How do I go about trying to get a loan for a resturant with not such good credit. Am 47 year old female.?

Question

There is a place called Super Suppers where you make several dinners for families. Something happened to one of the owner's and they are trying to sell it quick. The price is 250,000. (two hundred fifty thousand. I was told by the one selling for them they might be interested in a lower offer. While I know this is a very viable business, I know my credit is shot thanks to my ex and who ever stole my identity. Talk about a problem!..I know I could do this and have dreamed of owning a business like this where you cook meals ahead for families that are busy. They have a chance to go through a menu and then you go from there..Alot more work than that. but you have the general idea...I just wish I could get it..but, I don't even have family to help..As Drew Pearson told me. Deama, I do hope you find your "Hail Mary"..his newest book. I was lucky and he was speaking at my boyfriend's son's graduation. Such an intelligent, nice and congenial man. Everybody should be proud to knw someone as he

Answer 1

Unfortunately, you personal credit worthiness is probably the single most important criteria but it is still possible to get a loan. Some things that may help you are a co-signer, a good business plan, and an income statement if the business is still operating. You can find much more information on www.entrepreneur.com.

Answer 2

The business of lending is a dense one and should be researched properly. To get started, I suggest contacting the Small Business Administration (SBA). Entrepreneur also offers a great site dedicated to money & finance – see below for both.

Research, research, research – this cannot be stressed enough. Read as much as you can about the process. Here are some book titles that are relevant:

* How to Get a Small Business Loan: A Banker Shows You Exactly What to Do to Get a Loan (Small Business Series, No 1) by Bryan E. Milling
* The SBA Loan Book: Get A Small Business Loan--even With Poor Credit, Weak Collateral, And No Experience by Charles H. Green
* The Insider's Guide to Small Business Loans by Dan M. Koehler
* Small Business Savvy: A Woman's Guide to Building a Business by Norma J. Rist, Katina Z. Jones
* The Woman's Advantage: 20 Women Entrepreneurs Show You What It Takes to Grow Your Business by Mary Cantando
* The Women's Business Resource Guide by Barbara Littman
* Powertools for Women in Business: 10 Ways to Succeed in Life and Work by Aliza Sherman

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 3

maybe start your own
most resturant are closed up within 5 years so that why they don't provide credit to resturant business

start your own and build up