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Question about a business loan

I want to buy or start a business. I'm thinking maybe a martini bar (I have a pretty solid idea) or something else fun. My question is this: I want to know how I can get a loan. Obviously I'll need to go to the bank, but is it easy to get a loan for, say $100,000 when I've got 25-30% down? Do I have to pre-qualify (like buying a house) or anything like that? Is it reasonable to think that I can start a successful business when I only have $30,000? Thanks -Anthony

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Answers (2)
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King County, WA

Hmmmm, so it sounds like the bar route is going to be a tough one. Well what if I went another route, got something else. What about my questions on a non bar business?

Mar 24, 2010
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Start up bars are extremely tough to get financed. The best way to finance a bar is through the old friends and family routine. Financing an existing bar is very difficult also. The industry has a lot of stigmas to deal with and besides most of them are skimming a lot along the way which will make it difficult to get financed because the numbers are bad.
I wouldn't give up the dream but at this point I don't think that you have enough to bring to the table. You might, though, find an owner financing situation where 30k might be enough down but you may not make enough money to make it worthwhile.
Good luck

Mar 23, 2010

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