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Forum nameFinancial Feast
Topic subjectSBA Loan
Topic URLhttps://www.businessownersideacafe.com/forums/dcboard.php?az=show_topic&forum=105&topic_id=262
262, SBA Loan
Posted by Barcelona, Thu May-03-07 07:32 AM
I am going for a franchise coffee shop and I want to get my paperwork started. I need some Help on HOW and WHAT to do to GET the SBA LOAN!

Thanks :-)
263, RE: SBA Loan
Posted by bizdev, Sat May-05-07 09:25 AM
You can apply for an SBA loan through your local banks. They will require several items, the first being a completed, formal business plan. They will also require that you have 20 - 30% of the start up cash yourself. Then it's a simple matter of taking your business plan to a commercial loan officer. They will decide if it is worth forwarding to the SBA representative. You will complete paperwork for the loan application and wait for SBA approval or denial.

They will also expect to see applicable experience in the industry you are going into. They want to be sure that you have the experience and skills to successfully run your company.

The business plan is key. That is what will get your foot in the door. (See below for help.)
http://smallbusinessstartup.biz/plan/
264, RE: SBA Loan
Posted by Barcelona, Sat May-05-07 09:27 AM
THANK YOU ...THANK YOU!!!!!!!!!!!!!!!!!!

265, RE: SBA Loan
Posted by raisecapital01, Sat May-05-07 05:31 PM
Make sure when applying for a SBA loan, you have enough collateral to cover the amount you are requesting.
266, RE: SBA Loan
Posted by Barcelona, Sat May-05-07 06:04 PM
The location I am looking at is for 100,000 and I will need about 20-50K marketing , so I wanted to get an SBA to help out!

I have more than that to cover the purchase, but I want to get the SBA and keep the cash as a reserve.

Any ideas or inside info on how to best get the SBA ???!! it is for a double concept www.HookahGarden.com www.MezzaBar.com
267, RE: SBA Loan
Posted by bizdev, Mon May-07-07 10:07 AM
In your first post you said you were looking at a franchise. Then you mentioned a double concept. Are you trying to combine two franchises? You won't find many (if any) franchises that would allow that.

Also, if you're talking about opening a Hookah "garden" be forewarned that the town you want to locate in may object. I know in a town near me someone has been trying to open a Hookah "lounge" and the town is fighting it. Neighboring businesses and homeowners are objecting to it. So, do your homework first. Call your town's business development department for guidance. If they are willing to discuss it, they will want to see your business plan.