Hi - I've just completed my business plan after working with the local SBDC for an early learning center in Virginia. I have $100,000 cash, credit score around 730, and no debt. On the other hand, I do not own a home so I am lacking collateral. I dropped off my business plan to a lender for review about two weeks ago but I am very nervous that I won't be able to get a loan. My total start-up cost is $468,000. $334,000 of that is for build out expenses for 6 classrooms in a 5000 square feet leased space. Once I find a space, I am hoping to negotiate with the landlord to have at least some of the build out expense provided.
Overall, I'd like to know about the loan process and I'd also like advice about meeting with lenders.
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