Recently I have just been turned down by a bank for a SBA loan because of collateral. Everything else is fine, except for the collateral. Problem is, I have a great space and a lease contract on-hand. I would like to get any advice on banks or other financial options that are friendly towards restaurant start up. I knwo there are a few leasing companies that can finance the equipment but i need cash for construction, T.I., permits and fees...etc.
I budget 150k for this pizza restaurant start up which includes 40k for 6 months reserve. I have excellent credit, 50k cash injection, 35k personal line of credit, and 20 in credit card lines (13% apr). I also have over 5 years in the businesss as a manager and about to get my Master degree.
I am considering starting my LLC and building my business credit through Dunn and Bradstreet with a company but I am worried that if that doesnt work out that I wont have anything to fall back on. I still have approximately 2 months before I get the lease. Does anyone have any suggestions or know someone i can contact in regards to getting funds? I would like a loan for at lease 75-100k.
Please email me and your help is greatly appreciated!