We`ve been working for about 9 months now on starting up a mid-size casual dining restaurant in the Toledo, OH area. We`ve an incredibly detailed business plan, including 5 years worth of daily, monthly, quarterly, and annual financial projections from two different prospectives. We`ve a completed menu, completed food-costing, construction quotes, final quotes on equipment, furniture, smallwares, food, etc.
In short, we`ve barely anything left to plan; however, we`ve gotten stuck on our financing. The total project budget is $225,000 and we`ve financed $130,000 of that already through various investments, my own cash, and a economic development loan from the city.
We need another $95,000 to pull this off comfortably, that includes cashflow to get us through the first few months while we build business. Conventional commercial loans or SBA loans from local banks seem to be non-starters, as I don`t possess enough personal collateral or liquidity to fully back a $95K lend, and in today`s economic climate, banks have zero interest in anything less than that, especially for a restaurant.
Any suggestions? Wells to tap? Places to visit? Methods to try? Any input would be much appreciated.