How do you get a loan for starting a business.?

Question

I've been thinking of buying a building I know isn't beeing used and starting a bar or casino and don't have any money.

Answer 1

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

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 2

Unless you have like perfect credit and alot of assests no bank will loan you money on a "risk" as they see it.

You have no track record, other bars, etc as proof that it will make money so they won't loan any on this basis.

Most start up companies start on their own sweat, friends or relatives money, etc.

I started my business with $400 in my pocket, 17 bottles of paint and 2 paint brushes. 10 yrs later and its known for 6 states around.

Start small, rent a building, start a small bar, run it a few years and show profit, THEN a bank would talk about a loan for a new building, larger spot, etc

Answer 3

Get a job and save your money. It's a dumb idea since you probably don't know what it takes to start a casino or bar.

Answer 4

http://www.kauffman.org

This site will tell you all about starting a small business.
Marion Ewing Kauffman started a pharmacy business out of his home and became worth 5 billion dollars. They can help you!

See your local chamber of commerce for local laws and mentoring, and:

http://www.score.org/ for mentoring and business plan help. The most important thing is to have a good plan. Your business is as good as the plan, no better.
Update it regularly, and plan for everything!

also: http://www.bbb.org better business bureau

email and tell me of yr progress!

See Matthew Lesko's books on gov't grants at the library! Or on the web!

Get: "Small Business Kit for Dummies" - all the forms you will need reproducable

Take a business tax course.

Track all expenses starting now. (Now!) Get Quicken, or at least a "Dome Book" at Staples or Office Max
to keep expenses in, don't depend on memory or scraps of paper. Delay will cost you!

See Alcohol and Beveridge Commission where you are.

Answer 5

I am also trying to start a buisness, but i am looking at grants instead of laons. I guess that there are govt grants for starting a small buisness.

Answer 6

a bank