term, so its payments are larger than an equipment loan's for the same amount.
New restaurant business loans around Quincy, IL
Startup loans fall outside what Ivybank Finance arranges. A new restaurant opened by an owner with an existing restaurant, or a second location of an established one, is a different case: partners look at the existing business's record and the plan for the new site.
A second location can combine a term loan for the fit-out with equipment financing for the kitchen.
Business loan for new restaurant in Quincy, IL
A request for a new location should set out the costs in three parts: the build-out, the equipment and the opening costs such as the first stock order and payroll before sales build. Partners read the existing restaurant's statements and tax returns alongside the plan.
Illustration only, invented figures: a $90,000 build-out, $70,000 of kitchen equipment and $25,000 of opening costs total $185,000 (our sum). The equipment part may be financed separately against the equipment, leaving $115,000 for a term loan request.
Working capital for restaurant business for Adams County, IL businesses
Restaurants pay food suppliers weekly and staff every week or two, while card sales settle within days. Daily cash can look healthy even when a large bill is coming. A line of credit or working capital can carry payroll through a slow stretch or a closure for repairs.
A merchant cash advance is sometimes offered to restaurants because of their card volume. It is a purchase of future receipts, not a loan, and its daily or weekly collection can strain a kitchen in a slow week. Total it before choosing.
Leased kitchens and the landlord's role in Adams County, IL
If the restaurant rents its space, the lease matters to a funding partner. A remodel paid for by the tenant becomes part of the building, so partners look at how many years are left on the lease and whether the landlord is contributing to the fit-out.
Equipment that can be unbolted and moved, such as ranges and refrigeration, gives a partner more to secure than a hood or walk-in built into the space. Ask the landlord early whether it will sign a waiver that lets a funding partner remove financed equipment if needed; some partners ask for one.
A payroll-gap illustration for a Quincy, IL dining room
Illustration only, invented figures: a restaurant closes for two weeks to replace its kitchen floor. Weekly payroll for retained staff is $9,000, and rent and supplier minimums add $3,500 a week. Over two weeks the business pays out $25,000 with little coming in (our arithmetic). A line drawn for that period and paid down over the following months covers the gap without stretching repayment past the point where sales return.
What a Quincy, IL restaurant gives a partner to review
- Statements from the business bank and the card processor.
- Tax returns for the restaurant.
- Equipment quotes with installation costs.
- The lease, for a remodel or new location.
- All loans, equipment leases and advances the restaurant already carries.
The bars and taverns page covers liquor licenses and bar equipment, and the Quincy, IL data page lists the county's food service counts.
By Ivybank Finance · Updated