small business loan question?

hi everyone,i have one questios for you.
I have excelent idea for new (fast food type) store.Investment should not be huge (aprox.20-25000$).And business should go smooth and easy,because no one here in florida (at least) doing something similar.
Now,my problem is how to get loan to put my idea to work.
if somebody have any expirience with small business loans,any help is apprechiated.

thanks in advance

 

Do you have a business plan? You're not ready to open a business if you think it should go "smooth and easy", especially a restaurant business.

Write up a business plan and go see a bank about a loan. Even if you don't get a loan from the bank, they'll ask you tough questions you NEED to answer before starting a business.

 

you could probably raise that amount of money using credit cards.

 

Well understand that a business loan is a risk and make sure you have all the facts correct.

1.) Business Plan - You need to make sure you have everything written down. From food prices to how many chairs there will be in the store.

2.) Bank Interest Rates - Each bank has different interest rates so go to at least 3-5 banks before you sign any paper work.

If you need help with a business plan, I'm able to give you an example but please PM me and I'll send it to you.

 

You should also try contacting the local SCORE office. They'll have experience assisting restauraunt entrereneurs. For example, I did a search on SCORE's website and found this.

http://www.score.org/success_aquagrill.html

Best Advice to Someone Starting Out: "We received clear and concise direction from SCORE—they had the knowledge and expertise that met our needs.

A restauraunt is probably one of the hardest businesses to start up - especially if you don't have any experience in the industry. A fast food establishment will be easier than a full service restauraunt. Still, you need to research everything you can about running a restauraunt and start working on your business plan. Both the Banks and SCORE will want to see one.

 

It sounds like a franchise. Get to know your local banker and I agree with Log, food business needs alot of clout.

 

You need to really have EVERYTHING planned out, on paper if you expect receive the type of loan you are looking for. Either way, good luck with your ventures.

 

If this is your first business venture you might be able to get goverment grant to help you get your business going. Alot of grant money available, very few people use this resource because they don't know.

 

Zero interest credit cards work. Keep rolling them from one to the next. Make sure you pick cards that are zero interest for a year (or more, if you find one).

IMPORTANT: Pay them off as quickly as possible. The continual transfer from account to account will probably not look good for your credit rating.