Southwick Loans in Statesville, NC explains how Iredell County restaurant owners can plan an equipment purchase: listing what is aging, getting quotes that partners can review, choosing between new and used and between a loan and a lease, and fitting the payment into the kitchen's cash flow. County Business Patterns counted 313 restaurant employers in the county in 2023.
Start with an equipment list, not a loan
Walk the kitchen and write down every major piece: refrigeration, cooking line, hood and fire suppression, dish machine, ice machine, POS. Next to each, note its age and any repairs in the past year. The list shows which unit is likely to fail next and which can wait, and it turns a panicked purchase into a planned one.
Iredell County had 161 full-service and 152 limited-service restaurant employers in 2023, according to County Business Patterns, and 22 and 21 of them respectively had a ZIP 28677 address. Each of those kitchens will eventually face a replacement cycle.
Get a quote a partner can use
- Make, model and capacity of each unit
- New or used, with age and condition for used units
- Delivery, installation and any electrical, gas or plumbing work
- Removal of the old unit
- The seller's name and contact details
A vague quote slows everything down. A specific one lets a partner see exactly what secures the financing.
New or used, loan or lease
Used equipment can cost less up front but may come with shorter financing terms and no manufacturer warranty; compare the total cost over the term. New equipment can cost more but may last longer, so a longer term may be available. With an equipment loan you own the unit; with a lease the funder owns it and you may buy it at the end. The equipment financing page compares the two in more detail.
Restaurant equipment loans versus restaurant business loans
Restaurant equipment loans are secured by the equipment and suit a specific purchase. Restaurant business loans, usually term loans, suit a project that mixes equipment with construction, furniture and signage, such as a remodel or a second location. A restaurant line of credit is different again: it covers the gaps around the purchase, such as a slow month after installation. The restaurant funding page lays out all three.
Adding a bar to the plan
If the project adds beer, wine or mixed drinks, permit timing becomes part of the budget. Owners searching for NC ABC permit types should read our ABC permits checklist, which explains how the wait affects a funding plan without restating the rules.
An illustrative replacement, with made-up numbers
Invented figures, not an offer. A cafe's reach-in coolers and ice machine are near the end of their life. Replacing them now, as a planned purchase, costs $16,500 installed. Waiting until they fail could mean spoiled stock and lost days on top of the same bill. Financing the planned purchase spreads the $16,500 over the units' expected life and keeps the cooler running.
Where to go next
Iredell numbers beyond these sit on the Statesville, NC data page, and other posts are on the blog.
By Southwick Loans · Updated
