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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 on 2/6/15 at 6:30 pm
200k range
Posted on 2/6/15 at 7:19 pm to Ignignot
How much do you have to put up?
Posted on 2/6/15 at 7:26 pm to Ignignot
Is it a new business? If so do you plan to keep current job and cash flow?
Posted on 2/6/15 at 7:40 pm to Ignignot
Been in the food and beverage business for 30 years . Want advice , don't do it ...
Posted on 2/6/15 at 8:01 pm to Ignignot
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.
Banks aren't eager to give restaurant loans these days.
Posted on 2/6/15 at 8:29 pm to LSUAfro
Something tells me that this is one well thought out business plan.
Posted on 2/6/15 at 8:49 pm to LSUAfro
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 on 2/6/15 at 9:31 pm to LSUAfro
Yeah he'd have way more luck finding investors if it's a solid idea but somehow I doubt it
Posted on 2/6/15 at 9:37 pm to yellowfin
Just asking some questions, but if back handedly shitting on my inquiry makes you feel better go right ahead
Posted on 2/6/15 at 10:50 pm to Ignignot
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.
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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