how do i get financing for a restaurant?
I live in Orlando and I think I've got a monster idea for a restaurant. But I haven't got money, credit or assets to speak of. What's the best way to secure financing?
Public Comments
- No lender will talk to you unless you provide them with a valid business plan. Go to http://www.sba.gov , http://www.score.org or http://www.bplan.com for sample business plans and instructions on how to write a business plan. Then, go to http://www.score.org/ and in the upper left hand corner, enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a SCORE counselor to review your business plan and discuss various loan options available to you. SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA). SCORE has 389 chapters in locations throughout the United States and its territories, with 10,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.
- Find private investors who are willing to buy a piece of the action. Restaurants have a very high fatality rate so conventional financing for a new concept is impossible to find.
- Find a partner. With cash.
- Partners!!! Before you begin write a solid business plan and make sure it's run past a lawyer. This is a legal issue you are talking about... You don't want to share your business plan with others who can take and run with your ideas before you can turn them to reality without you. Talk to the SBA about a counselor who will work with you FREE. The SBA is a government agency... use them!!!
- Put a business plan together and then the first place I would go is my local bank.
