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Where could you get a business loan with bad credit?

There is a restaurant in my hometown that I want to buy, it's for sale for $175,000, but my credit score is in the 550 range. Any suggestions? Holly -- Thanks. This restaurant is part of a franchise and has been in business 50 years, does that help my case any?

Public Comments

  1. As a banker, and we just looked at a restaurant deal, we will want 30-50% cash going into a restaurant operation. Restaurants are SO hard to run, and their margins are SO small, that they are really really hard to turn into a profitable venture. The credit side of it will be tough enough...especially with that score...You will most definately need someone to guarantee it...sorry, but with the cost of raw foods on the rise, restaurants are going out of business right and left...Milk, oil and wheat are all at all time highs...I would really consider doing something a little safer with your funds at this point. The restaurant biz is crazy!
  2. Small business loan are a great financial help for small business owners. Without monetary support, a business, whether it is big or small, can not be run smoothly. With a small business loan, financing in small business is always possible. Can a borrower with bad credit score apply for a small business loan? Yes, they can. With the<!--availability of a bad credit small business loan, a bad credit borrower can also finance in his small enterprise.In the loan market, a bad credit small business loan is available both in secured and unsecured form. The secured option claims a security against the lending amount. Borrowers can use any sort of valuable object as a security. You may find the small business loan to start of your business here, http://best-loans.awardspace.com/businessloans.htm It could be commercial or personal. Oppositely, the unsecured option comes without any such requirement. This option is appropriate for those entrepreneurs who are not interested in pledging their property against any loan.A small business owner can fulfill-->various purposes with a bad credit small business loan. With this loan, they can start a new business, they can expand their present business, they can purchase some necessary equipment, they can buy a new office premises, and they can repair their present office. Even more, they can use a bad credit small business loan as business capital as well.
  3. SBA loans. You will go through a normal bank and request a Small Business Loan. You will need to draft a 20-40 page business plan to submit with your loan request. SBA loans have a nasty habit of taking 2 - 6 months to push through though. You can try to find an angel grantor (something like that) but those are nearly impossible to get. You can also check for grants. While no grant will help you start a business, there is a chance that in this situation, you can find some sort of economic stimulation grant or something to that effect. www.sba.gov has all the info you need. Good luck!
  4. Try a credit union, they have better rates and allow for more small business people to get going. They are more customer based whereas Bank of America wants the corporations and such. Or any small local bank would work too. You may need a co-signer, well it would help tremendously if you had someone with decent credit go in with you as well, or atleast sign the loan.
  5. I have one suggestion....hire me as your bar tender/manager.I have 16 years experience. =] Seriously though....Good luck!!!
  6. Good luck hun! Just scribble a passage in the Bible stating that God told his people to go to your store. You know some will buy it.
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