Where could you bring back a business loan beside discouraging credit? There is a restaurant in my hometown that I want to buy,

There is a restaurant in my hometown that I want to buy, it's for mart for $175,000, but my credit score is contained by the 550 range.

Any suggestions?

Good luck hun! Just scribble a hallway in the Bible stating that God told his population to go to your store. You know some will buy it.

As a banker, and we newly looked at a restaurant deal, we will want 30-50% lolly going into a restaurant operation. Restaurants are SO hard to run, and their margins are SO small, that they are really really thorny to turn into a profitable venture. The credit side of it will be tough plenty...especially with that ranking...You will most definately need someone to guarantee it...sorry, but near the cost of raw foods on the rise, restaurants are going out of business right and vanished...Milk, oil and wheat are adjectives at all time high...I would really consider doing something a little safer near your funds at this point. The restaurant biz is crazy! 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 contained by small business is always possible. Can a borrower near bad credit mark apply for a small business loan? Yes, they can. With themultiple purposes with a unpromising credit small business loan. With this loan, they can start a new business, they can expand their present business, they can purchase some requisite equipment, they can buy a new department premises, and they can repair their present office. Even more, they can use a discouraging credit small business loan as business capital as powerfully.

Answers: SBA loans. You will progress through a normal sandbank and request a Small Business Loan. You will need to draft a 20-40 page business plan to submit beside your loan request. SBA loans have a wicked habit of taking 2 - 6 months to push through though.

You can try to find an angel grantor (something close to that) but those are nearly impossible to get.

You can also check for grant. While no grant will relieve you start a business, there is a fortune that in this situation, you can find some sort of monetary stimulation grant or something to that effect.

www.sba.gov have all the info you necessitate.

Good luck!

I enjoy one suggestion.hire me as your bar tender/manager.I enjoy 16 years experience. =]

Seriously though.Good luck!

Try a credit union, they enjoy better rates and allow for more small business people to return with going. They are more customer based whereas Bank of America requirements the corporations and such. Or any small local bank would work too.

You may requirement a co-signer, well it would sustain tremendously if you had someone next to decent credit shift in next to you as well, or atleast sign the loan.
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