How do I go about getting a small business loan?
I am looking to open a restaurant in Utah, but I have no idea how to go about it. What are the requirements for getting a small business loan, and how do I go about applying, and where do I apply?
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SBA loans are a loan guarantee program in which many banks participate. You must apply through your bank, not directly with SBA. Any loans are exceedingly difficult to get now. You need to invest your own money, have collateral, have prior managerial/exec experience in the biz you own, and usually three years in operation, profitably. Start-ups are extremely difficult to fund! Especially these days! You need a written biz plan, bios for the officers/owners, at least three years of financials, plus pro forma financials showing exactly what you expect your financial situation to be with & without the funding. In addition to your cracker-jack credit ratings and personal financials.
Small businesses are failing at higher rates than they did during the Depression. Are you a trained chef from a reputable school (NY Culinary Institute, Cordon Bleu, etc) and have an established following? Or have a degree in restaurant &/or hotel management (e.g. Cornell U.) plus extensive experience and documented success? If you have the requisite experience, you already know that restaurants have about the highest failure rates of any type of small business.
Top notch restaurants can be very, very lucrative. But the vast majority do not survive 6 months, and average loss exceeds $100,000.
http://www.jonrognerud.com/how-to-get-a-small-business-loan/ - Learn some basic, simple steps to look at when approaching ...