I would love to buy an existing bar/pub. I have talked to a banker who stated that it is usually not an option for moneys to be borrowed for this type of business. I do not have any initial capital but have heard about purchasing on a "contract for deed" situation. I have also heard about using your home as collateral. I have only lived in my home for two years. I have excelent credit with a credit score over 850.
Where can I find loans/grants for women business owners? Are there any other options I may have. I do not have any rich family members/friends I could borrow the money from.
#1. "RE: Wanting to buy an existing bar/pub" In response to Reply # 0
Tiffany, unfortunately you are not going to find a grant to buy a bar. Grants for for-profit businesses are almost non existent. If you do find a grant for a woman owned business, it is generally going to be quite small and the competition will be unbelievable.
Since you own your own home, pulling the equity out is one way to fund your business.
You won't be able to get an SBA guaranteed loan without putting in a good 20 - 30% of the cash requirments yourself. Other than that, it's a matter of working and saving until you can fund the purchase yourself. Or, see if you can work out some creative financing with the existing owner.
#2. "RE: Wanting to buy an existing bar/pub" In response to Reply # 0
Try a peer-2-peer lending site. This is a site that allows you to borrow money from ordinary people (like me and you). It is pretty unique and with your credit score, you shouldn't have a problem coming up with some money. I'm not sure about the amount of loan that you need but that may be an option for you. Also look into angel investors. Two options that aren't traditionally used but could be a business saver!
#3. "RE: Wanting to buy an existing bar/pub" In response to Reply # 2
See if the owner will lease it to you with an option to purchase and pay extra amounts as you future down payment with a clause you will get it back if you decide not to buy it. This way you dont have to wait to get started in your business. Curt K&K Reflections
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