Start up restaurant in Colorado

jakesplacejakesplace Posts: 1subscriber
edited September 2007 in Startup Funding
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

Comments

  • nevadasculnevadascul Posts: 3subscriber Member
    Have you tried the Small Business Administration, your local bank, or the local branch of the state Economic Development Board?
  • robertjrobertj Tampa Bay, FloridaPosts: 0subscriber Member

    We have $200,000.  Depending on our choice of location we need an additional $200,000 to $550,000 more. 

    Where/how did you acquire the first $200K?
    What is the major use of the funds you still require?
     
  • jakesplacejakesplace Posts: 1subscriber
    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.
  • robertjrobertj Tampa Bay, FloridaPosts: 0subscriber Member
    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) 
  • Fred333Fred333 Posts: 0subscriber
    I look around the net for small business lenders. I found some good ones when I opened my business a couple of years back. Let me look around and see if I can find the list I had.
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