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6 Replies Last post: Feb 11, 2009 7:57 PM by garageband

Need advice to start a business.

Jan 17, 2009 3:08 PM

Click to view k4ylynn's profile Start-up k4ylynn 1 posts since
Jan 17, 2009
I am trying to start a new chinese restaurant, but need a loan at least $250.000
but i cannot find a bank who would lend me the money. Please help and advice.
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
1. Re: Need advice to start a business. Jan 17, 2009 4:51 PM
in response to: k4ylynn
Need advice to start a business, Welcome

Who are you?? Where are you??

Go to Members page and share some info and then i will be happy to help and advice you
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Click to view sdanil's profile Mogul sdanil 93 posts since
Jan 11, 2009
2. Re: Need advice to start a business. Jan 17, 2009 5:07 PM
in response to: k4ylynn
you should come to las vegas...the only decent chinese restaurants are in our china town section but it's a far drive from henderson so i rarely go there...open one up in Henderson...all the chinese restaurants on this side of town s k! you know fill in the blanks
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Click to view sdanil's profile Mogul sdanil 93 posts since
Jan 11, 2009
3. Re: Need advice to start a business. Jan 17, 2009 5:11 PM
in response to: k4ylynn
PS I love chinese food especially when it's good...I'm spoiled...I'm from NYC where if the restaurant isn't great they can't stay open for long. so it has to be exceptionally tasty and presentable at reasonable prices...I like sechuan and contonese style chinese food...there was this awesome place right on irving Place...i must have eaten there at least once a week...everyone eating in it was chinese...that's how you can tell it's going to be great food
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Click to view bmt2008's profile Mogul bmt2008 305 posts since
Jul 30, 2008
4. Re: Need advice to start a business. Jan 17, 2009 6:10 PM
in response to: k4ylynn
Getting any kind of loan in today's market is hard. If you have lots of experience, excellent credit, and tons of collateral or equity, you might qualify for a SBA loan. Ohter than that, seek out funds from friends or family or network within your community to find investors/partners.

Most banks are not lending - especially to start-ups and other non-bank lenders and investor lenders are suspending programs for now.

If you are looking to purchase an already established business - and you have great credit and 30% to 40% equity, you may be able to get a commercial mortgage loan - but, it will not provide funds for working capital (advertising, payroll, or supplies).

If you are seeking equipment - their are still a few remaining lenders that specialize in equipment loans and leases.

I guess it really depends on what you are looking for.
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Click to view golfheaven's profile Mogul golfheaven 159 posts since
Jul 15, 2008
5. Re: Need advice to start a business. Jan 17, 2009 8:19 PM
in response to: k4ylynn
LBO In today's economy the banks are lending 50% to 85% of cash flow for purchasing a existing cash flow positive business. You must have 700+ personal credit and collateral to accomplish this.

Try and find a owner who is just a investor and not actively in involved in day to day operations and would be interested in selling.

You can then brand your vision also ask for a portion of price to be owner financed.
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Click to view tomgaz's profile Mogul tomgaz 17 posts since
Jan 9, 2009
6. Re: Need advice to start a business. Jan 18, 2009 11:18 PM
in response to: k4ylynn
My company offers low-cost, short-term financing for new businesses. We might be able to hel you accomplish your financing goals more efficiently. If you would like to look at some options please feel free to call our office or send me an email.

Tom Gazaway, CMPS®, XCO
Hawkeye Management
1873 Rt. 70 East
Ste. 207
Cherry Hill, NJ 08003
tom@hawkeyemgmt.com
856-433-8134 phone
856-581-7979 efax
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Click to view Creditbuilder's profile Mogul Creditbuilder 134 posts since
Jan 17, 2009
7. Re: Need advice to start a business. Jan 20, 2009 5:49 AM
in response to: tomgaz
I would advise you to get a nevada or a wyoming corporation and if you have a fico of over 700 you can also apply for up to 100k per bank. But it is also important you structure things carefully first... there are tips you can find on www.businessformationgroup.com/creditsecrets.html

best of luck... call if you need help

And to TOMGAZ, please call our offices, we are always looking for financial brokers to assist our clients.
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Click to view Creditbuilder's profile Mogul Creditbuilder 134 posts since
Jan 17, 2009
8. Re: Need advice to start a business. Jan 19, 2009 12:18 AM
in response to: k4ylynn
I would advise you to look into a nevada or a wyoming corporation and to forign qualify it in your state. Then, build your D&B credit report which you can do at www.dnb.com. There is more info for you at www.businessformationgroup.com/creditsecrets.html

good luck
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