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    7 Replies Latest reply on Jan 14, 2013 2:22 PM by treys0ccr

    New Startup QSR Restaurant looking for Funding

    Wayfarer

      Hello everyone,

       


      I'm at the point in the business process where I need funding to open the doors. I've tried the conventional way of getting a loan from my local bank (which sought SBA guarantee) and was denied. My banker told me straight up that they currently were not lending to startup businesses with less than two years of history. I checked with several other banks and basically received the same reply even though my credit score is 760+ on all three reporting agencies.

       


      I have an ideal business situation in my town (fastest growing area in the state, a ton of cheap retail space available and a need for this QSR concept) so to speed this process up I'm looking for alternative/unconventional funding.

       


      My questions are should I seek a private lender or seek help from an angel? Are there other options out there? How/where would I get my request safely in front of them?

       


      I need 60K to properly open (ffe, marketing, fit out, inventory, breakeven and cushion) and my business model supports repayment of 90K in 48 months. Is this a fair amount of profit for an investor? I really don't want to give away equity in the business because I have future expansion plans. However, if I were forced to get help from angels, what would be a fair percentage?

       


      You can find a little more info about the business and myself in my profile.

       


      Thank you,

       

      Rich