Originally Posted by amylee
I am going to start my small restaurant business so I want to apply for loan. So would you please advice me that how could I get it easily.
I don't know where you are at in the process, but I will say congrats to you for taking a bold step toward building a business!
Keep in mind there are a lot of financing options out there, but they are not all good options.
As mentioned in earlier responses, SBA
is a possibility but these loans take so much time often they are not worth it. Lending has loosened up a little, but still it can take many months to get a SBA loan through. And they demand tons of documentation and risk assessment.
There are many other types of financing out there. One of the easiest is angel investor funding. Angel investors partner with you in the venture and provide the needed money to get it going, but they ARE your partner so you are beholden to them, and this can lead to problems.
My personal belief is this: if there is no way you can go it alone, and you must have outside funding, locate a private investor. There are myriads of people with money out there looking for a good place to put it. You would be surprised. If you can find someone who has the cash and likes and trusts you, they can fund the deal for a percentage of proceeds OR by an agreement with you to pay them off over time.
The main benefit to this type of funding is you are dealing with real people in a personal relationship with you. You are not simply a number in a book, which is more the way it is with other investors. The personal relationship really helps when piloting the inevitable ups and downs of business.