How do I get a small business loan?

Question

My mother and I have been wanting to open our own diner for years now, but don't know exactly where to start. I know that her being a single mother may get her some additional help but where do I begin to look? Any info would be greatly appreciated. You can also e-mail me @ [e-mail]

Answer 1

First of all, create a business plan. No serious lender/investor will even consider lending you money until you have a business plan.

If you need help creating a business plan, look to local community colleges and the Small Business Administration for advice and/or classes on creating one.

Most new small businesses fail or close their doors within the first five years. Of those that don't fail, almost all of them have a working business plan.

Once you have a business plan, you'll have a better idea of what you need to succeed - at that point, your bank and the SBA can help quite a bit.

Answer 2

If you have a Business Plan (or Proposal), get an appointment with Your Bank (It could be Your Mortgage provider) or some bank That Offers Loans to 1st Timers!

The other way is to consult your Local Cities Chamber of Commerce- they too can offer you advice (Normally Free!)

Hope it goes well!!

Answer 3

Go to http://www.score.org/ to find the nearest SCORE chapter. Contact them to arrange for a free one on one meeting with a SCORE counselor about opening up your own diner.

SCORE is a nonprofit organization. They provide a public service by offering small business advice and training. .

SCORE's 10,500 volunteers have more than 600 business skills. Volunteers share their wisdom and lessons learned in business. The volunteers are working/retired business owners, executives and corporate leaders.

Answer 4

You can go to www.sba.gov.com and have a packet sent to you to fill out with the information for small business.