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How hard would it be to get a small restaurant loan with business set up as LLC?

Posted on 2/6/15 at 6:30 pm
Posted by Ignignot
Member since Mar 2009
18823 posts
Posted on 2/6/15 at 6:30 pm
200k range
Posted by yellowfin
Coastal Bar
Member since May 2006
97654 posts
Posted on 2/6/15 at 7:19 pm to
How much do you have to put up?
Posted by LSU6262
Member since Jun 2008
7494 posts
Posted on 2/6/15 at 7:26 pm to
Is it a new business? If so do you plan to keep current job and cash flow?
Posted by robins08
Alexandria
Member since Mar 2012
609 posts
Posted on 2/6/15 at 7:40 pm to
Been in the food and beverage business for 30 years . Want advice , don't do it ...
Posted by LSUAfro
Baton Rouge
Member since Aug 2005
12775 posts
Posted on 2/6/15 at 8:01 pm to
Yep. Bank wants to know how much skin you're putting in the game and if you have current income aside from that biz to support the loan as well.

Banks aren't eager to give restaurant loans these days.
Posted by VABuckeye
Naples, FL
Member since Dec 2007
35573 posts
Posted on 2/6/15 at 8:29 pm to
Something tells me that this is one well thought out business plan.
Posted by Martini
Near Athens
Member since Mar 2005
48857 posts
Posted on 2/6/15 at 8:49 pm to
quote:

. Bank wants to know how much skin you're putting in the game and if you have current income aside from that biz to support the loan as well. Banks aren't eager to give restaurant loans these days.


Please explain this to all the swinging dicks on the Food Board that want BR to have more "local chef driven" restaurants.

They have no clue what general liability, workers comp, food cost, equipment, payroll, 941's, mortgage/rent, permits etc...cost. They just think POOF a new farm to table hip restaurant with a thousand craft beers opened. Let's post about how great it is but not actually patronize the place or how it sucks and it will never make it.

To the OP please read the above and make the right decision.
Posted by yellowfin
Coastal Bar
Member since May 2006
97654 posts
Posted on 2/6/15 at 9:31 pm to
Yeah he'd have way more luck finding investors if it's a solid idea but somehow I doubt it
Posted by Ignignot
Member since Mar 2009
18823 posts
Posted on 2/6/15 at 9:37 pm to
Just asking some questions, but if back handedly shitting on my inquiry makes you feel better go right ahead
Posted by yellowfin
Coastal Bar
Member since May 2006
97654 posts
Posted on 2/6/15 at 9:38 pm to


Sensitive
Posted by LawLessTyGer
Bay of Ponchartrain
Member since Jan 2009
1256 posts
Posted on 2/6/15 at 10:50 pm to
No offense, but don't do it...only 2 ways to make money opening a restaurant these days due to cost....
1..extremely low start up cost 50k max..(know a place with recent success )
2..go big (2 mil) or go home

Trust me, I know distributor markups and no small business gets a break from them on pricing.
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