BID-739 — Finding Financing for Your
Understand how to access the money/capital for owning and operating your restaurant. One cannot open a restaurant (or for that matter any kind of business) without the single most important ingredient: CAPITAL. You cannot afford to open your business undercapitalized. For it is basic fact that: Most business failures are caused by under capitalization. Although todays world of financing seems to be difficult, it is not any more or less so but it has become different. Entrepreneurs need to know how to approach this new world of lending. Banks will not give loans to food service operators (especially start-ups) without the guarantee or working relationship with the SBA. The criteria for loans have changed but the SBA is aggressive in wanting to get the money out there for economic growth. On the other hand, because of the experiences of the past few years, it has to be more prudent in its supportive lending practices - making sure that all the numbers and the borrowers make financial sense. Additionally and equally important, the class will review some of the dos and donts (and maybes) of other ways to acquire capital/financing.