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Business loan

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Matrix

PARKED
Nov 7, 2007
7
0
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I am planning to start a restaurant business and wondering if you guys have any recommendations where to apply for a business loans. I am thinking $100k should get me going. Anybody have any experience in SBA loans? Thanks.
 

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momoneyj

PARKED
Nov 2, 2007
3
0
9
If you have a good business plan and experience, you can borrow from the bank..otherwise you'll need a partner to put up the funds.
 

liv42dy

New Contributor
Nov 6, 2007
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6
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I tried getting an SBA loan for my business, but they would only loan on existing assets as collateral. (I didn't have any assets at the time.)

I agree that a good business plan is essential! Your local angel networks might be able to help you out with capital. Or you could do a JV with another restaurant owner that provides complimentary (not competitive) services. Sort of like hot fudge to go with your scoop of ice cream.

There are a lot of SEC regulations to follow when raising money for a business. This website has some good information: http://www.regdresources.com But you probably already know all that....:)

I'm in the process of looking for additional capital as well, and though I'm making progress, it's slow going.

Good luck!
 

Bilgefisher

Bronze Contributor
Read Millionaire Fastlane
Aug 29, 2007
1,849
293
73
Aurora, Co
Have you entertained going to the small business administration.
SBA

In my couple of experiences with them they have been extremely helpful. Also many of their volunteers have had prior successes. They have offices all over the place.
 
Nov 25, 2007
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Louisville, KY
SBA typically will not lend for restaurant ventures.

The failure rate is one of the highest segments.

Failure rate is above 50% (I believe around 80%) within the first couple of years.

I have been reading here for a while without posting, but this particular subject is close to me.

I recently sold a business that supported the restaurant industry (multiunit and independent). I saw a lot!

VERY few success stories.

Good luck!

Dave :thumbsup:
 

mm2003

New Contributor
Aug 15, 2007
16
5
19
Ohio
Are you looking to enter into a franchise or start your own concept? A proven concept such as Subway will be much easier to finance than starting your own.
 

Ausable

New Contributor
Nov 12, 2007
18
3
10
Des Moines
$100,000 sounds kind of low. How are you going to allocate that capital between purchasing equipment, construction, and working capital? Because my buddy that opened a franchise restaurant, spent over $200,000 of his own money to get it up and running.
 

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