WE'VE MOVED!

We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co

Start up restaurant in Colorado

jakesplacejakesplace subscriber Posts: 1
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 subscriber Posts: 3 Member
    Have you tried the Small Business Administration, your local bank, or the local branch of the state Economic Development Board?
  • robertjrobertj subscriber Posts: 0 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 subscriber Posts: 1
    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 subscriber Posts: 0 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 subscriber Posts: 0
    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.
Sign In or Register to comment.