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Guide summary
- Before seeking financing, draw up a detailed investment plan covering all expense items (including a 10–15% buffer for contingencies).
- There are 8 sources of financing for your restaurant: bank loan, ICO credits, ENISA loans, grants, crowdfunding, leasing, business angels, love money and a supplier loan.
- The best strategy is to combine financing sources for your restaurant
Table of contents
From €40,000 to €300,000, opening a restaurant is expensive. And let's be honest — very few entrepreneurs have that sitting in a current account. But there is no need to panic. Not having that money available does not mean having to give up the project. It simply means knowing where and how to look for it. The financing sources for a restaurant are more varied than they seem: bank loans, ICO credits, public grants, private investors, crowdfunding… The options are within reach of those who prepare well.
Key figures
- Between €120,000 and €300,000: the average investment range for opening a restaurant in Spain, depending on the chosen format and location (1)
- 20 to 40% personal contribution required by banks to grant a restaurant loan.
- 3 to 6 months to complete the entire restaurant opening financing process.
How to draw up your restaurant financing plan?
Before calling a bank or applying for a grant, there is a prior step you cannot skip: knowing exactly how much money you need and where it will come from. Without this, no funder will take you seriously.
Your financing plan has two sides: how much you need (investment plan) and how you will cover it (financing sources). Both must balance.
What costs to include in your investment plan?
| Item | Indicative estimate |
| Premises rental (central area) | €2,000–€10,000/month |
| Basic works and installations (electricity, plumbing, gas) | €10,000–€50,000 |
| Kitchen equipment (small restaurant) | €10,000–€30,000 |
| Furniture, decoration and signage | €10,000–€45,000 |
| Restaurant training | €50–€15,000 |
| Licences and permits (opening, activity, health, alcohol) | €2,800–€15,000 |
| Initial food and beverage stock | €7,000–€23,000 |
| Opening marketing | €700–€5,000 |
| Notary and company formation, tax management (income tax, VAT, …) | Variable |
| Working capital (first months of operation) | Minimum 3–6 months of fixed costs |
Important: costs also depend on whether you are starting from scratch or acquiring an existing restaurant.
Don't forget a contingency buffer. Delays in procedures, last-minute breakdowns or urgent staff hires are costs that very few people factor in from the start. Set aside an additional 10–15% on top of your total budget.
Once you have the total clear, it is time to decide how to finance it. The most common approach is to combine several sources.
What are the financing sources for a restaurant?
Bank loan
The bank loan remains the most widely used route to raise funds for a restaurant. To apply, you must have an amount equivalent to 20–40% of the total investment as your own contribution. In return, you gain access to large amounts of capital immediately.
For your application to have a realistic chance, you need to arrive prepared: a solid business plan, a realistic market study, a detailed investment plan and, if possible, prior experience in the sector. Banks are demanding with the hospitality industry and assess your sector experience, the viability of your projections and the type of guarantees you can provide.
Some practical tips:
- Submit your dossier to several banks at the same time (at least 3 or 4) to compare terms and negotiate from a stronger position.
- Make an appointment with your regular bank, but do not limit yourself to it.
ICO credits
The Official Credit Institute (ICO) makes available to entrepreneurs financing lines with more favourable conditions than those of the private market.
ICO lines offer preferential loans or credits for entrepreneurs, SMEs and the self-employed, intended for renovation of facilities, acquisition of machinery or internationalisation.
ICO credits are not applied for directly with the ICO but through partner banks. The bank assesses your project and, if it approves it, the ICO guarantees or co-finances the transaction, which facilitates access to credit even for projects with fewer guarantees.
ENISA and participating loans
ENISA (National Innovation Company) offers subsidised financing without collateral for entrepreneurs, available in some regions.
ENISA participating loans are specifically designed for projects with an innovative or differential element: a new gastronomic concept, a disruptive business model, a clear value proposition.
For a restaurant project, ENISA financing ranges from €25,000 to €1,500,000.
A key requirement to bear in mind: “your own funds must be, at a minimum, equivalent to the amount of the loan requested.” In other words, it does not replace your personal contribution — it complements it.
The great advantage of ENISA is that it is a participating loan compatible with other financing sources such as the bank loan or ICO credits.
Grants
Grants are funds that do not have to be repaid. This makes them the most attractive option on paper. They are also the hardest to obtain.
