Originally Posted by tabatha
I am Tabatha, I have been working in the food world since I was 14. I have decided I wanted to open a small restraunt. I want a sub/pizza shop with delivery and eat in. I live in a well populated area, and I am a store manager of a sub shop at the moment. I don't know the associated costs of beginning a business. And how to go about getting the loans and grants. I have a low credit score, but want to know what I need to do to open a business this year.
Any info tips etc would be such a help!
Thanks for your help in advance!!!
If you have a low credit score it will be very hard to get a loan. I wouldnt even try the bank, but instead talk to a Loan officer. A mortgage company has alot more optioins and choices so your chances will be much higher While a bank has very strict requirements. If you do not meet it, you dont get it. But a loan officer will do everything in his power to get you that loan becuase its his only form of income (commision) so he has more incentive to approve you for a loan. Not to mention the flexibility of mortgage companies.
If however your credit isnt too bad and you do have the experience in runnig that business, you might be able to get a SBA approved loan with your bank.