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    5 Replies Latest reply on Nov 9, 2010 9:01 AM by aimtoplease

    Loan for new restaurant

    Mark6140 Newbie
      Great site,I have 18 years as a general Manager for a buffet type place family has restaurants since I was little,went to sba did business plan everything possible that they said I needed got turned down,want to put in a fast food place an lease a place the place I was going to lease was 1200.00 month,the owner of my past job when closing gave me all the equipment so I do not need that,but was putting it for collateral I have very little start up money but I have alot of customers that know me from the other place I ran,I guess my question is what do I need to do to have the best chance of getting a loan.The guy from sba said that he was surprised that I got turned down. thanks.He told me just to keep trying so he is trying to find more lenders.
        • Re: Loan for new restaurant
          Adventurer
          The Fed instituted a new round of quantative easing last week which should help free up more business lending and the economy is also improving. You may just be a little too early to benefit. If you know someone in banking, have them read your business plan and point out possible problem areas.

          Many states have programs in place to assist new businesses. Google "small business development in (your state)" to see if there is anything available. Investment groups are also becoming more active; you may find one willing to invest. They typically want some say in the business and a percentage of ownership, which isn't always a bad thing.

          Find your closest SCORE (Service Corps of Retired Executives) office by going to www.score.org. They can hook you up with someone in your field who can provide you with free advice. There is a reason you are being turned down. They may be able to help you find and fix it.
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            • Re: Loan for new restaurant
              Mark6140 Newbie
              The person at the sba said everything looked great,he was surpised that I got turned down,thanks
                • Re: Loan for new restaurant
                  Adventurer
                  Unfortunately, lending is still very tight. If I were you, my next step would be to make contact with the SCORE office in your area. You can find the location of the closest one to you at score.org. They will put you in contact with a retired executive in your field. It may help to have someone with the right business contacts in your area who can tell you how they found financing.

                  This is a completely free service so you should take advantage of it. Also make sure you check out small business development programs in your state. Many states have programs and grants to help small businesses get started because they need new businesses that will hire people and fill empty businesses.
              • Re: Loan for new restaurant
                Tracker

                Mark:

                 


                Sorry to hear about your troubles so far. There are a variety of possibly loans and sources available depending upon the need for the funds and your personal credit history. The requirements for approval and the interest rates will vary.

                 


                To get a good understanding of what options are available, I recommend you check out a site called Business Money Today. Do a search on Google and you will find it.

                 


                Let me know if you need any further help with your business plan. I specialize in business plan reviews and previously owned and operated a restaurant.

                 


                All the Best,

                 


                Doug

                 

                The Solopreneur's Guide
                  • Re: Loan for new restaurant
                    Mark6140 Newbie
                    Thanks for your help,my wife put her self down as 55% owner they question that,she is HR and safety specialist at her work but she was going to do mostly administrative work ,like payroll bill paying.The reason she put herself down at 55% owner she thought since she was a women we had better chance .I wish you could look at my buisness,thanks