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Hello, this is Nicole from Merchant Club of America.
Average Credit, Welcome1 of 1 people found this helpful
Tell us more. Where is your catering business??
What kind of Franchise?? Have you checked with the Franchise to see if they will
loan you (or finance) the money??
Have you developed a Business Plan?? Do you know about SCORE?? SCORE is FREE
Good luck, LUCKIEST
Realistically speaking, in order to purchase a franchise (or any business for that matter), you'll need to have some cash of your own to put into the project. A lender will want to know that if they are putting their capital at risk, so you are you. Your best bet would be to go into the venture with a partner who has the capital, but not the time, to run it. In situations like yours, your interest in the business would be called "sweat equity" since you'd be working for your ownership rather than paying for it. I hope that helps!
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I have had a catering business for less than a year. It has been very slow. I have average personal credit and some debt. I want to get a loan to purchase a Franchise. The Franchise is $200,000. I can get investors but I want to come up with as much of the money myself as possible. What are the chances of me getting a Business Loan for that amount and what would be the best route?