Forums: Discussions for entrepreneurs and small business.

Help!  My partner and I have over 40 years accumulated restaurant experience.  Between the two of us we have done everything that there is in a restaurant.  We have created an extensive business and marketing plan but have yet to secure enough capital to open.  We are trying to open a wine bar and restaurant in Colorado.  We have spoken with many of our friends, family and business associates.  All are in agreement that our plan and concept are very sound.  We need more money.  We have $200,000.  Depending on our choice of location we need an additional $200,000 to $550,000 more.  I am hoping that someone out there might have some ideas for us to acquire the balance.  Thank you for your time.

Have you tried the Small Business Administration, your local bank, or the local branch of the state Economic Development Board?

Where/how did you acquire the first $200K?

What is the major use of the funds you still require?

We have not tried the SBA program as I have heard that is VERY hard to get money from them to start a restaurant.  We spoke to some of the local banks and they do not seem interested.  I have not tried the Economic Development Board.  I will look into this option.

The $200K that we have is from 2 private groups and $50K of our own.  The major use of the funds is to build out a grey shell in a new development,  purchase equipment, inventory, FF&E and have $100K in reserves. 

 If we are unable to gather $550K more there is a second location that needs a remodel, inventory, and reserves. 

Thank you all for your input.

You are off to a great start. Based upon the info given, I`d say there is a reasonable chance to secure funding. You might have to do some combinations in order to get the total you need. (ie equipment leasing, inventory finance and a line of credit)