How to Get a New Business Loan to Open a Restaurant

Having a Business Plan is very important if you are serious about getting financing to make your dreams come true. Lenders want to see that you have a plan of action and have really thought about how you plan to a successful. Plan ahead!
By: Robert Wagner
 
May 19, 2010 - PRLog -- Write up a business plan, make a list of all your assets, find the birth certificate for your first-born child, and buy a pair of knee-pads to help you handle all of the groveling you’ll be doing in front of loan officers. Restaurant working capital is one of the most difficult types of working capital financing there is to get. You’ll need to show a local bank or credit union a solid plan and evidence that you have the knowledge and experience to make it happen. Most restaurants fold early so this type of small business loan is one that lenders tend to shy away from.



With that said, unless you have a really bad history with the banks and a sub-par personal credit score, you are almost guaranteed to be approved for working capital funds to open your restaurant. That’s probably not a statement you would expect to hear in this economic climate, but it’s true. Lenders have taken a huge hit in the past two years with personal lending and they need to loan small businesses money if they are going to survive. If you apply to enough locations, you’ll get the money you need. http://www.ibank.com/accounts-receivable-financing/




Start with your local banks and credit unions, but don’t bring the kneepads unless you’re going to give them to the loan officer. They are the ones who should be begging you to let them loan you money. After all, it was that creative mortgage financing that was the catalyst for the recession and the brutal economy we’ve been living in since 2008. Now that things are on the upswing, make the banks work for you. They need your business and those terms they are offering are not the best they can come up with. Say no a few times and see what kind of deal you get. http://www.sbaloans-123.com/



Make sure before you do all of this that you write or have a business plan written for you showing how you are going to take your idea and make it a reality. Be honest with yourself and have at least one other person who knows something about how to run a business look it over. Most of the restaurants that fail in their first couple of years do so because they missed some of the small details that would have kept them open. Don’t fall prey to dumb mistakes early on. Plan it right, get the money you need to make it happen, and you will be successful. http://www.sbaloans-123.com/sba-loan-lender

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Learn About SBA Loans and how to get SBA funding and How to get SBA financing for your small business.
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Source:Robert Wagner
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Industry:Business, Loans, Financial
Location:Irvine - California - United States
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