I am interesting in buying a small diner and was wondering if anyone could give me any helpful advice on applying for a business loan, as well as any government grants out there that may be available to me? Thank you for your help.
Forget about grants. Depending on how much you are seeking - SBA loan guarantatee programs are probably your best shot - though still hard to get. Ask your local bank about the SBA programs.
If you can swing it - try to get the current owner to hold the note. You come up with 10% down and let the current owner finance the rest. Much easier theis way as you only have to come up with a small portion - and there are many options for smaller amounts.
ChristineL | Former Moderator |
6/10/2010 - 1:54 pm
Use the Loans and Grants Tool to check which financing options your business is eligible for.
Besides loans, you can consider these financing options. You won't be able to find grants, because the federal government does not provide grants for starting and expanding a business. Read about the truth about government grants in our blog article.
Here is a a blog article about the legal steps to buying a business that may be useful.
phanio | Contributor | 6/15/2010 - 12:56 pm
BizResearcher | Window Shopper | 6/11/2010 - 11:50 am
ChristineL | Former Moderator | 6/10/2010 - 1:54 pm
ChristineL | Former Moderator | 6/10/2010 - 1:38 pm
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