Kitchen equipment fits equipment financing; a remodel or second location fits a term loan; food-order and payroll swings fit a line of credit. Partners read card and bank deposits, food and labor costs and the lease.
At a glance
- Restaurants and other eating places, Scott County, MN
Restaurants and other eating places (NAICS 7225), Scott County, MN: 193 employer establishments, 4,221 paid employees (CBP 2023)
- Full-service restaurants, Scott County, MN
Full-service restaurants (NAICS 722511), Scott County, MN: 79 employer establishments (CBP 2023)
- Limited-service restaurants, Scott County, MN
Limited-service restaurants (NAICS 722513), Scott County, MN: 92 employer establishments (CBP 2023)
Scott County, MN Eating Places in the Census: Full-Service, Limited-Service and Snack Counters
Scott County, MN had 193 restaurants and other eating places with paid employees in 2023, employing 4,221 people with an annual payroll of about $89.1 million (Census County Business Patterns). Of those, 79 were full-service restaurants and 92 were limited-service restaurants; the other 22 were cafeterias, snack and nonalcoholic beverage bars and similar eating places (our arithmetic).
Full-service restaurants in the county employed 1,848 people and limited-service restaurants 2,014. Only 35 of the 193 eating places had fewer than five employees, which reflects how many staff a working kitchen and counter need.
In ZIP 55379, the office ZIP, there were 29 full-service and 34 limited-service restaurants with paid employees (ZIP Code Business Patterns 2023). ZIP figures cover the ZIP area, which extends beyond the Shakopee city limits.
Loans for Restaurants: How a Scott County, MN Restaurant Puts It to Work on a Second Location
A restaurant opening a second location in Scott County, MN needs money for the build-out, the kitchen equipment, opening inventory and the payroll for training staff before the doors open. A term loan can carry the build-out; equipment financing the kitchen; and a line of credit the opening weeks.
Partners reading a second-location request look hardest at the first location's numbers. Bring two or three years of results, the new lease and a build-out budget.
Restaurant Funding and Food Orders: Notes for Shakopee, MN Restaurant Owners
Food orders are a constant cash draw. Suppliers often expect payment within days, while catering clients and event bookings may pay later. Restaurant funding for food orders is usually a line of credit, drawn when the order is placed and paid down as sales come in.
A partner sizing that line reads weekly sales, food cost as a share of sales and supplier terms. A restaurant that tracks those three numbers has most of the request already prepared.
Restaurant Financing Options: Walk-In Coolers and a Dining-Room Remodel
Walk-in coolers and a dining-room remodel sit on different terms. The cooler is equipment with a working life of many years; if it is built into the space, a partner may treat it as a leasehold improvement. The remodel is a project with no resale value, so it usually fits a term loan sized to the work.
Get separate quotes for the cooler and the remodel. A partner can then finance each on its own schedule.
Financing Restaurant Business Explained With a Scott County, MN Restaurant Buying Fryers
Fryers are among the most-replaced pieces in a busy kitchen. A Scott County, MN restaurant replacing a fryer bank can use equipment financing with the fryers as collateral, a short term and payments sized against the kitchen's weekly sales.
If the hood and fire-suppression system need work at the same time, include them on the quote. The Shakopee zoning and building permits guide explains where mechanical permits are filed.
New Restaurant Business Loans: Ranges and a Patio Build-Out
A new restaurant has no sales history, which limits the options. Partners commonly look for an owner with industry experience, a business plan, a signed lease and personal capital in the project. Ranges and a patio build-out for a new restaurant are typically financed only after that groundwork is in place.
An existing restaurant buying ranges or adding a patio has a much stronger file, because its card and bank deposits show the sales the new equipment will support.
Restaurant Business Financing: What Shakopee, MN Restaurant Owners Should Know
Restaurant business financing comes down to matching each cost to its term and showing the sales that support it. Partners commonly ask for card processor statements, bank statements, a profit and loss statement with food and labor costs, the lease and any existing loans or advances.
A merchant cash advance may be offered to a restaurant on the strength of its card volume. It is not a loan, and its cost is set at signing; compare it in total dollars against a loan before choosing.
By Wheatvale Lenders · Updated