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    6 Replies Latest reply on May 11, 2009 10:08 PM by hoping4help

    SBA Express loan question... starting a bar/cafe

    DenimDemon Wayfarer
      I am going to be opening a bar with three other partners in NYC. We decided to forgo looking for investors whom we will have to give large percentages to, and instead we are going to be using our own money. The problem for me is, I don't have any money right now. The other three partners can borrow cash from their family, but my family doesn't have any money.

      So my question is, can I use a SBA express loan (through my bank, HSBC) to cover just MY portion of the money we need? It will probably be about $50,000.

      Also, how difficult is it to get one of these loans? I have good credit, but no business owning experience.

      Thanks!