They are quite difficult to secure, as they are provided by public bodies with no obligation to return the amounts awarded.
In Spain, the main grants for opening a restaurant come from three levels:
At national level:
- Unemployment lump-sum payment: if you are unemployed with an entitlement to benefit, you can capitalise it into a single payment to invest in opening your business.
- Self-employment promotion programmes from the SEPE.
At regional level: each region has its own funding calls. Madrid offers tourism grants through the Employment Directorate, Andalusia has rural revitalisation aid, and Galicia promotes openings in coastal and rural areas. Check your region's portal for open calls.
At local level: some councils offer tax bonuses and fee reductions, such as discounts on the Construction, Installations and Works Tax (ICIO), waste fee discounts or temporary exemptions from the terrace licence.
Crowdfunding or participatory financing
Crowdfunding involves raising funds from individuals through online platforms. It is a particularly interesting option for projects with a differential proposition and a story to tell, because in addition to financing it generates visibility and a community of customers before you even open.
There are three main types:
- donations with rewards (free dinners, mentions…),
- peer-to-peer lending (crowdlending)
- equity stake in the business (equity crowdfunding).
Some relevant platforms in Spain: Goteo, Verkami or Ulule for crowdlending.
Leasing or financial lease
Leasing gives you access to professional equipment (industrial ovens, refrigeration units, POS systems) without paying the purchase price. A finance company acquires the asset and you use it in exchange for a monthly payment over a defined period, with an option to buy at the end of the contract.
This is a particularly useful arrangement for preserving liquidity in the early months and equipping the kitchen without depleting your cash. Payments are usually tax-deductible, which adds an additional benefit.
Private investors or business angels
If your project has genuine growth potential, private investors can contribute capital in exchange for a stake in the business. Unlike a bank, they do not just put in money. They also bring contacts, experience and strategic vision.
To reach them, you need a very solid business plan and a clear value proposition. You can contact Spanish business angel networks that connect projects with specialist investors.
Love money or family financing
Love money is money contributed by family and friends, whether as a donation, loan or stake in the business. It is often the first source of capital for many entrepreneurs and has the advantage of not seeking immediate returns but rather supporting the project.
Although it is the most accessible option, it is always advisable to formalise agreements in writing to avoid misunderstandings and tax complications.
Beverage supplier loan
Some drinks brands (breweries, soft drink or coffee distributors) finance part of the bar equipment (taps, coffee machines, refrigerators…) in exchange for an exclusivity agreement and a minimum annual purchase volume.
Some brands provide industrial coffee machines, beer taps or refrigerators at no upfront cost, in exchange for commercial exclusivity agreements. This can be combined with any other financing source and significantly reduces the initial outlay on equipment.
Once your restaurant is open, the next challenge is filling it. Manage your bookings, reduce no-shows and build customer loyalty from day one with Covermanager, the restaurant management software.
FAQ
How long does it take to secure financing to open a restaurant?
Longer than most people expect. The entire restaurant opening financing process can take between 3 and 6 months, depending on the sources you combine.
Here is a realistic stage-by-stage guide:
- Drawing up the business plan and investment plan: 4 to 8 weeks
- Identifying and approaching banks (3–4 institutions): 4 to 6 weeks
- Bank decision on the application: 2 to 6 weeks
- Applying for public aid (ICO, ENISA, grants): variable depending on the call
- Signing and disbursement of the loan: 1 to 3 weeks
Do not wait until you have signed the lease before looking for financing. Start the process in parallel. Every week of lead time counts.
How to secure financing for a restaurant without collateral?
When you have no real guarantees to offer a bank, the key is to combine sources that do not require them: ENISA, ICO credits, crowdfunding and love money.
Can I open a restaurant without a personal contribution?
Technically possible, but very difficult. Banks generally require a personal contribution equivalent to 20–40% of the total investment, and most public bodies such as ENISA also require your own funds to be at least equivalent to the loan requested. That said, if you do not have sufficient savings, these are the routes you can explore: capitalisation of unemployment benefit, love money, non-repayable grants or a capital partner.
The reality is that opening a restaurant with no personal contribution takes more time, more effort and carries more risk. The larger your initial capital, the better terms you will obtain from other funders and the more solid the foundation of your project.
Source:
1 - RIMA Consulting
