Ledgecrest Lending takes the request by phone or the request form and passes it to funding partners, who may offer equipment financing, working capital, a line of credit or a merchant cash advance and set any amount, rate and term.
Invented cases for a barbecue restaurant's smoker and holding cabinet, a grab-and-go case paid from cash or financed, and breakfast-shift payroll on a six-month working capital term, with Madison County, KY restaurant counts and size classes from County Business Patterns 2023. Building work stays outside this site.
At a glance
- Full-service restaurants, Madison County, KY
50 employer establishments (CBP 2023)
- Limited-service restaurants, Madison County, KY
70 employer establishments (CBP 2023)
- Madison County, KY full-service restaurants under 5 employees
17, or 34.0% (CBP 2023)
- Restaurants at a ZIP 40475 address
35 full-service and 52 limited-service (ZBP 2023)
What restaurant loans in Richmond, KY can pay for, and the building work left out
A restaurant that already has customers can ask about money for four kinds of cost. Which product a funding partner may offer follows from what the money pays for and how long that cost lasts on the books.
- Cooking and holding equipment, from a smoker or a griddle to a plug-in display case: equipment financing, with the item itself as possible security
- Payroll and supplier bills that come before the card deposits do: working capital on a short fixed term
- Card sales that rise and fall from day to day: a merchant cash advance, which is not a loan and is collected as a share of those sales
- Menus, uniforms and other short-lived costs that repeat: a line of credit drawn and paid down as needed
Changes to the building itself, such as moving a wall or running new plumbing and wiring, are property work outside this site, and so is the real estate. A smoker that needs a gas line or a new circuit can still be financed; the hookup is the part that stays out.
One equipment loan for a Madison County, KY barbecue restaurant's pellet smoker and holding cabinet
Illustration only, invented figures: a barbecue restaurant in Madison County, KY prices a wood-pellet smoker at $16,850.00 and a heated holding cabinet at $5,340.00, $22,190.00 on one dealer quote.
Financed together on an equipment loan over 48 months at a 10.6% annual rate, the pair carries an invented payment of $569.21. Forty-eight of those invented payments total $27,322.08, so interest comes to $5,132.08, and both pieces belong to the restaurant when the schedule ends.
One schedule means one due date each month instead of two. The quote should still show each piece at its own price, because a partner may want to know what the smoker and the cabinet are worth separately if both serve as security for the loan.
A grab-and-go case at a Richmond, KY sit-down restaurant: cash from the account or 36 payments
Illustration only, invented figures: a sit-down restaurant in Richmond, KY adds a plug-in refrigerated grab-and-go case for boxed salads and desserts at $7,940.00.
| Way to pay | Out of the account on day one | Each month | Total paid |
|---|---|---|---|
| Cash from the account | $7,940.00 | $0.00 | $7,940.00 |
| Equipment financing, 36 months at 11.65% | $0.00 | $262.40 | $9,446.40 |
Paid from the account, the invented case costs no interest, but the $7,940.00 is gone before the next payroll and the next produce invoice. Financed, it costs $262.40 a month in this invented example and $1,506.40 more than the price over the 36 months.
Neither line is right in every kitchen. What the invented table shows is the price of each choice, so the owner can weigh that against what else the same cash has to cover in the same weeks.
Working capital for breakfast-shift payroll at a Madison County, KY diner
Illustration only, invented figures: a Madison County, KY diner adds a breakfast shift and pays $2,950.00 more in wages every two weeks for the new cooks and servers. The owner wants 50 days of cover while the morning shift finds its customers.
An invented 50-day stretch holds 3 or 4 biweekly paydays, depending on where the first one falls, so the added wages come to $8,850.00 or $11,800.00 in this invented case.
A $10,000.00 working capital term over six months at a 13.85% annual rate carries an invented payment of $1,734.64, and the six payments total $10,407.84. The first invented payment also falls inside the 50 days: with three paydays the loan leaves $1,150.00, which is $584.64 short of that payment, and with four paydays the wages alone run $1,800.00 past the invented loan.
Whatever the loan does not cover comes from the breakfast sales themselves, which is why the payment date belongs in the plan as much as the payroll dates do.
Small kitchens and larger crews: Madison County, KY restaurant size counts, CBP 2023
A barbecue counter, a diner and a white-tablecloth dining room all fall under two County Business Patterns codes: full-service restaurants (NAICS 722511), where guests order at the table, and limited-service restaurants (NAICS 722513), where they order at a counter.
| Code | Employer establishments | Paid employees | Fewer than 5 employees | Annual payroll |
|---|---|---|---|---|
| Full-service restaurants, NAICS 722511 | 50 | 1,267 | 17 (34.0%) | $23.2 million |
| Limited-service restaurants, NAICS 722513 | 70 | 1,897 | 10 (14.3%) | $33.2 million |
The size classes pull the two codes apart: 17 of the 50 full-service restaurants ran with fewer than five employees in 2023, while only 10 of the 70 limited-service ones did. Each payroll total covers every restaurant in its code and is not the payroll of any one kitchen.
Narrowed to ZIP 40475, the 2023 ZIP Code Business Patterns file shows 35 full-service restaurants and 52 limited-service ones with an address there. Nonemployer Statistics, a separate Census program, listed 11 full-service and 12 limited-service restaurants with no paid employees in Madison County, KY for 2024.
Size classes for all Madison County, KY employers together are on the Richmond, KY page.
By Ledgecrest Lending ยท Updated
