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Recent college grad with $10K and experience where can i find a bank that will finance a bar/pub purchase?

I recently graduated from BSU with a degree in operations. Have ten grand in my pocket and enough experience running a bar. i want to own my own business, but have yet to find a lender that will loan money in this market to someone with little established credit. If anyone can point me in the right direction, the first round is on me.

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Jul 12, 2017
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Jul 5, 2017
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Seminole County, FL

My friend owns a small bar and he started out with 5 business partners. When the bar become successful, he went ahead and started buying out his partners one by one. I just want to give an idea, it might or might not work. Best of Luck!

Jul 4, 2009
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The BAF Group LLC

Mikel, even if you find someone to fund you, $10,000 is probably far too small an amount to start with. You need to enter the work market, generate both managerial experience and some additional cash. Anyone that puts you into a business of your own at this point, may be doing you a terrible disservice. School is great for learning theory; but do you have experience in management? Working with people? Troubleshooting the kinds of day-to-day difficulties that will confront you, in a business of your own? Maybe you do. But these are the questions to ask yourself. School cannot prepare you for life! That's why medical schools put graduates through several years of internships and residency programs, before a doctor is allowed to practice in almost any clinical area you can name: It is the practical experience that can make or break you.

And then the $10, need to have at least three to six months of cash on hand that will allow you to operate as though no Revenue will be coming in. Because in this market, that is exactly what can happen.

This is not all doom and gloom; but it is a suggestion to move forward carefully! Good luck.

Jun 26, 2009
Julie A. Barnes, CPA
Small Business Exchange, Inc.
Travis County, TX

Hi Mikel,

First of all - welcome to the ranks of entrepreneurs - kudos to you for having the courage to dive right in - it's an exciting ride! First the bad news: it's highly unlikely that - given your lack of credit history and only $10,000 to put down, you're going to find a conventional source of funding.

Good news: one of the greatest lessons to learn as an entrepreneur is that EVERYTHING is negotiable. Let me provide you with a real life example:

One of my listings, a non-franchised mailing center for sale, languished on the market for months – as you know, the fall of 2008 and spring of this year were tough economic times. The owner finally lowered his price to less than net profits from 2008 and we still could not find a suitable buyer.

Finally, a young couple made an appointment to visit the store – they had very little cash, imperfect credit, and tons of enthusiasm – the owner and I immediately recognized their sincerity and we worked with them for over 6 weeks ironing out details before they closed. The buyers spent a considerable amount of time creating a business plan, literally selling items on e-bay to raise cash, and generally exhibiting their dedication to the store.

Under new ownership, the store is already trending up with both sales and net profits and the seller is receiving payments as agreed. Of course, until the loan is paid off, the previous owner can always repossess the store and retain all payments made up to that point. The buyers are risking the payments they make and the seller is betting that, after several months – they will be sufficiently incentivized to continue making payments.

This case is very unique but illustrates how a willing buyer and seller can structure an arrangement that is mutually beneficial. Perhaps you should consider approaching an owner about managing his/her bar/pub until you’ve learned more about that specific business and eventually splitting profits over a specified amount – your share to go into buying the business. Obviously, this arrangement would be most advantageous if you were to find a bar/pub that you thought could perform much better under your management.

Good Luck!
Julie A. Barnes, CPA
President, SBX Inc.

Jun 25, 2009
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You can try the Bank/SBA, but $10,000 is not a lot to put down. They generally want at least 20% down. Maybe you can find an owner willing to partially finance the purchase.

Jun 25, 2009

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