Financing a New Business?
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I wish to open a new restaurant, I am short in funds and need to get funding for it. I’ve heard there are government grants to help start up a new business.
My car is the only collateral I have. I’ve already spoken to the Small Business Administration, and they claim that they don’t have any grants available.Small business loan with low payment would be fine, however due to health problems I filled chapter 7 bankruptcy on a house about 18 months ago.Any suggestions?Sphere: Related Content
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January 27th, 2009 at 12:28 pm
Not going to happen. I am putting this nicely. Restaurants have about a 98 percent failure rate. Also, you have filed for bankruptcy. If you can not manage you own funds there is no way you can manage the finances for a business. They are much more complicated then personal accounts. My last business loan was for 173,000 dollars and I have to pay the bank back 5000 dollars per month for the next four years. I have nearly perfect credit and prior business ownership experience. I have sucessfully sold off three companies. To open a restaurant you really need about 100,000 dollars to start up and seven months of operating expenses on reserve. Right now you need to start saving money. Possibly take a second job and work for a restaurant so you have a model when you start your own business. You are not ready for this right now. To do a large bank loan at minimum you need a 700 credit score and probally more likely over 780 to get more than 50,000.