Financing Options

With financing, you can quickly maintain your cash reserves, build your business credit score, and purchase new equipment.

Yes! Unlike many finance companies that require customers to have several years in business, Centra Culinary Finance can work with day-one startups.   

Yes! Centra Culinary Finance can approve customers with credit scores as low as around 550 FICO.   

Co-signers are a great way to get approved if your credit needs to be stronger to be approved alone. We accept additional owners/members/officers, legal spouses, family members, or blood relatives. 

Financing will help build your personal and business credit. You will build your credit with a good payment history if you make your payments without delay.

Centra Culinary Finance can finance new and used equipment. 

Beyond equipment, you may be able to finance soft costs such as shipping, installation, labor, and warranties. Ask your Account Manager for more information.   

You must provide the legal business name (if you still need to file your business, give the name it will be), your full legal first and last name, address, phone number, and Social Security Number. 

For an amount under $25,000, the credit decision is almost immediate. If you entered all your information correctly and accurately on the initial application, you will know quickly if your application is approved.  

If you have a consumer statement on your credit report, you must call to verbally allow a credit analyst to pull your personal credit.  

If the amount you are applying for exceeds $25,000, in most cases, a credit decision within the same or the following business day. The time it takes to receive a credit decision depends on the time of day you submit the application and the number of applications in the queue before yours.  

If more details are required to qualify you, Centra Culinary Finance works as quickly as you provide the necessary information. 

Approvals are valid for 30 days (about four and a half weeks). If you get approved and want to wait before making a purchase, you have 30 days to do so. If you exceed the 30-day mark, Centra Culinary Finance must pull your credit again to ensure everything has stayed the same. If you are close to the 30-day mark and still want to keep your approval open, please get in touch to extend your window. 

Your approval amount will be based on your credit. Startup restaurants’ approval amount depends on credit strength and depth. You should consider financing items over $1,500. However, all equipment items with a minimum of $500 qualify for financing. As long as 60% or more of the total invoice is for equipment. You can also finance the soft costs (such as warranties, shipping, and smallwares) in the remaining 40% or less. Please note that disposables and consumables cannot be financed.   

If you are not approved, your next option is to add a co-signer. It is possible you won't get approved if the information you provide on the application does not pull your credit. It is important to ensure that the information you provide on the application is accurate. Please enter your full legal first and last name and Social Security Number. 

Centra Culinary Finance can fund orders under $25,000 in as little as 24 hours. For larger orders, especially when additional documentation is required, Centra funds as quickly as you act. 

Funds will be released within 24 business hours of an agreement commencing.

There is no defined APR, although there are other factors considered. 

The amount required at signing depends on your chosen program, as many options exist. Your Centra Culinary Finance Account Manager will review these options with you so that you can make the best choice for your business needs. 

You can sign the financing agreement electronically from your computer or print it by hand.

You can make monthly payments by calling in, paying online, or setting up an automatic withdrawal.   

The inception of your first monthly payment depends on the program you select. Your payments may begin 30 or 90 days (about 3 months) after signing your agreement.   

You can pay off your agreement early and there is no penalty.    

Your options at the end of your financing agreement depend on the program you select.    

Depending on the program you select, you may own the equipment outright at the end of the financing agreement, or you may need to buyout your equipment. Your Centra Culinary Finance Account Manager will review these details with you when discussing program options.     

Centra Culinary Finance provides loss and destruction coverage for your equipment. There is a minimal charge applied, but it can be removed. To remove the charge, you can list the equipment you are financing on your business insurance policy and list Centra as a loss payee. Email your proof of insurance to Centra to remove the loss and destruction coverage fee.    

Your information is completely safe and secure. Centra Culinary Finance does not share any personal information with other entities or lenders. The information you send to Centra is strictly used for the equipment you are interested in and will never be redistributed.