Restaurant Futures Loan Program

Restaurant Futures Loan Program

About the Program

RWCF established the Restaurant Futures Loan Program in partnership with Ascendus, a national nonprofit small business lender headquartered in New York.

Seeded with $1.575 million from RWCF’s Restaurant Workers' COVID19 Crisis Relief Fund, the program will be executed by Ascendus and provide zero-interest loans to restaurants that commit to creating more safe, positive, and just work environments for their employees.

RWCF intends to form long-term relationships with loan recipients, supporting them with regular communications about improving worker conditions, promoting their pro-labor efforts, and championing their successes in the years to come.


Who can apply?

RWCF has partnered with Ascendus, a national nonprofit small business lender, to distribute $1.575 million dollars in loans. Since the program started in February 2021, most of the initial funds have been dispersed, but applications will be processed on a rolling basis as loans are repaid and the fund is replenished. Before a loan is granted, qualified loan applicants will be asked to consider their business operations on four dimensions and identify which they aim to improve upon going forward:

  • Sustainable wages and career ladders

  • Gender equity and sexual violence in the workplace

  • Immigrant and racial equity

  • Supporting workers with mental health and substance misuse challenges. 

Successful loan applicants will not need to demonstrate perfect workplaces, but rather, an interest in identifying areas for improvement and a willingness to share their challenges.

While Ascendus and RWCF have previously only opened applications to states with high concentrations of shutdowns and closures, restaurant owners in all 50 states are eligible to apply for assistance.

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What is the maximum loan amount?

The program provides a maximum loan of $50,000 per business.


What is the application process?

The first step of the process will be similar to a standard loan application to ensure applicants meet the financial qualifications for the program.

Next, restaurant businesses that meet Ascendus financial qualifications will be asked to complete the Restaurant Futures Attestation Survey. This will consider their business operations on four dimensions and which they aim to improve upon going forward: 

  • Sustainable wages and career ladders

  • Gender equity and sexual violence in the workplace

  • Immigrant and racial equity

  • Supporting workers with mental health and substance misuse challenges. 

Successful loan applicants will not need to demonstrate perfect workplaces. The survey responses are weighted differently depending upon a variety of factors and dimensions, so rather than trying to “get the right answers,” applicants should try to answer as honestly as possible. RWCF is interested in making loans available to restaurants that authentically want to make positive change, ones we can point to in our social media as restaurants trying their best to consider workers’ needs.  

Restaurant businesses whose applications are accepted will receive an email notification from Ascendus about whether they were selected as a loan recipient.

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How is RWCF working with loan recipients?

RWCF intends to form long-term relationships with loan recipients and plans to work together to determine the most impactful process. This will likely include quarterly check-ins to understand and promote the progress for each business as well as to share new human resources management tools as they become available. 

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How do I apply?

Applications are ongoing until all funds are dispersed.

If you have a question about your Restaurant Futures application, email RFLoan@ascendus.org.  

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How can I check the status of my application?

Our partners at Ascendus are overseeing and executing the loan program. If you have a question about your Restaurant Futures application, please email RFLoan@ascendus.org

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What is the timeline for repaying the loan?

Loans have a 60-month term for repayment. For the first year, loan recipients repay a nominal fee of $25/month before transitioning to a regular repayment plan.

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What if a business fails after receiving the loan?

They will go through the normal Ascendus collection process. Ascendus would work to help restructure the loan accordingly.

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