ForumsFinancing Tips

PRC works directly with the funding source that manages a Private Investor Fund that provides funding for Businesses and Real Estate Investors. Who are not a bank and do not base funding decisions on credit scores.

cory@walkerlender.com

It can take 2-4 weeks for funding on a start up for a business line of credit. Will you need equipment financing as well?

Try my site - it can be found in my profile. Lot's of sources for loans and lines of credit as well as equipment loans and leases. Think about leasing equipment and saving your money for working capital. You could also do a purchase - lease back option where you purchase the equipment, then a lender will buy it from you and lease it right back to you at lower payment rates.

Also have other sources of capital as you grow and want to expand. No obligation to you. Just the information you may be looking for.

thanks ... 2-4 weeks wouldn't be bad if I could in fact get financing - the only problem with time that I have is the location not being available.

My plan is to build a kitchen with gas and electric cooktops, 2 double/1 single electric convection ovens, proofer cabinet, built in warmer drawers and 2 microwaves -- 1 for the kitchen and 1 for the waitress station -- these and all cooking equipment I plan to purchase. Instead of deep fryers that require 5 gallons of grease I would like to use countertop flash fryers for french fries, etc. and cast iron skillets for fried chicken, fish, etc. -- did I mention I'm from the deep south? (: Instead of an expensive charbroiler, I have found an 'addon' to use with the gas cooktop, one side is a grill and the other is a charbroiler and if this won't work I have found an inexpensive countertop charbroiler. Ice maker, refrigerator, freezer and dishwasher I would like to lease these, and right now I'm unsure about the steam table. I was told last week that some companies provide dishwashers if you purchase their chemicals, that would be great if that's the case. S/S tables/prep stations/dish tables and s/s sinks I would try to buy used, those would be easy to replace later with new if they need be. My biggest concern/expense is the hood ventilation/fire system, they're not cheap. The dining room won't be a problem at all, I will make the drapes, purchase the chairs and build/stain tables to match - my sister has an entire workshop, the only thing I have to figure out is how large to cut the table tops.

If I can get the location that I want there will be construction costs - installing a grease trap, running water and gas lines, and hood stystem and iadding another ADA approved bathroom - the bathroom won't be a problem, one of the potential landlords has a construction company and his foreman told me that would be easy to do. There are some walls that need to be moved and we can reuse the studs, but I'm not sure if we can reuse the recessesd lighting.

That's my business plan - there will be small equipment financing/leasing and I will need the funds to purchase food and meet payroll. Currently there is not a nice restaurant in the area that serves lunch, only fast food places. If I can seat 50 people and turn over the tables at least twice at a minimum of $8.50 (lunch special) and incur no further expenses (excluding insurance, taxes, etc), I should be able to get things up and going full speed within a couple of months.

what do you think?

thanks, I actually went to your website last night and got as far as the companies to "serve your needs" with the option to apply at American Business Credit and BusinessFinance.com. American Business Credit offers unsecured business loans and LOC, but at this point I don't have a 'business' just a plan and a concept. If I can get financing I can file articles of incorporation, LLC and secure a business name and DBA commercial bank account, plus I would want a business LOC and not a personal one. One thing I have considered and don't know if it's possible, is if the landlord gets an assumable construction loan. That way he could do the renovations and assign the loan on the property location to me. I've never gotten a loan for anything other than a car and a house, so I'm not sure how this works. If I get a LOC can those be paid off early and used as revolving credit?

you're right about being financially secure. One good thing is I don't have to rely upon the income from a business for my personal expenses - my sisters and I will be getting a small income from a rental property, this will pay my small mortgage and utilities - food won't be an issue because I would eat at the restaurant. And I really don't want to use all my cash on a business startup ... it would be preferable to secure a loan or LOC and lease equipment. In the beginning, if I could make enough to pay all the expenses for the restaurant, i.e., rent, utilities, equipment, food, salaries, I would be happy. I think it will take a while to get established in the community and make a profit. I want people to book private parties ... at least I can decorate cakes! In otherwords, I want people to enjoy not only the food, I want them to have a dining experience.

I updated my profile as you suggested with my location. Can anybody say what the terms of these type of loans might be ... interest rates and length?