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Any advise on how to get start up financing for a bar. Banks seem to frown on these. I am at a stand still

I live in Ohio and want to open a specialty bar in Las Vegas. There is currently one like it in Vegas and it is going down hill. The bar flourished at the beginning but because of bad management it has seen a steady decline. I have done plenty of research and believe it could be a great opportunity. How do I get financing since banks frown on bar loans. I am stuck and would like to jump on this opportunity before someone else does.

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Inc. Magazine
Deputy Editor

Hi James, Mike Hofman from here. Typically, a bar would be funded by the entrepreneur himself, with some friends and family money, a silent partner, or an angel investor. You might also look for a property manager who is in the market to place a bar in another, larger facility (a hotel, an office bldg.) This recent story outlines how the founder of a restaurant and bar chain called Tokyo Joe's launched his business. He put in $110,000 of his own money and raised $220,000 from an angel. I hope it helps you.

Dec 11, 2009

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